Regulatory Updates June 2022 - Waystone

      Regulatory Updates June 2022

      30 June 2022 – Implementation of fairness principles in financial institutions’ use of artificial intelligence/machine learning

      MAS conducted a thematic review on selected financial institutions’ (FIs) implementation of fairness principles in their use of Artificial Intelligence/Machine Learning (AI/ML). The paper highlights observations from the review of the FIs’ policies and governance frameworks to meet the fairness objectives under the FEAT Principles, and their implementation effectiveness in actual AI/ML use cases. It sets out MAS’ recommendations, good practices and illustrative examples observed from the review.

      To view the information paper, please click here.

      29 June 2022 – CFC 01/2022 Appointment of same independent valuer for performing desktop valuation in respect of interim financial reporting under Financial Reporting Guidance 3

      This circular waives the requirement under paragraph 8.3(e) of Appendix 6 to the Code on Collective Investment Schemes to facilitate the preparation of interim financial statements in accordance with Financial Reporting Guidance 3. In particular, a REIT may appoint a valuer who had valued a property of the REIT for the past two consecutive financial years to perform a desktop valuation of the same property for the purposes of interim financial reporting in the third financial year. More details can be found in the circular.

      To view the circular, please click here.

      29 June 2022 – Approval of external auditors

      Guidance for designated financial holding companies that have a subsidiary that is a licensed insurer incorporated, formed or established in Singapore on the application forms for the purpose of seeking the approval of MAS for the appointment of auditor.

      To view the circular, please click here.

      29 June 2022 – Notice FHC-N610 on submission of statistics and returns

      Requirements for designated financial holding companies with a subsidiary that is a bank incorporated in Singapore on submitting returns to MAS, including reporting forms, completion notes and submission timeframe.

      To view the updated notice, please click here.

      29 June 2022 – Notice FHC-N609 on auditors’ reports and additional information to be submitted with annual accounts

      Requirements for designated financial holding companies with a subsidiary that is a bank incorporated in Singapore to submit external auditors’ reports and additional information, and annual financial statements.

      To view the updated notice, please click here.

      29 June 2022 – Notice FHC-N615 on appointment of auditors

      Requirements for designated financial holding companies with a subsidiary that is a bank incorporated in Singapore on the annual appointment of auditors.

      To view the updated notice, please click here.

      29 June 2022 – Notice FHC-N608 on disclosure in financial statements

      Covers financial statement disclosure requirements in relation to designated financial holding companies with a subsidiary that is a bank incorporated in Singapore.

      To view the updated notice, please click here.

      29 June 2022 – Notice FHC-N601 on capital funds

      Sets out the definition of “Capital Funds” for Financial Holding Companies.

      To view the updated notice, please click here.

      29 June 2022 – Notice FHC-N625 on compliance with Section 30 on a consolidated basis

      Sets out requirement for predominantly banking designated financial holding companies (predominantly banking DFHCs) to comply with the limit on equity investments in section 30 of the Financial Holding Companies Act 2013 on a consolidated basis.

      To view the updated notice, please click here.

      29 June 2022 – Notice FHC-N129 on returns

      Requirements on the returns to be lodged with MAS for designated financial holding companies that have a subsidiary that is a licensed insurer incorporated, formed or established in Singapore.

      To view the updated notice, please click here.

      29 June 2022 – Notice FHC-N126 Enterprise Risk Management (“ERM”)

      Requirements and guidelines on enterprise risk management for designated financial holding companies that have a subsidiary that is a licensed insurer incorporated, formed or established in Singapore (“DFHC (Licensed Insurer”)).

      To view the updated notice, please click here.

      29 June 2022 – Notice FHC-N125 investment activities

      Requirements and principles on investment activities of designated financial holding companies that have a subsidiary that is a licensed insurer incorporated, formed or established in Singapore (“DFHC (Licensed Insurer”)).

      To view the updated notice, please click here.

      29 June 2022 – Notice FHC-N106 appointment of director, chairperson, member of nominating committee, and key executive person

      Requirements and guidelines on the appointment of director, chairperson and key executive person for designated financial holding companies that have a subsidiary that is a licensed insurer incorporated, formed or established in Singapore (“DFHC (Licensed Insurer”)).

      To view the updated notice, please click here.

      29 June 2022 – Notice FHC-N637 on risk-based capital adequacy requirements

      Risk-based capital adequacy requirements for financial holding companies that have a subsidiary that is a bank incorporated in Singapore and are predominantly banking designated financial holding companies (predominantly banking DFHCs).

      To view the updated notice, please click here.

      29 June 2022 – Notice FHC-N649 on minimum liquid assets and liquidity coverage ratio

      Requirements for financial holding companies that have a subsidiary that is a bank incorporated in Singapore and are predominantly banking designated financial holding companies (predominantly banking DFHCs) on minimum liquid assets (MLA) and liquidity coverage ratio (LCR).

      To view the updated notice, please click here.

      29 June 2022 – Notice FHC-N652 on net stable funding ratio

      Requirements for specified predominantly banking designated financial holding companies (predominantly banking DFHCs) on their net stable funding ratio (NSFR).

      To view the updated notice, please click here.

      29 June 2022 – Notice FHC-N651 on liquidity coverage ratio disclosure

      Requirements for specified predominantly banking designated financial holding companies (predominantly banking DFHCs) to disclose information about their liquidity coverage ratio (LCR), and information relating to their internal liquidity risk measurement and management framework.

      To view the updated notice, please click here.

      29 June 2022 – Notice FHC-N653 on net stable funding ratio disclosure

      Requirements for specified predominantly banking designated financial holding companies (predominantly banking DFHCs) to disclose information about their net stable funding ratio (NSFR).

      To view the updated notice, please click here.

      28 June 2022 – Individual charged for carrying on fund management without a capital markets services licence

      Singapore, 28 June 2022, Ms Lee Ying Hui (“Lee”), was charged for an offence under the Securities and Futures Act1 (“SFA”).

      To view the news, please click here.

      24 June 2022 – Notice 648 issuance of covered bonds by banks incorporated in Singapore

      Requirements that banks incorporated in Singapore must comply with when issuing covered bonds.

      To view the updated notice, please click here.

      24 June 2022 – Notice 653 net stable funding ratio disclosure

      Requirements for domestic systemically important banks (D-SIBs) and internationally active banks to disclose information about their net stable funding ratio (NSFR).

      To view the updated notice, please click here.

      24 June 2022 – Notice 649 minimum liquid assets and liquidity coverage ratio

      Requirements for banks in Singapore on minimum liquid assets (MLA) and liquidity coverage ratio (LCR).

      To view the updated notice, please click here.

      24 June 2022 – Notice 1015 minimum liquid assets and liquidity coverage ratio

      Requirements for merchant banks to comply with the minimum liquid assets (MLA) or the liquidity coverage ratio (LCR).

      To view the updated notice, please click here.

      24 June 2022 – Notice 651 liquidity coverage ratio disclosure

      Requirements for domestic systemically important banks (D-SIBs) and internationally active banks to disclose information about their liquidity coverage ratio (LCR), and information relating to their internal liquidity risk measurement and management framework.

      To view the updated notice, please click here.

      24 June 2022 – Notice 652 net stable funding ratio

      Requirements for domestic systemically important banks (D-SIBs) and internationally active banks on their net stable funding ratio (NSFR).

      To view the updated notice, please click here.

      24 June 2022 – Notice 613 minimum liquid assets [Cancelled]

      This notice was cancelled with effect from 01 July 2022.

      To view more details, please click here.

      24 June 2022 – Notice 758 minimum cash balance

      Requirements for banks on minimum cash balance (MCB).

      To view the updated notice, please click here.

      24 June 2022 – Notice 635 unsecured credit facilities to individuals

      Requirements for banks when granting an unsecured non-card credit facility to an individual.

      To view the updated notice, please click here.

      06 June 2022 – Guidelines on Business Continuity Management

      The Guidelines on Business Continuity Management (BCM) set out the need for financial institutions (FIs) to take an end-to-end service-centric view in ensuring the continuous delivery of critical business services to their customers. The revised Guidelines issued on 6 June 2022 supersedes the previous version that was published in June 2003, as well as the circular titled “Further Guidance on BCM” that was issued in January 2006. FIs should meet the new Guidelines and establish a BCM audit plan within 12 months following its issuance. The first BCM audit should be conducted within 24 months of the Guidelines’ issuance.

      To view the guidelines, please click here.

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