Monetary Authority of Singapore Annual Report 2011/2012
Our Partners

Committed Towards International Efforts on Financial Stability and Financial Regulatory Reform

MAS places high priority on contributing to global financial stability and regulatory reform. Through our regular participation in key international regulatory and finance fora and conferences, we contribute to global initiatives on the development of international regulatory standards, crisis lending, and surveillance of the international financial system.

As a member of the main committees and multiple working groups of the Financial Stability Board (FSB), Basel Committee on Banking Supervision (BCBS), International Association of Insurance Supervisors (IAIS), International Organisation of Securities Commissions (IOSCO), and Committee on Payment and Settlement Systems (CPSS), MAS continues to contribute to discussions on the development of international regulatory proposals, and is committed to upholding and implementing these standards.

Besides our participation at the FSB Plenary and its three Standing Committees, MAS became a member of the FSB Steering Committee in January 2012. We chair the FSB workgroup on Risk Governance, and participate in the workgroup on FSB Capacity, Resources and Governance. Both workgroups were formed in February 2012. In addition, we became a member of the FSB OTC Derivatives Working Group when it enlarged its membership in January 2012, thereby stepping up our participation and contribution to the FSB’s work on OTC derivatives markets reforms.

At the BCBS, MAS co-chairs the BCBS Core Principles Group which is reviewing the Basel Core Principles for Effective Banking Supervision. The Core Principles form the global standard against which bank supervisors are assessed as part of the International Monetary Fund-World Bank Financial Sector Assessment Programme. These principles set out expectations relating to supervisory powers, responsibilities and functions, the need for early intervention, and timely supervisory actions by banking supervisors.

MAS is a member of the IOSCO. In March 2011, MAS was admitted to the newly-formed Standing Committee on Risk and Research, which coordinates members’ monitoring of systemic risks within securities markets. MAS was also admitted to the newly-formed Assessment Committee, which will conduct assessments on the level of compliance with IOSCO Standards and Principles by its members. MAS participates in various IOSCO committees and task forces, including the Asia Pacific Regional Committee, and the Standing Committees on Regulation of Secondary Markets, Regulation of Market Intermediaries and Regulation of Investment Management.

MAS contributes to discussions on international insurance regulatory developments through our seats on the Executive Committee and other committees of the IAIS, notably the Governance & Compliance Sub-committee and the Supervisory Forum.

Singapore is active in global efforts to combat money laundering, terrorism financing and proliferation financing. As a member of the Financial Action Task Force (FATF), we have been engaged in the revision of the FATF Recommendations to strengthen global resilience against these evolving risks. Singapore is fully committed to implementing the new FATF Recommendations and will continue to work in partnership with the industry to protect our financial sector against threats from cross-border crimes.