Articles and Events Summary

Non-Face-to-Face Identity Verification

The Monetary Authority of Singapore (“MAS”) on 10 November 2020, introduced a new consultation paper on the types of information required for non-face-to-face verification of an individual’s identity. Under the proposed non-face-to-face identification verification Notice, it will be mandatory for financial institutions to use at least one of the types of information for non-face-to-face verification

Get the full details here.

New MAS Guidelines for Environmental Risk Management by Financial Institutions

The Monetary Authority of Singapore (“MAS”) recently released new guidelines for financial institutions (‘FI”), including asset managers, to enhance FIs management of their environmental risks. The environmental risk management guidelines clarifies that the guidelines are not just limited to funds/mandates that have an environmental focus and that the guidelines are also applicable to funds/mandates with passive strategies.

You can know more about the guidelines here.

Regulatory Updates

01 December 2020 – Notice SFA 02-N02 Supervision of Market Participants

Requirements for supervision of market participants by Recognised Market Operators

This Notice sets out the requirements for Recognised Market Operators in terms of participant compliance with business rules and Part XII of Securities Futures Act, participant access to markets, and notifications in relation to disciplinary actions taken against a participant.

To view the notice, please click here.

04 December 2020 – Guidelines to Notice VCC-N01 on Prevention of Money Laundering and Countering the Financing of Terrorism – Variable Capital Companies

Guidelines for variable capital companies on Notice VCC-N01 for the prevention of money laundering and countering the financing of terrorism.

To view the guidelines, please click here.

08 December 2020 – Guidelines on Environmental Risk Management for Banks – Guidelines to enhance banks’ resilience to and management of environmental risk.

These guidelines set out MAS’ expectations on environmental risk management for all banks, merchant banks, and finance companies.
The guidelines cover:

  • Governance and strategy
  • Risk management
  • Disclosure of environmental risk information

To view the guidelines, please click here.

08 December 2020 – Guidelines on Environmental Risk Management for Insurers – Guidelines to enhance insurers’ resilience to and management of environmental risk.

These guidelines set out MAS’ expectations on environmental risk management for all insurers.
The guidelines cover:

  • Governance and strategy
  • Risk management
  • Underwriting
  • Investment
  • Disclosure of environmental risk information

To view the guidelines, please click here.

08 December 2020 – Guidelines on Environmental Risk Management for Asset Managers – Guidelines to enhance fund management companies’ and real estate investment trust managers’ management of environmental risk.

These guidelines set out MAS’ expectations on environmental risk management for all fund management companies and real estate investment trust managers.
The guidelines cover:

  • Governance and strategy
  • Research and portfolio construction
  • Portfolio risk management
  • Stewardship
  • Disclosure of environmental risk information

To view the guidelines, please click here.

08 December 2020 – Consultation Paper on Proposed Guidelines on Environmental Risk Management for Asset Managers

This consultation sets out MAS’ proposed Guidelines on Environmental Risk Management for all fund management companies and real estate investment trust managers. MAS is proposing to issue the Guidelines to enhance financial institutions’ resilience to and management of environmental risk.

To view MAS response to the consultation paper, please click here.

17 December 2020 – Consultation Paper on Draft Standards for Operational Risk Capital and Leverage Ratio Requirements for Singapore-incorporated Banks

To view the consultation paper, please click here.

17 December 2020 – Consultation Paper on the Proposed Implementation of the Final Basel III Reforms in Singapore

To view the consultation paper, please click here.

18 December 2020 – Form 23A – Notice of Change of Particulars for a Registered Fund Management Company or a Venture Capital Fund Manager

Form for registered fund management companies and venture capital fund managers to notify MAS of changes to their particulars and particulars of their directors, representatives, relevant professionals or shareholders. This form must be submitted within 14 days after the date of the change.

To view the Form 23A, please click here.

18 December 2020 – Consultation Paper on Notices to Banks and Merchant Banks on Management of Outsourced Relevant Services

This consultation paper seeks feedback on a proposed Notice to Banks on Management of Outsourced Relevant Services. MAS also intends to mirror requirements of this notice for Merchant Banks in a Notice to Merchant Banks on Management of Outsourced Relevant Services.

To view the consultation paper, please click here.

21 December 2020 – Notice 608 Disclosure in Financial Statements – Covers disclosure requirements in relation to a bank’s financial statements.

This notice applies to all banks in Singapore. It sets out certain disclosure requirements by MAS on banks’ financial statements, in addition to those specified in the Companies Act (Cap.50) and Singapore Financial Reporting Standards.

To view the notice, please click here.

21 December 2020 – Notice 1013 Disclosure in Financial Statements – Covers disclosure requirements in relation to a merchant bank’s financial statements.

This notice applies to all merchant banks. It sets out the disclosure requirements for financial statements, in addition to those specified in the Companies Act (Cap.50) and Singapore Financial Reporting Standards.

To view the notice, please click here.

23 December 2020 – Notice 133 Valuation and Capital Framework for Insurers

Sets out the requirements under the risk-based capital framework for all licensed insurers, including the way in which assets and liabilities are to be valued.

This Notice is issued following the RBC 2 review and comprises both mandatory requirements and guidelines on the supervisory intervention levels, valuation of policy liabilities in respect of life business and general business, and the calculation of the total risk requirements and financial resources. Existing technical details on valuation of assets and liabilities, as well as the computation of financial resources and risk requirements in the Insurance (Valuation and Capital) Regulations 2004, MAS Notice 319, and Guidelines ID 1/04 have been moved to this Notice.

Section 1 of this Notice applies to all licensed insurers. Sections 2 to 5 of this Notice apply to all licensed insurers except captive insurers, marine mutual insurers and special purpose reinsurance vehicles (“SPRVs”). Section 6 of this Notice applies to captive insurers, marine mutual insurers and SPRVs only.

To view the notice, please click here.

21 December 2020 – Guidelines on the Preparation of Actuarial Investigation Report (ID 01/20) – To provide guidance on the information that should be disclosed when an actuary prepares a report referred to in section 37(1)(b) of the Act (an “actuarial investigation report”).

This Guideline is issued following the cancellation of the previous MAS Notice 319 and Guidelines ID 1/04, and comprises guidance on the information that should be disclosed when an actuary prepares a report referred to in section 37(1)(b) of the Act (an “actuarial investigation report”). The relevant parts of the previous MAS Notice 319 and Guidelines ID 1/04 have been moved into this new Guideline, which has also incorporated features relating to RBC 2 framework.

This Guideline applies to any licensed insurer required under section 37 of the Act to have an investigation made by an actuary into the financial condition of each class of the business that it carries on.

To view the guidelines, please click here.

24 December 2020 – ID 40/20 Guidelines on the Preparation of the Actuarial Investigation Report and Updates to Notice 133

Informs licensed insurers on new guidelines on the preparation of the actuarial investigation report and changes to Notice 133

To view the guidelines, please click here.

30 December 2020 – Insurance (Approved Marine, Aviation and Transit Insurers) Regulations

Sets out requirements for insurers approved to write marine, aviation and transit (MAT) insurance.

To view the regulations, please click here.

30 December 2020 – Insurance (General Provisions) Regulations

Sets out general provisions applicable for insurers such as annual fees, compoundable offences, and free look for life policies, and accident and health policies.

To view the regulations, please click here.

30 December 2020 – Insurance (Lloyd’s Asia Scheme) Regulations

Requirements for carrying on insurance business under the Lloyd’s Asia Scheme, a foreign insurer scheme established under the Insurance Act (Cap. 142).

To view the regulations, please click here.

30 December 2020 – Insurance (Authorised Reinsurers) Regulations

Sets out requirements applicable to authorised reinsurers such as the lodgement of reinsurance deposit, disclosure requirements and submission of annual returns.

To view the regulations, please click here.

30 December 2020 – Insurance (Authorised Reinsurers) Regulations – Compliance Toolkit for Approvals, Notifications and Other Regulatory Submissions to MAS for Financial Advisers

This Compliance Toolkit is to guide and facilitate financial advisers’ compliance with the various MAS approval and reporting requirements and timelines.

To view the toolkit, please click here.

30 December 2020 – Terrorism Financing National Risk Assessment 2020

The TF NRA seeks to further deepen the understanding by law enforcement agencies, supervisors/regulators and the private sector of Singapore’s key TF threats and vulnerabilities, so that appropriate prevention and mitigation measures may be taken.
This Terrorism Financing National Risk Assessment (TF NRA) is the culmination of experience and observations from all relevant competent authorities over the past few years, and includes inputs from the private sector and academia. It seeks to further deepen the understanding by law enforcement agencies, supervisors/regulators and the private sector of Singapore’s key TF threats and vulnerabilities, so that appropriate prevention and mitigation measures may be taken.
The TF NRA has found that:

  • Singapore continues to be exposed to TF threats posed by terrorist groups both regionally and internationally, in particular the propensity for individuals [1] in Singapore to be radicalised and influenced to carry out TF activities.
  • Certain sectors, notably money remittance (or payment service providers carrying out cross-border money transfer service) and banks, are more inherently vulnerable to TF threats, given the relative ease in which their services may be accessed, coupled with Singapore’s status as a financial and transport hub and proximity to countries exposed to terrorism activities.

Competent authorities in Singapore are cognisant of our TF threats and take a whole-of-government approach to combatting them. Our law enforcement agencies have robust capabilities to counter TF, as evidenced by the TF convictions in recent years. Supervisors and relevant authorities have been engaging relevant private sector entities on their TF risks, and this has improved their risk awareness and understanding, and allowed them to strengthen their measures to mitigate TF risks. Private sector entities should continue to incorporate the TF NRA findings in their risk-based approach to countering TF.

To view the TF NRA findings, please click here.

30 December 2020 – Compliance Toolkit for Approvals, Notifications and Other Regulatory Submissions to MAS for Insurance Brokers

This Compliance Toolkit is to guide and facilitate insurance brokers’ compliance with the various MAS approval and reporting requirements and timelines.

To view the toolkit, please click here.

30 December 2020 – Notice 100 Licensing of Insurers

Requirements for insurers on annual fees and changes in licensing particulars.

To view the notice, please click here.

30 December 2020 – ID 42/20 Amendments of Insurance Regulations and MAS Notice 100

Informs all insurers on changes to insurance regulations and MAS Notice 100.

To view the notice, please click here.

30 December 2020 – Notice 129 on Insurance Returns (Accounts and Statements)

Requirements for licensed insurers, except for captive insurers, marine mutual insurers and special purpose reinsurance vehicles, on the returns to be lodged with MAS.

To view the notice, please click here.

30 December 2020 – Notice 131 on Insurance Returns (Accounts and Statements) for Special Purpose Reinsurance Vehicles

Requirements for special purpose reinsurance vehicles on the returns to be lodged with MAS.

To view the notice, please click here.

30 December 2020 – Notice 130 on Insurance Returns (Accounts and Statements) for Captive Insurers

Requirements for captive insurers on the returns to be lodged with MAS.

This notice sets out the forms, submission requirements and deadlines for the returns to be submitted by captive insurers.

To view the notice, please click here.

30 December 2020 – Notice 213 on Insurance Returns (Accounts and Statements) for Financial Guarantee Insurers

Requirements for financial guarantee insurers on the returns to be lodged with MAS.

This notice sets out the forms, submission requirements and deadlines for the returns to be submitted by financial guarantee insurers.

To view the notice, please click here.

30 December 2020 – Notice 119 Electronic Submission of Returns [Cancelled with effect from 30 Dec 2020]

Requirements for insurers to submit electronic returns to MAS.

This notice applies to all licensed insurers and the administrator of the Lloyd’s Asia Scheme.It specifies MASNET as the facility for the electronic submission of insurance returns.

To view the notice, please click here.

30 December 2020 – Notice 212 on Insurance Returns (Accounts and Statements) for Marine Mutual Insurers

Requirements for marine mutual insurers on the returns to be lodged with MAS.
This notice sets out the forms, submission requirements and deadlines for the returns to be submitted by marine mutual insurers.

To view the notice, please click here.


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