Departments in MAS
MAS Organisation Chart as at 1 October 08 (PDF, 14.4KB)
ECONOMIC RESEARCH, MONETARY POLICY AND RESERVE MANAGEMENT
The Economic Policy Department (EPD) formulates monetary policy appropriate for sustained and non-inflationary economic growth in Singapore. It conducts surveillance of the domestic economy, and provides analyses and forecasts to support policy decisions. In addition, EPD undertakes in-depth studies on issues faced by the Singapore economy.
The Macroeconomic Surveillance Department (MSD) conducts surveillance of the financial system to identify emerging trends and potential vulnerabilities, and closely monitors and evaluates developments in G-3 and regional economies, as well as international financial markets. It works closely with MAS' supervisory departments to ensure that both macro and micro-prudential perspectives are brought to bear on financial stability issues.
The Reserve and Monetary Management Department (RMD) has two distinct functions. The Monetary Management Division (MMD) in RMD implements Singapore's monetary policy by managing the exchange rate within its targeted policy band, and conducts money market operations to manage liquidity in the banking system. MMD is also responsible for issuing Singapore Government Securities (SGS), and fostering the development of the SGS market. RMD is also responsible for investing MAS' foreign reserves. It operates in major bond and currency markets globally, and works with external fund managers. MAS' equity investments are independently managed by the external fund managers on a discretionary basis.
The External Department (EXT) shapes the development of MAS' policies on international monetary and financial issues, enabling MAS to play an active role in international financial fora. Working closely with other Singapore government agencies, EXT promotes cooperation with other central banks, finance ministries and international financial institutions. EXT is also responsible for external communications, including media relations.
The Financial Centre Development Department (FDD) is responsible for developing and promoting Singapore as an international financial centre. It identifies and promotes financial activities and capabilities that contribute to the strategic importance and growth of the financial centre.
The Financial Markets Strategy Department (FSD) focuses on the development of capital markets and treasury activities in Singapore. It develops strategies pertaining to debt, equity and treasury markets.
The Capital Markets Department has supervisory responsibility for capital markets through the administration of the Securities and Futures Act, the Business Trusts Act and the Singapore Code on Take-overs and Mergers. It regulates (i) the offering of securities, business trusts, REITs and collective investment schemes; (ii) trading of securities and derivatives products; (iii) securities and futures market operators and clearing houses; (iv) the conduct of takeover transactions; and (v) SGX as a listed entity. It also enforces the civil penalty regime for market misconduct. CMD formulates and implements market and business conduct policies to achieve fair outcomes for depositors, investors, and policyholders. It is also responsible for formulating MAS' positions on competition issues and corporate governance standards. In addition, CMD coordinates MAS' responses to consumers who report their disputes with financial institutions to MAS and initiatives in financial education.
The Capital Markets Intermediaries Department (CMI) has responsibility for the admission and supervision of capital markets intermediaries, including broker-dealers, fund managers, corporate finance advisers, financial advisers and trust companies. It administers the licensing and business conduct rules for intermediaries under the Securities and Futures Act, Financial Advisers Act and Trust Companies Act. CMI is also responsible for regulating insurance brokers under Part IIB of the Insurance Act.
The Banking Supervision Department (BD) and the Complex Institutions Supervision Department (CI) are responsible for the licensing and supervision of banks, merchant banks and finance companies. CI supervises the local financial groups it is responsible for on a whole of group basis across their banking, insurance and securities activities. The two departments help foster the stability and strength of Singapore's financial system by monitoring the safety and soundness of the banks and other institutions that they supervise, and actively promoting the adoption of international best practices in corporate governance and risk management.
The Insurance Supervision Department (ID) administers the Insurance Act and has as its primary objective the protection of policyholders' interests. ID adopts a risk-focused approach in the prudential and market conduct supervision of insurance companies. ID carries out its responsibilities by way of both on and off-site supervision, and works with foreign supervisors as part of a holistic supervisory approach. In its standards development role, ID works closely with industry associations to promote the adoption of best practices by the industry.
The Prudential Policy Department (PPD) is responsible for formulating capital and prudential policies for banks, insurance companies and securities firms to promote a sound yet dynamic financial sector. It works to achieve a more harmonised regulatory framework that will minimise gaps and arbitrage, and facilitate a more integrated risk-based supervisory approach.
The Specialist Risk Supervision Department (SRD) provides the financial and technology risk expertise necessary for MAS' supervisory and regulatory functions, and assessment of individual institutions and system-wide risks. SRD monitors developments and trends in the sector, and seeks effective and efficient approaches to deal with the risks identified. SRD also oversees payment infrastructures with the objective of fostering their stability and efficiency.
The Corporate Services Department (CSD) oversees logistics and administration. It manages and provides administrative support for events hosted or organised by MAS. It is also responsible for tenancy, security, and property and building-related matters.
The Currency Department (CD) is responsible for the issuance of currency and administration of the Currency Act. It maintains the integrity and quality of the Singapore currency in circulation, and proactively manages the currency stock to meet demands. The department issues and receives notes and coins to and from banks, and also issues numismatic notes and coins to cater to collectors and commemorate significant events. As part of the issuance function, CD is also responsible for the design and development of currency, in consultation with the Singapore Note And Coin Advisory Committee.
The Human Resource Department (HRD) formulates and implements MAS' human resource management policies. It is responsible for attracting talent for the organisation, managing and retaining staff through a fair performance appraisal system and a competitive remuneration package, as well as developing talent through needs-based training and development programmes.
The Information Technology Department (ITD) promotes the strategic use of technology and provides IT services to the organisation. ITD also manages two nation-wide financial networks, namely the MASNET and the MAS Electronic Payment System (MEPS). The networks provide the infrastructure for efficient electronic communication and collaboration in the financial sector, and minimise payment risks for Singapore's banking system, respectively.
The Internal Audit Department (IAD) conducts financial, operational and information systems audits of MAS' operations. IAD performs independent checks for compliance with policies, guidelines, laws and regulations, and evaluates the reliability of financial records, and the security and integrity of information systems in MAS. In addition to recommending improvements in internal efficiencies, IAD also works with other departments to review the controls in new systems and business processes.
The Finance Department (FD) is responsible for managing MAS' financial resources. Its functions include the control and budgeting of MAS' assets/liabilities, and the accounting, settlement, safe-custody, risk management and performance evaluation of MAS' global investments. FD also administers the issuance of Singapore Government Securities (SGS) and the MAS Electronic Payment System (MEPS), as well as maintains the current accounts of banks, international monetary organisations and financial institutions. The department also provides accounting and financial services to Financial Sector Development Fund (FSDF).
The General Counsel's Office (GCO) oversees all legal matters in MAS. This encompasses advising on various issues that emanate from the functions of MAS as a central bank and financial regulator, assisting other MAS departments in the development and formulation of regulatory and supervisory frameworks, and the drafting of statutory and regulatory instruments, contracts, agreements and other legal documents.
MAS Academy centralises and synergises training efforts across all MAS departments, strengthens our development of leadership and professional competencies, and inculcates MAS’ values amongst staff. The Academy would also contribute towards training for the regional regulatory community.
The Risk and Technology Office oversees the preparation and response to crisis that impact MAS and the financial sector, and facilitates the development of policies and strategies to manage enterprise-wide risk. It also examines ways to use technology as a strategic resource and enabler to support business strategies and leading edge financial innovations and systems, and enhance the overall competitiveness edge of the financial industry.
The department co-ordinates and undertakes special projects.
The Strategic Planning Office (SPO) advances the collective formulation of corporate priorities, strategies and initiatives that best serve MAS' objectives. The Office plays a central role in driving the strategic and corporate planning processes in MAS, and serves as the secretariat to the Board and management. It also seeks to build a more cohesive and integrated organisation through fostering a conducive culture for organisational effectiveness.
| 
