MAS consults on notice and guidelines for recovery and resolution planning and enhancement of resolution powers for capital market infrastructures
28 April 2026
On 25 March 2026, the Monetary Authority of Singapore (“MAS”) published its Consultation Paper on Notice and Guidelines for Recovery and Resolution Planning and Enhancement of Resolution Powers for Capital Market Infrastructures. The consultation closed on 24 April 2026.
Approved clearing houses, licensed trade repositories, and the Depository (collectively, financial market infrastructures in capital markets “CMFMIs”) are considered systemically important entities by MAS and are required to maintain recovery and resolution plans (“RRPs”) for events of financial pressure or stress.
To enhance the resolution regime for the CMFMI sector, the consultation paper sets out proposed requirements on recovery and resolution planning for CMFMIs that will be set out in a new notice (“Notice”) and guidelines (“Guidelines”) to be issued under the Financial Services and Markets Act 2022. The Notice will set out the objectives and key content of the RRP, and the Guidelines will provide further elaboration and MAS’ expectations for meeting those requirements. Broadly, these relate to (i) recovery planning; (ii) orderly wind-down planning;
(iii) resolution planning; and (iv) notification requirements to MAS and operational continuity.
The consultation paper also sets out proposed powers for a statutory bail-in regime for the CMFMI sector.
These enhancements take into consideration international standards published by the Financial Stability Board (“FSB”) under FSB’s Key Attributes of Effective Resolution Regimes for Financial Institutions (“FSB KAs”) and the accompanying sector-specific guidance on the implementation of the FSB KAs for the CMFMI sector.
Reference materials
The following materials are available on this webpage of the MAS website www.mas.gov.sg: