ANNUAL REPORT 2002 / 2003
FINANCIAL SECTOR - KEY REGULATORY AND SUPERVISORY INITIATIVES
Greater Consistency in Standards Across Sectors
progress was also made in bringing about greater consistency in standards across
banks, insurance companies and securities firms.
and innovation have in the last two years intensified in the financial services
industry in Singapore. While significant differences remain in the core business
activities of banks, insurance companies and securities firms, some of their
products and services have crossed the sectoral divide. MAS thus needs to ensure
greater consistency in our application of policies
and rules across the different sectors.
addition, some industry players, like local banking groups, have complex group
structures and operations that straddle different industries. MASí traditional
approach of supervising on an industry basis is now less appropriate for such
groups. Risks at an individual entity could have implications for the entire
strengthen our capacity to supervise and assess the risk profile of financial
institutions on a group-wide basis, a Complex Institutions Supervision
Department was established. This department will take an integrated approach to
supervising these institutions, evaluating them on a whole-of-group basis across
their banking, insurance and securities activities. A Supervisory Methodology
Unit within this department will develop and enhance the practice of
consolidated and integrated supervision.
internal systems were further improved to support the new integrated supervision
initiatives. An internal licensing database gives supervisors of capital markets
intermediaries and financial advisers ready access to information about the
licensees, which makes the supervision process more efficient.
The Banking Supervisory System has also been enhanced to offer MAS examiners integrated and direct access to key statistics, ratings, reports, and audit findings of the financial institutions through a single web-based interface.
|Risk-Based Regulatory Regime||Prudential Policies||Enhancing MAS' Supervisory Role||Greater Consistency in Standards Across Sectors|
|Building Strong Pillars for Good Corporate Governance||Additional Requirements||Building Confidence with Sound Market and Business Conduct|
|Upholding Professional and Ethical Standards||Laying Strong Foundation for Financial Innovation||Managing Technology Risks|
|Improved Securities Trading and Clearing System||Safer Settlement System for Foreign Exchange||Payment Systems|
Back to Contents