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OUR MISSION
OUR OBJECTIVES
 
Supervision
Inspections and
Supervisory Reviews
New Legislation
Enhancing Regulatory Frameworks
Market and Business Conduct
Risk Management
B THE FINANCIAL SECTOR: KEY SUPERVISORY
AND REGULATORY INITIATIVES
 
  Enhancing Regulatory Frameworks 45
 
Regulations for Islamic Finance  
45
 
Revision to Requirements on Submission of  
Annual Audited Accounts  
45
 
Revision to Regulatory Framework for Money
 
Changers/Remittance Agents  
46
 
Box 9 – Policy Owners’ Protection Fund Scheme  
46
 
Phase II Amendments to the Securities
 
Futures Act and Financial Advisors Act  
47
 
Keeping Pace with Product Innovation  
49
 
Reviewing the Authorisation Framework for Representatives  
49
 
Establishing Sound Risk Management Guidelines  
49
 
Box 10 – Enhancing Internet Banking Security  
50
 
  ENHANCING REGULATORY FRAMEWORKS

Revision to Requirements on Submission of Annual Audited Accounts
 

In view of changes in accounting standards, especially developments in Financial Reporting Standard (FRS) 39 on the recognition and measurement of financial instruments, MAS has updated its requirements governing the information that banks, merchant banks and finance companies submit to MAS with their annual accounts. The revised MAS Notices on the requirements for banks and merchant banks were issued on 9 March 2006. The equivalent regulations for the finance companies are being finalised for issuance.