VALUED PARTNER

ON THE INTERNATIONAL FRONT

INTERNATIONAL FINANCE
INTERNATIONAL FINANCIAL REGULATORY REFORMS

MAS continues to contribute to international work on regulatory reforms as an active member of various committees and standard setting bodies.

Financial Reforms and Implementation Monitoring
MAS has chaired the FSB's Standing Committee on Standards Implementation (SCSI) since 2013. In 2015, the key initiatives for SCSI are as follows:

  • Developed the implementation monitoring 'dashboard' for the first annual report to the G20 on the implementation and effects of financial regulatory reforms;
  • Launched the thematic peer review on the implementation of the FSB policy framework for shadow banking entities other than money market funds; and
  • Completed reviews on supervisory frameworks and approaches for G-SIBs, OTC derivatives trade reporting, and resolution regimes.

Banking
MAS contributes to the work of the Basel Committee on Banking Supervision (BCBS) through the following:

  • Task Force on the Standardised Approach for Credit Risk — MAS has co-chaired this task force since 2015. The task force reviews the standardised approach for credit risk for internationally-active banks that are not using the advanced approaches to ensure that credit risk is appropriately captured in the capital framework;
  • Working Group on Supervisory Colleges — MAS co-chairs this working group, which seeks to strengthen the co-operation of home and host regulators in the supervision of internationally active banks;
  • Coherence and Calibration Task Force — This task force assesses the coherence of banking sector regulatory reforms and helps inform the BCBS' measures to address excessive variability in riskweighted assets, as well as the design and calibration of the leverage ratio; and
  • Task Force for Interest Rte Risk in the Banking Book — The task force developed and published the finalised capital framework and enhanced supervisory guidance for interest rate risk in the banking book in April 2016.
  • Task Force on Sovereign Exposures — MAS also participates in the review of the regulatory treatment of sovereign risk, which seeks to address the risks posed by sovereign exposures and is being conducted in a careful, holistic and gradual manner.

Insurance
MAS is actively involved in key committees and working groups of the International Association of Insurance Supervisors, including the working group tasked with developing the global Insurance Capital Standards, as well as the FSB's Insurance Cross-Border Crisis Management Group.

Securities
At the IOSCO, MAS participates in the standardssetting work of various Policy Committees, Task Forces and Working Groups. In 2015, we also joined the Policy Committee on Enforcement and the Exchange of Information, and the newly formed Task Force on Market Conduct.

Financial Market Infrastructures
MAS actively participates in the CPMI and is involved in working groups such as the Working Group on Retail Payments and Working Group on Digital Innovations. As a member of the CPMIIOSCO Steering Committee, MAS also participates in the various CPMI-IOSCO initiatives, including:

  • Co-chairing of the Working Group on Cyber Resilience, which published a set of cyber resilience guidelines for FMIs for public consultation in November 2015
  • Implementation Monitoring Standing Group, which assesses the timely, complete and consistent implementation of the CPMI-IOSCO Principles for FMIs
  • Policy Standing Group, which develops policies relating to FMIs

MAS also takes part in the joint Study Group on Central Clearing Interdependencies (comprising members from BCBS, CPMI, FSB and IOSCO), to identify and analyse interdependencies between CCPs and financial institutions. The Study Group aims to support other international streams of work to enhance resilience, recovery and resolvability of CCPs.