MAS: Annual report 2006 / 2007
	CONTENTS HOME   ENTERPRISE: Our Role BUILDING ON A ROBUST MACROECONOMIC ENVIRONMENT DEVELOPMENTS IN THE SINGAPORE SECURITIES MARKET FOSTERING A SOUND & REPUTABLE FINANCIAL CENTRE RISK MANAGEMENT & INFRASTRUCTURE GROWING SINGAPORE AS AN INTERNATIONALLY COMPETITIVE FINANCIAL CENTRE CURRENCY ORGANISATIONAL INITIATIVES		FOSTERING A SOUND & REPUTABLE FINANCIAL CENTRE 25 Changes to Capital Requirements for Singapore-incorporated Banks 25 Enhancing MAS’ Role in Bank Resolution 25 Changes to Rules on Unsecured Credit 25 Shift Towards Large Exposures Regime 26 Introduction of Asset Maintenance for Foreign Banks 26 Box 3 - An Update On Basel II Implementation In Singapore 26 Legislative Amendments to Securities and Futures Act and Financial Advisers Act 27 Box 4 - Monograph On Supervisory Framework For Financial Institutions 27 T rust Companies 28 Self-assessment Initiative 28 Anti-Money Laundering & Countering the Financing of Terrorism 28 Building Confidence in E-payments and Internet Banking Systems 28 Insurance Securitisation 29 Nomination of Beneficiaries to Insurance Policies 29 Policy Owners’ Protection Fund 29 Box 5 - Supervision Of New Initiatives in the     Singapore Capital Markets - Jade And AsiaClear 30 Mortgage Insurance 30 Thematic Approach to Market Conduct Supervision 30 Box 6 - Market Manipulation 31 Mystery Shopping on Practices in the Financial Advisory Industry 31 Review on Switching of Investment Products 31 Enhancing Market Discipline 31 Corporate Governance of Listed Companies 32 Amendment to Code on Collective Investment Schemes 32 Implementation of Payment Systems (Oversight) Act 2006 32   Insurance Securitisation Insurance-linked securities (ILS) is a risk and capital management tool that goes beyond traditional insurance by leveraging on the huge capacity of the capital market. Recognising the merits of such risk mitigation instruments especially for managing risks from pandemics and natural catastrophes, as well as the potential growth of ILS in Asia, MAS is developing the regulatory framework for Special Purpose Reinsurance Vehicles (SPRVs). A consultation paper has been circulated in the second quarter of 2007 to seek feedback on the proposed regulatory framework for SPRVs. In the meantime, parties interested in setting up SPRVs in Singapore can approach MAS directly to work out customised arrangements for the type of risks that will be assumed by the SPRV.