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   Implementation of Payment Systems (Oversight) Act 2006 The Payment Systems (Oversight) Act 2006 [PS(O)A], which sets out the regulatory framework for the oversight of payment systems and stored value facilities (SVF) in Singapore, came into force on 23 June 2006. The Act allows MAS to implement a risk-based approach by providing for the designation of payment systems which are important for the stability of the financial system and public confidence. Presently, the MAS Electronic Payment System (MEPS+), Singapore Dollar Cheque Truncation System, US Dollar Cheque Truncation System, and Interbank GIRO System are important systems designated under the Act. PS(O)A also sets out MAS' policy for SVF and provides for the liberalisation of prepaid payment instruments in Singapore.