Singapore's three largest banks are well placed to ward off threats to their market share by fintech firms, even as friendly regulatory policies encourage greater growth in the sector.
The new norms replace the February 2018 rules on the resolution of stressed assets that were struck down by the Supreme Court earlier this year.
MAS proposes to apply its 2018 accountability and conduct guidelines to a wider range of financial institutions, including fund managers, trade repositories and benchmark administrators.
Financial institutions need to build trust, inclusivity and sustainability in order to be a force for good, MAS managing director Ravi Menon said in a speech on Monday.
Senior officials at an SGX RegCo symposium said the regulator will take a more active role in protecting investor interests through greater enforcement action and whistleblower protection.
The SFC highlighted insufficient validation of credit rating models, inconsistencies between models and methodology, and inadequate validation of third-party models.
The steering group will identify best practices, monitor trends and emerging issues, and collaborate on initiatives to promote strong culture and conduct.
New covered bonds and securitisation deals face basis and transition risks due to the end of LIBOR in 2021.
ISDA is consulting on fallback adjustments for USD LIBOR, HIBOR and Canada's CDOR. It is also proposing to include the SOFR in Singapore's SOR calculation following USD LIBOR's cessation.
MAS is using artificial intelligence tools for risk detection and market surveillance, while also working to strengthen protections against cyber risk, data breaches and AI-based discrimination.