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   Corporate Governance of Listed Companies With effect from 1 September 2007, the oversight of corporate governance of listed companies will be transferred from the Council on Corporate Disclosure and Governance (CCDG) to MAS and SGX. This transfer will clarify and streamline responsibilities for corporate governance matters for listed companies. The approach is consistent with that taken in other sectors, where the sectoral regulator takes responsibility for oversight of governance. The immediate focus of MAS and SGX will be working with market participants to identify practical initiatives to help more listed companies and directors put in place corporate governance arrangements in line with the best practices set out in the Code.