Singapore

MAS Finalises New Rules for Insurers Managing Par Funds

By Editors | 22/11/2020

New requirements on how insurers offering participating insurance policies can charge expenses to Par funds will take effect on 1 January 2021.

Capital / Liquidity

SGX to Enhance Clearing Member Default Management Process

By Editors | 22/11/2020

SGX proposes to align CDP’s default management practices with global standards and improve the efficiency and speed with which defaults may be resolved.

Securities / Derivatives

Singapore Sees Regulatory Support for Bank-Issued Covered Bonds

By Editors | 18/11/2020

Moody’s Investors Service says the higher encumbrance limit set by MAS last month may increase covered bonds issuances, deepen the market and reduce refinance risks.

Market Infrastructure

Practical Tips for Compliance with Singapore’s IAC Guidelines

By Shuhui Kwok | 17/11/2020

Shuhui Kwok at Allen & Overy provides practical tips for FIs to consider when assessing the IAC Guidelines, their application and implementation.

Fintech / Regtech

BSP, MAS Declare Opposition to Data Localisation Requirements

By Editors | 16/11/2020

Data mobility in financial services supports economic growth, innovative financial services, risk management and compliance, BSP and MAS say in a joint statement.

Securities / Derivatives

ABS Releases Enhanced Listings Due Diligence Guidelines

By Editors | 13/11/2020

The new guidelines emphasise the need for issue managers and full sponsors to “exhibit a healthy dose of professional scepticism” when conducting listings due diligence.

Capital / Liquidity

Loan Loss Expectations Prompt Need for Collateral Visibility

By Editors | 11/11/2020

Collateral is one of the more underutilised credit risk mitigation tools available to banks, and likely to become more important as loan losses mount in the year ahead.

AML / KYC

MAS Proposes to Strengthen FIs’ Identity Verification Process

By Editors | 10/11/2020

The proposed Notice will prohibit FIs from relying on common personal information such as NRIC number, residential address and date of birth as the sole means of identity verification.

Market Infrastructure

FIs Need to Bolster Security Controls to Mitigate Cyber Risk: MAS

By Editors | 10/11/2020

FIs need to review the adequacy of their cyber risk mitigating measures and controls, including in relation to third-party vendors and open-source software.