MAS announced that it will adjust selected regulatory requirements and supervisory programmes to enable financial institutions (FIs) to focus on dealing with issues related to the COVID-19 pandemic and supporting their customers during this difficult period.

MAS will take the following regulatory and supervisory measures:

• adjust banks’ capital and liquidity requirements, to help sustain their lending activities;
• allow FIs to take into account the government’s fiscal assistance and banks’ relief measures in setting more realistic accounting loan loss allowances;
• defer FIs’ implementation of the final set of Basel III reforms, margin requirements for non-centrally cleared derivatives, and other new regulations and policies, to ease FIs’ operational burden;
• provide FIs more latitude on submission timelines for regulatory reports and defer non-urgent industry projects; and
• suspend regular onsite inspections and supervisory visits till further notice.

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