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ARTICLE · 01 APRIL 2016

Banking Amendment Bill 2016

Shook Lin & Bok
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The MAS has proposed making several legislative amendments to enhance prudential safeguards, corporate governance and risk management controls in the banking industry.

SingaporeFinance and Banking
Eric Chan
Eric Chan
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1. INTRODUCTION

The Banking (Amendment) Bill 2016 ("the Bill") has been presented to Parliament for First Reading.

The Monetary Authority of Singapore ("MAS") has proposed making several legislative amendments to enhance prudential safeguards, corporate governance and risk management controls in the banking industry. These amendments are aimed at strengthening MAS' regulatory and supervisory framework, and aligning them with international best practice. Certain amendments have also been proposed to formalise MAS' existing regulatory expectations and to clarify the regulatory policy intent on certain matters.

The Bill proposes amendments to the Banking Act (Cap. 19) in respect of the following areas:

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