Abstract
The Monetary Authority of Singapore (MAS) is the designated resolution authority for financial institutions, including holding companies and domestic branches of foreign banks. In this role, MAS determines if the conditions for entry into resolution are met and designs and implements the resolution strategy. The Ministry of Finance (MOF) plays only a limited role in the technical decisions concerning bank resolution, intervening when the use of public resources is contemplated. In 2017, the passage of amendments to the MAS Act strengthened the resolution framework. It introduced enhanced resolution powers and strengthened the framework for recovery and resolution of domestic systemically important banks (D-SIBs). These powers are broadly consistent with international best practices as outlined in the Financial Stability Boards (FSB) Key Attributes for Effective Resolution of Financial Institutions. The powers are generally applicable to all financial institutions.
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
