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.