Enhancing Global Financial Stability and Regulatory Reform

The expansion of the Financial Stability Board’s (FSB) mandate and membership in 2009 led to the establishment of three Standing Committees to oversee vulnerabilities in the financial system, supervisory and regulatory cooperation, and international standards implementation, respectively. MAS is a member of all three Standing Committees, and has participated actively in the deliberations of these committees. In addition, MAS was part of a FSB peer review team that assessed the effective application of the FSB Principles for Sound Compensation Practices and their Implementation Standards in selected FSB member jurisdictions.

MAS continues to contribute actively to the work of key standard-setting bodies, including the Basel Committee on Banking Supervision (BCBS), International Organisation of Securities Commissions (IOSCO) and International Association of Insurance Supervisors (IAIS). The past year also saw MAS’ continued participation in efforts by the Bank for International Settlements’ (BIS) Committee on Payment and Settlement Systems (CPSS) and the Technical Committee of the IOSCO to review and strengthen existing standards for financial market infrastructures, based on lessons learnt from the recent financial crisis. MAS is also a member of a working group set up by CPSS and IOSCO with regard to the application of the Recommendations for Central Counterparties on clearing arrangements for over the-counter (OTC) derivatives.

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