Regulatory Alerts2007-06-11
Added
Banking (Reserve Fund) (Transitional Provision) Regulations 2007
The Monetary Authority of Singapore issued these regulations under the Banking (Amendment) Act 2007 to govern the distribution of reserve funds for Singapore banks. The rules permit banks to distribute or utilize up to 20% of their reserve fund balance as of 30 March 2007 during the period from 6 June 2007 to 31 December 2007 and in each subsequent calendar year. These provisions came into operation on 11 June 2007 to facilitate transitional financial adjustments for regulated entities.
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