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The Monetary Authority of Singapore (“MAS”) is the sole regulator in Singapore having regulatory oversight of the banking institutions. The MAS is also the central bank of Singapore.
The Banking regulation in Singapore including the subsidiary regulations govern the banking institutions and are acts passed by the Parliament and are mandatory. Besides regulating the banking sector in Singapore, these regulations also focus on establishing a legal banking framework that can keep pace with the latest developments in the global banking sector. The main regulations applicable to the banking institutions are as follows
Several subsidiary legislations has been enforced under the Banking Act, Securities and Futures Act and Financial Advisers Act. The resolution regime comprising emergency liquidity infusion, recovery and resolution planning etc. applicable to the banks in Singapore are also set out in the Banking Act as well as the MAS Act.
Other applicable regulatory instruments issued by MAS including directives, notices, guidelines, codes, practice notes and circulars also apply to the Banking institutions in Singapore.
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