MAS continues to contribute to the shaping of the international regulatory landscape and the enhancement of global financial stability as an active member of the Financial Stability Board (FSB), Basel Committee on Banking Supervision (BCBS), International Association of Insurance Supervisors (IAIS), IOSCO, and the Committee on Payments and Market Infrastructures (CPMI).

MAS participates in the FSB Plenary, Steering Committee and main Standing Committees, as well as various FSB workstreams. Mr Ravi Menon, Managing Director of MAS, was re- appointed to chair the FSB's Standing Committee on Standards Implementation (SCSI) in March 2015 for a second two-year term. The SCSI is responsible for promoting consistent and effective implementation of G20/FSB reforms through rigorous implementation monitoring. In 2014, the SCSI analysed progress and challenges across FSB members in reducing mechanistic reliance on credit rating agency ratings, and piloted an implementation monitoring "dashboard" for the G20 Leaders' Summit in Brisbane in November 2014. In 2015, the SCSI will review members' progress across a range of reform areas, including their supervisory frameworks and approaches for systemically important banks, OTC derivatives trade reporting regimes, and resolution regimes.

MAS is also a member of the FSB Steering Group that oversees the impact assessment studies for the Total Loss Absorbing Capacity (TLAC) requirement for G-SIBs. The Steering Group's work will help to inform the calibration of the TLAC requirement. As a key host jurisdiction of global banks and active participant in international regulatory fora, Singapore has been contributing meaningfully to the work on TLAC.

MAS is a member of the CPMI-IOSCO Steering Committee and participates actively in the various CPMI-IOSCO initiatives, which develop standards and guidance to enhance the safety and efficiency of financial market infrastructures (FMIs). These include the Implementation Monitoring Standing Group, which assesses the timely, complete and consistent implementation of the CPMI-IOSCO Principles for Financial Market Infrastructures, and the Policy Standing Group which develops policies relating to FMIs. In addition, MAS co-chairs the Cyber Resilience Working Group that has been tasked to develop guidance on enhancing cyber-resilience of FMIs.

At IOSCO, MAS contributes to the development and implementation of international regulatory standards by actively participating in the standards-setting work of various IOSCO Policy Committees, Task Forces and Working Groups. In September 2014, MAS was re-elected as a member of the IOSCO Asia-Pacific Regional Committee on the Board of IOSCO.

MAS chaired the IOSCO Working Group on Risk Mitigation Standards for Non-Centrally Cleared Derivatives. The working group's report, which sets out nine risk mitigation standards for non-centrally cleared OTC derivatives, was published by IOSCO in January 2015.

MAS also participates in the OTC Derivatives Regulators Group, which comprises international regulators working together to resolve cross-border issues in the implementation of OTC derivatives reforms.

MAS continues to participate actively as a member of several of the main committees and working groups in the IAIS. In particular, MAS is closely involved in the IAIS' work on the development of global insurance capital standards, such as the Basic Capital Requirements (BCR), which was endorsed by the G20 in November 2014. From 2015, Global Systemically Important Insurers will report their BCR to their group-wide supervisors. MAS also continues to contribute to the development of the Insurance Capital Standard, which is a group-wide risk-based global insurance capital standard. It is designed to achieve greater comparability of the capital requirements of Internationally Active Insurance Groups across jurisdictions at the group-wide level.

MAS continues to participate actively in various Task Forces of the BCBS, which are responsible for developing policies that promote a sound global banking system. In the past year, MAS joined the Task Force on Standardised Approaches, which focuses on the review of the standardised approach for credit risk. This is to ensure that the standardised approaches continue to be suitable for assessing the capital adequacy of internationally-active banks and banks that are not using the advanced approaches. MAS is also a member of the Task Force on Interest Rate Risk in the Banking Book, which is responsible for examining options for capturing interest rate risks in the banking book within the capital framework. In addition, MAS is participating in the BCBS' review of the existing regulatory treatment of sovereign risk, which will consider policy options to improve the treatment of such exposures.