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- Singapore, 5 May 2009...The Monetary Authority of Singapore (MAS) supports the Securities Investors Association of Singapore's (SIAS) initiative in organising a seminar on the 1 June 2009 deadline for lodging claims against Lehman Brothers Inc (LBI) with the trustee for LBI's liquidation in the United
- MAS has been informed by LBSPL that based on its records as at 31 Mar 2009, LBSPL held a net cash position of S$61,552,964 and that LBSPL does not hold funds on behalf of LBI.
- MAS has been informed by LBPL that based on its records as at 31 Mar 2009, LBPL held US$144,740,631 in segregated house accounts and US$153,578,500 in segregated client accounts. According to LBPL, both are held on behalf of LBI.
- MAS
- Media Releases
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- 17 Sep 2014… The Australian Securities and Investments Commission (ASIC) and the Monetary Authority of Singapore (MAS) have entered into a Memorandum of Understanding (MOU) to allow trade repositories licensed in one jurisdiction to provide relevant data to the authority in the other jurisdiction. 2
- Tee said the signing of the MOU between ASIC and the MAS is a world first for this type of arrangement and embodied the ongoing close cooperation between ASIC and MAS on financial market issues, including the implementation of the Group of Twenty over-the-counter (OTC) derivatives reforms. 5 Mr Medcraft
- Through this MOU, ASIC and MAS express their intent to cooperate with each other in the interest of fulfilling their respective responsibilities and mandates by facilitating each authority’s access to relevant trade repository data, while ensuring the confidentiality of the information is appropriately
- MAS
- Media Releases
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- MAS Press Statement on Structured Products: Singapore, 24 September 2008...In consultation with MAS, financial institutions (FIs) that have sold the DBS High Notes 5, Lehman Minibonds and Merrill Lynch Jubilee Series 3 LinkEarner Notes have decided to appoint independent parties to oversee their complaints
- MAS will ensure that FIs must have a rigorous process in place for handling customers’ complaints and that legitimate grievances are dealt with expeditiously. While MAS cannot order FIs to pay compensation, we are committed to ensuring a fair resolution process for all affected investors”.
- MAS will use the outcome of this process to consider what FIs need to do to strengthen internal processes and controls, and if a review of our existing regulations is required.
- MAS
- Media Releases
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- Singapore, 1 October 2007...The Monetary Authority of Singapore (MAS) has issued a consultation paper proposing to exempt card issuers from complying with the maximum credit limit when issuing credit or charge cards to individuals with an annual income of at least $120,000 or net personal assets exceeding
- This proposal is part of MAS’ ongoing process of updating the credit card rules to ensure that they remain appropriate and relevant. 2 MAS recognises that the Government’s social policy to protect individuals from spending beyond their means and incurring unsustainable debt is best aimed at individuals
- [2] to the Banking (Credit Card and Charge Card) Regulations. 5 Interested parties should forward their comments on the proposals in the consultation paper (Click here to view) (108.4 KB) to MAS by 1st November 2007. *** [1] To be applied on an on-going basis. [2] On 7 August 2006, MAS and the Ministry
- MAS
- Media Releases
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- The changes will take effect on 1 February 2012. 2 Paying tribute to Mr Leo, Ravi Menon, Managing Director, MAS, said, "Mun Wai has given 13 years of outstanding service to MAS.
- The Monetary Authority of Singapore (MAS) announced the following changes in its senior management team: Lee Chuan Teck, currently Assistant Managing Director (Markets and Investment Group) will take over from Leo Mun Wai as Assistant Managing Director (Capital Markets Group).
- He has made a deep impact across a variety of MAS’ functions, strengthening and transforming the areas that he worked in – ranging from the first round of banking liberalisation in 1998 to MAS’ human resource policies and steering our banking sector through the 2008/2009 global financial crisis.
- MAS
- Media Releases
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- MAS will review our capital standards in consultation with industry and if necessary, revise our current requirements. 4 Heng Swee Keat, MAS’ Managing Director, said, “MAS has always implemented more conservative capital requirements than Basel standards.
- Singapore, 13 September 2010…The Monetary Authority of Singapore (MAS) supports the global agreement announced by the Group of Governors and Heads of Supervision (GHOS), the oversight body of the Basel Committee on Banking Supervision (BCBS), on 12 September 2010 to strengthen and raise global capital
- MAS welcomes these new higher standards and the stricter definition of capital which represent a significant strengthening of global capital standards.
- MAS
- Media Releases
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- MAS will regulate the bank or FHC, but it will not regulate the non-financial activities. MAS will determine the scope of activities which the bank or FHC will be permitted to undertake.
- MAS will therefore disallow the sharing of names and logos between the financial and non-financial entities.
- MAS will require this separation of ownership to be retained. The bank or FHC in the existing banking groups must continue to be listed on its own.
- MAS
- Media Releases
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- 1 The Minister for Education and Deputy Chairman of the Monetary Authority of Singapore (MAS) today moved the Deposit Insurance Bill ("DI Bill") for first reading in Parliament. The Bill will be read for a second time and discussed at the next available Parliamentary sitting.
- The DI fund will be invested in safe and liquid assets such as Singapore Government Securities, deposits with MAS and other assets approved by the Minister.
- BACKGROUND 2 MAS announced in June 2002 that it would introduce a deposit insurance scheme ("DI scheme") to provide an explicit but limited guarantee to insured depositors in the event of a failure of a bank or finance company.
- MAS
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- The Monetary Authority of Singapore (MAS) announced today two new initiatives as part of its on-going efforts to strengthen Singapore's capital markets. MAS is introducing a new risk?
- This means that it will also better serve MAS? regulatory objectives.
- They are expected to have a neutral impact on MAS' fee revenue. 14 MAS is also introducing application fees for both new and renewal licence applications designed to cover processing costs 1 . 15 Details of the new fee structure are enclosed in Annex 2 (15.4 KB) . *** 1 Licences issued under the
- MAS
- Media Releases
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- The Monetary Authority of Singapore (MAS) today issued a set of three consultation papers on its proposed Guidelines on Environmental Risk Management (Guidelines) for banks, insurers and asset managers.
- MAS is grateful to our industry partners for helping to co-create these Guidelines.” 4 The public consultation papers are available on MAS’ website: link (for banks and finance companies), link (for insurers) and link (for asset managers).
- This is part of MAS’ Green Finance Action Plan The three limbs of the Green Finance Action Plan are to build financial system resilience to environmental risk, develop green finance solutions and markets, and leverage innovation and technology.