BCBS concludes assessment of Basel III capital regulations in Singapore

Stocks and Financial Services Press Releases Friday March 22, 2013 09:38
BCBS--22 Mar--Asian Banker
March 20th 2013 - The Basel Committee on Banking Supervision has today published a report assessing the regulations that implement the Basel capital framework in Singapore.

Through its Regulatory Consistency Assessment Programme (RCAP), the Committee monitors the timely adoption of regulations by its members, assesses their consistency with the Basel framework and analyses the quality of intended regulatory outcomes. The RCAP also helps member jurisdictions to identify deviations from the Basel framework and assesses their materiality.

The assessment found that Singapore’s overall capital regime is in line with the requirements of the Basel framework. Singapore’s regulations were found to be “compliant” in 12 out of the 14 components assessed. While two other components were assessed as “largely compliant”, the deviations were not considered by the assessment team to be material. The assessment team also noted Singapore’s active and continuing commitment to the global regulatory reforms that form part of the package of reforms announced by the Basel Committee.

The assessment team evaluated Singapore’s domestic regulations with reference to the Basel capital standards. The team held technical discussions with senior officials and staff of the Monetary Authority of Singapore (MAS) and met with senior representatives from Singapore-incorporated banks. In its response to the report, MAS stated that it is committed to the Basel III reforms and to ensuring their full, timely and consistent implementation in Singapore.

The report published today reflects the Committee’s commitment to promoting adoption of its standards and to monitoring its members’ compliance with the Basel framework. The Singapore report is the fourth in the series of assessments under the RCAP. Earlier reports on the European Union, Japan and the United States were published by the Committee in October 2012. Assessments of the implementation of the Basel III capital standards in Switzerland and China are currently under way.

--www.theasianbanker.com (March 22 2013)--

Latest Press Release

Wecash Named One of the Top 50 Chinese Global Brands by Facebook and KPMG

Wecash, a fintech company that specializes in financial products powered by smart phones, was named one of the 2018 Top 50 Chinese Global Brands by Facebook and KPMG. Wecash was featured in the list alongside other industry leaders such as Tencent, Ant...

Photo Release: WHA Group Meets Investors, Q2/2018 Opportunity Day

WHA Group, led by Ms. Jareeporn Jarukornsakul (right), Chairman and Group CEO, together with Mr. Arttavit Chalermsaphayakorn (left), Chief Financial Officer of WHA Corporation Pcl., had recently presented the Company's Q2/2018 information at "Opportunity...

USD120,000 at stake in CIMBs 3D Conquest to unearth ASEANs top #digital talents Competition sets path for nurturing crucial skills in data science, FinTech and coding among tertiary students

CIMB Group Holdings Berhad ("the Group" or "CIMB") has launched the CIMB 3D Conquest, a competition that aims to identify and attract ASEAN's top creative, young digital talent with an agile and entrepreneurial mindset. Open to all tertiary students, the...

Allianz to become Worldwide Olympic Insurance Partner

The International Olympic Committee (IOC) and Allianz today announced that the insurer will join the "Worldwide Olympic Partner" (TOP) Programme in 2021. Through this sponsorship agreement, Allianz will work with the IOC to provide innovative and...

BYFX Global Co., Limited Announces Business Launch

BYFX Global Co., Limited (BYFX Global) today announced the launch of its retail and institutional business -- offering clients around the globe top-tier liquidity and online OTC trading for Spot FX and Spot Bullion[1]. Striving towards financial...

Related Topics