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MAS Consults on Proposed Regulations and Notices for Licensed Credit Bureaus and Approved Members.

Authors :
Mok, Francis
Tiah, Karen
Source :
Journal of International Banking Law & Regulation; 2021, Vol. 36 Issue 2, pN-17-N-18, 2p
Publication Year :
2021

Abstract

- Notice on Technology Risk Management and Notice on Cyber Hygiene' these notices will subject LCBs to technology risk management requirements and cyber security measures similar to those of other financial institutions regulated by MAS. News Section N-17 Amendments to MAS Notices In addition to the amendments mentioned above, the following MAS Notices were amended on 1 October 2020: - MAS Notice 637 on "Risk Based Capital Adequacy Requirements for Banks Incorporated in Singapore" has been amended to (1) define regulatory loss allowance which is recognised as Tier 2 Capital, (2) revise the capital treatment for public sector entities, and (3) implement other technical revisions to the credit and market risk framework; and - MAS Notice 639 on "Exposures to Single Counterparty Groups" has been amended such that the Notice now applies to only banks incorporated in Singapore. Francis Mok Allen & Gledhill LLP Karen Tiah Allen & Gledhill LLP Singapore FINANCIAL REGULATION MAS Consults on Proposed Regulations and Notices for Licensed Credit Bureaus and Approved Members Credit bureaus On 16 October 2020, the Monetary Authority of Singapore (MAS) issued a MAS consults on proposed consultation paper on "Proposed Regulations and Notices for Licensed regulations and notices for Credit Bureaus and Approved Members" to seek feedback on regulations licensed credit bureaus and and notices to effect the objectives of the Credit Bureau Act 2016 (CBA) approved members The CBA aims to subject credit bureaus to formal MAS oversight in view of the large amount of sensitive borrower credit information collected by 6 Consumer credit businesses; them. [Extracted from the article]

Details

Language :
English
ISSN :
17426812
Volume :
36
Issue :
2
Database :
Supplemental Index
Journal :
Journal of International Banking Law & Regulation
Publication Type :
Academic Journal
Accession number :
149825176