MAS Takes Regulatory and Supervisory Measures to Help Financial Institutions Focus on Supporting Customers

MAS Takes Regulatory and Supervisory Measures to Help Financial Institutions Focus on Supporting Customers

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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