MAS Regulatory Updates – Highlights

 

28 September 2021 – Notice 120 Disclosure and Advisory Process Requirements For Accident and Health Insurance Products (“Notice 120”)

Requirements and best practices for insurers, insurance brokers, financial advisers and their representatives or broking staff on the disclosure and advisory process for accident and health insurance products. This notice applies to:
  • Direct insurers and persons who act as an insurance agent for the insurers
  • Registered direct insurance brokers and their broking staff
  • Exempt direct insurance brokers and their broking staff
  • Licensed financial advisers and their representatives
  • Exempt financial advisers and their representatives who provide advice on or arrange accident and health insurance policies
It sets out mandatory requirements and best practice standards on the disclosure of information and provision of advice for accident and health policies, and life policies with accident and health benefits.

To view the updates to the Notice 120, please click here.

 

28 September 2021 – FAQs on Licensing and Business Conduct (Other than for fund management companies)

MAS updated the FAQ on Licensing and Business Conduct (Other than for fund management companies) which provides guidance on:  
  • the scope of capital markets services licensing (other than for fund management companies)
  • appointment of representatives
  • business conduct rules
  • the application of the SFA and SF(LCB)R to banks, merchant banks, finance companies and insurers.

To view the updated FAQ document, please click here.

 

27 September 2021 – Notice SFA 04-N13 Risk Based Capital Adequacy Requirements for Holders of Capital Markets Services Licences

How to comply with risk-based capital adequacy requirements. This notice applies to capital markets services (CMS) licensees, except CMS licensees that are credit rating agencies or venture capital fund managers. Sets out the methodology for calculation of:  
  • Financial resources or adjusted net head office funds, whichever is applicable
  • Total risk requirements.

To view the updates to Notice, please click here.

 

27 September 2021 – Notice 762 Obligations of Primary Dealers (MAS-issued Securities)

Obligations of primary dealers in the book-entry MAS securities market. This notice applies to all primary dealers appointed under section 145 of the MAS Act. It sets out the roles and responsibilities of primary dealers when participating in book-entry MAS securities auctions and market making.

To view Notice 762, please click here.

 

27 September 2021 – Notice 761 Obligations of Primary Dealers (SGS)

Obligations of primary dealers in the Singapore Government Securities (SGS) market. This Notice sets out the roles and responsibilities of primary dealers in the Government securities market. It covers their participation in Government securities auctions and market making.

To view Notice 761, please click here.

 

27 September 2021 – Notice 648 Issuance of Covered Bonds by Banks Incorporated in Singapore

Banks that are incorporated in Singapore must meet these requirements when issuing covered bonds.

To view the updates to Notice 648, please click here.

 

27 September 2021 – Notice 649 Minimum Liquid Assets and Liquidity Coverage Ratio

Requirements for banks in Singapore on minimum liquid assets (MLA) and liquidity coverage ratio (LCR).

To view the updates to Notice 649, please click here.

 

27 September 2021 – Compliance Toolkit for Approvals, Notifications and Other Regulatory Submissions to MAS for Licensed and Exempt Trust Companies and Approved CIS Trustees

This Compliance Toolkit aims to provide guidance on:  

  • Applications to be submitted for approval from MAS
  • Notifications and regulatory submissions to MAS.
This Compliance Toolkit should serve as a useful guide to licensed trust companies, exempt trust companies (e.g. banks and law firms) and approved CIS trustees on the various approval and reporting requirements and timelines.

To view the Compliance Toolkit document, please click here.

 

27 September 2021 – Notice 613 Minimum Liquid Assets

This notice sets out the definition of “qualifying liabilities” that is referred to in MAS Notice 758 on Minimum Cash Balance.

To view the updates to Notice 613, please click here.

 

27 September 2021 – Notice 1015 Minimum Liquid Assets and Liquidity Coverage Ratio

Requirements for merchant banks to comply with the minimum liquid assets (MLA) or the liquidity coverage ratio (LCR).

To view the updates to Notice 1015, please click here.

 

24 September 2021 – MAS 106 Appointment of Director, Chairman, Member of Nominating Committee, and Key Executive Person for Insurers

Requirements and guidelines for licensed insurers on the appointment of director, chairman and key executive person.

To view the document, please click here.

 

24 September 2021 – ID 14/21 Amendments to MAS Notice 106

Informs insurers of the amendments to MAS Notice 106 – Appointment of Director, Chairman, Member of Nominating Committee, and Key Executive Person for Insurers.

To view the amendments to MAS Notice 106 document, please click here.

 

17 September 2021 – Notice FAA-N16 Recommendations on Investment Products

Requirements for financial advisers and their representatives with respect to recommendations made on investment products.

To view the updates to Notice FAA-N16, please click here.

 

13 September 2021 – Consultation Paper on the Proposed Implementation of the Final Basel III Reforms in Singapore

To view the consultation paper, please click here.

 

13 September 2021 – Consultation Paper on Draft Standards for Market Risk Capital and Capital Reporting Requirements

To view the consultation paper, please click here.

 


GET IN TOUCH

Argus specializes in Financial and Compliance matters like vcc singapore, regulatory compliance, Insurance Returns, AML/CFT Controls, AML/CFT Training for FI and provides objective insights, subject expertise and a simple approach to all your Financial & Compliance matters. Our diversified client base spans start-ups to mature businesses. We partner with our clients to serve all their Financial & Compliance matters from the initial phase to ongoing support, training, audit, risk management and governance.

Follow us on LinkedIn for more updates on Insurance Regulations.

 

 

Pin It on Pinterest

Contact us
close slider
Contact us

Fill up the form below to get in touch with us!

Online Training
Anti-Money Laundering and Countering the Financing of Terrorism
Friday, 29 October 2021
02:30 – 04:00 SGT

days to go


Save your Seat