Singapore financial regulators said today they would integrate risk-based regulation of banks, insurance companies and investment firms under a new department from September 1.The Monetary Authority of Singapore (MAS), Singapore’s central bank and chief financial market regulator, said a new prudential policy department would be responsible for formulating risk-based capital and other prudential policies across financial industries.
The move was part of several organisational changes and appointments announced by MAS today with the aim of more closely aligning the organisation’s resources and objectives.
MAS said the prudential policy department would help to achieve a more harmonised regulatory framework that should minimise gaps and arbitrage, and bring about a more integrated risk-based supervisory approach.
MAS also said a new complex institutions supervision department will take an integrated and risk-focused approach to regulating “systemically important” financial groups. The department will supervise on a whole-of-group basis across a firm’s banking, insurance and securities businesses. MAS said it would also develop integrated supervisory methodologies across financial industries.
Ravi Menon will become an assistant managing director of MAS and head the complex institutions supervision department and oversee the prudential policy department. Low Kwok Mun, currently seconded to the International Monetary Fund, will be appointed executive director of prudential policy.
More on Regulation
Recent Iosco consultation paper aims to better co-ordinate global regulation
Indian regulators to allow overseas firms to access market but speculation ruled out
Market anticipates an impending regulatory mandate for rupee rates clearing
Is the regulator's goal of trying to be everywhere feasible or even desirable?
Sign up for Risk.net email alerts
Sponsored video: Tradeweb
Multifonds talks to Custody Risk on being nominated for the Post-Trade Technology Vendor of the Year at the Custody Risk Awards 2014
Sponsored webinar: IBM Risk Analytics
Nominated for two technology awards
There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment.