31 January 2018

On 28 December 2017, the Monetary Authority of Singapore (“MAS”) issued the following Notices:

  • Revised MAS Notice 637 on Risk Based Capital Adequacy Requirements for Banks Incorporated in Singapore (“MAS Notice 637”); 
  • Revised MAS Notice 651 on Liquidity Coverage Ratio Disclosure (“MAS Notice 651”); and 
  • New MAS Notice 653 on Net Stable Funding Ratio Disclosure (“MAS Notice 653”).

These Notices were revised or issued to implement requirements for Singapore-incorporated banks that are consistent with the revised standards on Pillar 3 disclosures under the Basel III framework as published by the Basel Committee on Banking Supervision (“BCBS”) in “Pillar 3 disclosure requirements - consolidated and enhanced framework”. In particular, the amendments to Part XI of MAS Notice 637 aim to enhance market discipline by improving the consistency and comparability of disclosure across Singapore-incorporated banks.

In addition, amendments to the disclosure frequencies under MAS Notices 651 and 653 have been made in accordance with BCBS’ revised standards.

The changes to MAS Notices 637 and 651 took effect from 31 December 2017, unless otherwise stated. MAS Notice 653 took effect from 1 January 2018.

These developments follow from a public consultation MAS had conducted from 10 July 2017 to 7 August 2017 on “Proposed Amendments to Disclosure Requirements under MAS Notices 637, 651 and 653”. On 28 December 2017, MAS released its Response to feedback received from the public consultation. In its Response, MAS stated that feedback received from the public consultation had been considered and incorporated into the revised MAS Notices where appropriate.

Reference materials

The following materials are available on the MAS website www.mas.gov.sg

 

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