Provides guidance on the regulatory scope of the Trust Companies Act, including licensing and reporting requirements for licensed trust companies, exempt trust companies and exempt persons providing trust services.
Last Revised Date: 05 October 2018
Guidelines on Outsourcing
Guidelines for financial institutions on risk management of outsourcing arrangements.
Applies to: Credit/Charge Card Issuer , Full Bank (Locally Incorporated) , Full Bank (Branch) , Wholesale Bank (Branch) , Wholesale Bank (Locally Incorporated) , Finance Company , Merchant Bank (Locally Incorporated) , Merchant Bank (Branch) , Direct Insurer (Life) , Direct Insurer (General) , Direct Insurer (Composite) , Reinsurer (Life) , Reinsurer (General) , Reinsurer (Composite) , Captive Insurer , Lloyd's Asia Scheme , Financial Holding Company (Insurance) , Dealing in Capital Markets Products , Product Financing , Licensed Fund Management Company , Corporate Finance Advisory , REIT Management , Registered Fund Management Company , Credit Rating Agency , Securities Crowdfunding , Venture Capital Fund Management Company , Exempt Futures Broker , Exempt OTC Derivatives Broker , Providing Custodial Services , Exempt Corporate Finance Adviser Serving Accredited Investors , Approved CIS Trustee , Exempt Trust Company , Licensed Trust Company , Exempt Person Providing Trust Services , General Insurance Agents , Licensed Financial Adviser , Exempt Financial Adviser , Exempt Financial Adviser Serving up to 30 Accredited Investors , Designated Payment System , Remittance , Money Changer , Relevant Stored Value Facility , Widely Accepted Stored Value Facility , Single Purpose Stored Value Facility , Markets and Exchanges , Clearing House , Trade Repository , Benchmark Administrator/Submitter , Central Securities Depository , Holding Company of Exchange or Clearing House
These guidelines set out MAS’ expectations of a financial institution that has an outsourcing arrangement or is planning to outsource its business activities to a service provider.
The guidelines cover:
- Engagement with MAS on outsourcing.
- Sound practices on risk management of outsourcing arrangements.
- Cloud computing.