[Singapore] Consultation
Paper on Draft Standards for Credit Risk Capital and Output Floor Requirements
for Singapore-incorporated Banks
MAS
Consultation, 25 Mar 2021
The Monetary Authority of Singapore seeks
feedback on draft standards relating to credit risk capital and output floor
requirements for Singapore-incorporated banks. The draft provisions in MAS
Notice 637 on Risk Based Capital Adequacy Requirements for Banks Incorporated
in Singapore take into account standards relating to credit risk capital and
output floor requirements in the consolidated Basel Framework published by the
Basel Committee on Banking Supervision. MAS will implement the revised
standards for credit risk capital and output floor from 1 January 2023, with
transitional arrangements provided for implementation of the output floor till
1 January 2028.
Full text: click here
[Mainland China]
China proposes global rules for central bank digital currencies
Straits Times, 25 Mar
2021
China proposed a set of global rules for
central bank digital currencies, from how they can be used around the world to
highly sensitive issues such as monitoring and information sharing. Mu
Changchun, director-general of the People's Bank of China's (PBOC) digital
currency institute, laid out the new proposals at a Bank for International
Settlements seminar.
Full text: click here
[Singapore] Strengthening
AML/CFT Controls of Digital Payment Token Service Providers
MAS News, 26 Mar 2021
The document provides an overview of recent
international developments, MAS’ AML/CFT requirements and supervisory
expectations for the Digital Payment Token (DPT) sector, and is intended to
raise industry awareness among DPT service providers of sectoral money
laundering and terrorism financing risks, and provide additional information to
support their implementation of effective controls.
Full text: click here
[Singapore] Information
Paper: Good Practices Relating to Disciplinary Action Framework in the
Financial Advisory Industry
MAS News, 26 Mar 2021
This Information Paper provides guidance to
financial advisers on sound principles in key areas of their disciplinary
action (DA) framework. This helps to achieve more consistent outcomes in their
application of DA and to raise standards among financial advisers through
sharing of good practices.
Full text: click here
[Hong Kong] Commencement
of the group-wide supervision framework and regulatory regime of
insurance-linked securities business
HKIA News, 29 Mar 2021
Legislative amendments on the group-wide
supervision (GWS) framework and regulatory regime of insurance-linked
securities (ILS) business became effective on 29 March 2021. The Insurance Authority
has engaged closely with key industry stakeholders in developing the Guideline
on Group Supervision which spells out principles and standards for designated
insurance holding companies on a wide range of areas including enterprise risk
management, corporate governance, capital requirements and public disclosure. Apart
from the GWS framework and regulatory regime of ILS business, the legislative
amendments seek to expand the scope of insurable risks for captives.
Full text: click here
