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     REGULATION   During the year, MAS consolidated, streamlined and fine-tuned our regulations to ensure that Singapore’s financial system remains dynamic and relevant in a fast-paced environment. We worked closely with industry, listened to them and sought solutions to their needs. We issued 19 consultation papers in the last financial year. The feedback provided MAS the industry perspective on the proposed changes.