THE FINANCIAL SECTOR: KEY SUPERVISORY AND REGULATORY INITIATIVES       Content Page Supervision Regulation Risk-based Regulatory Regime Fine-Tuning Regulatory framework Ensuring Sound Market Conduct Innovative Systems for Efficient Payment and Settlement     FINE-TUNING REGULATORY FRAMEWORK   . Amending the SFA and FAA . Enhancing Regulations for Investment-linked Policies and Unit Trusts . Consolidating Rules on Credit and Charge Cards . Box 5 – Deposit Insurance Scheme . Risk Management Guidelines . Win-win Partnership with Industry . Divesting Non-financial Businesses . Revised Regulations on Credit Files, Grading and Provisioning       Consolidating Rules on Credit and Charge Cards   The guidelines on the use of credit and charge cards had been in place since 1983 to prevent excessive expansion of consumer credit and discourage individuals from spending beyond their means. In January 2004, MAS consolidated these guidelines into a comprehensive set of regulations to enhance regulatory transparency and for easy reference. MAS also removed the limit of two supplementary cards per principal card account and allowed issuers to issue additional cards to existing customers without having to receive an application first. The $30,000 minimum annual income requirement and the maximum credit limit of two months’ income remained. In April 2004, in response to industry feedback, MAS allowed card issuers to issue a credit or charge card to any individual who does not meet the minimum income requirement, as long as he has deposits of more than S$10,000 and the credit limit is fully secured by his deposits. This revision provides greater flexibility to individuals who may not qualify for an unsecured credit card, but have substantial savings and want the added convenience of a credit or charge card.