Mr Ravi Menon, MAS Managing Director, chairs the FSB Standing Committee on Standards Implementation (SCSI), which monitors the progress of implementing G20/FSB financial reforms in coordination with relevant standard setters. In 2014, the SCSI completed a thematic review on reducing mechanistic reliance on credit ratings, and launched another thematic review on supervision of systemically important banks. In 2013 and 2014, it also completed country peer reviews of the US, UK, Germany and Indonesia, and commenced reviews of the Netherlands, China and Russia. In the coming year, the SCSI will also continue to enhance its implementation monitoring and reporting mechanisms in line with its mandate.

Mr Ong Chong Tee, MAS' Deputy Managing Director (Financial Supervision) led the assessment of Canada's regulations implementing the Basel capital framework under the BCBS' Regulatory Consistency Assessment Programme (RCAP) from 4Q 2013 to 2Q 2014. The RCAP aims to improve public confidence in regulatory ratios and promote a level regulatory playing field for internationally active banks through timely and consistent implementation of the Basel III standards by BCBS member jurisdictions. The BCBS has published the assessment report on Canada in June 2014. Ms Jacqueline Loh, MAS' Deputy Managing Director (Monetary Policy & Investment / Development & International) co-chairs the BCBS' Macroprudential Supervision Group (MPG). The MPG monitors and reports to the BCBS on systemic risk and global developments that relate to macroprudential and systemically important bank (SIB) supervision. The MPG is also responsible for designing the G-SIB assessment methodology and developing broad policy guidance on the overall framework of macroprudential/SIB supervision.

MAS is a member of the Board of IOSCO and the Asia Pacific Regional Committee. MAS participates actively in various IOSCO Policy Committees and Task Forces, which work on the development and implementation of international standards on a range of regulatory issues in areas relating to market infrastructure, intermediaries, investment management and commodity markets.

MAS continues to contribute to the development of global insurance regulatory standards through active participation as member of several main committees and working groups of the International Association of Insurance Supervisors (IAIS). MAS provided input to the development of the Common Framework for the Supervision of Internationally Active Insurance Groups (ComFrame), which is a set of international supervisory requirements focusing on effective group-wide supervision of internationally active insurance groups (IAIGs). In addition, MAS continues to contribute to the development of the Insurance Capital Standard (ICS), which is a group-wide risk based global insurance capital standard designed to achieve greater comparability of the capital requirements applying to IAIGs across jurisdictions.