Regulatory Alerts2021-05-10
Added
Consultation on Revisions to the Guidelines on Corporate Governance
The Monetary Authority of Singapore issued this circular to solicit comments on proposed revisions to the Corporate Governance Guidelines for designated financial holding companies, banks, and insurers. The revisions incorporate developments in international standards and industry best practices, with specific provisions proposed for transfer to existing Banking and Insurance Regulations. Stakeholders were invited to submit their feedback by 18 June 2021 via the designated online form.
Circular No: ID 09/21 10 May 2021 To Chief Executives of all Locally-incorporated Banks and Insurers
Dear Sir/Madam CONSULTATION ON THE PROPOSED REVISIONS TO THE GUIDELINES ON CORPORATE GOVERNANCE FOR DESIGNATED FINANCIAL HOLDING COMPANIES, BANKS, DIRECT INSURERS, REINSURERS AND CAPTIVE INSURERS WHICH ARE INCORPORATED IN SINGAPORE (“CG GUIDELINES”) MAS is seeking comments on the proposed revisions to the CG Guidelines, which take into account developments in international standards and good practices in the financial industry. As part of the revisions, we propose that some provisions currently in the CG Guidelines be moved to the Banking (Corporate Governance) Regulations 2005 and the Insurance (Corporate Governance) Regulations 2013. 2 The consultation paper can be accessed on the MAS website1 . Please submit your company’s comments to the consultation paper by 18 June 2021 at https://form.gov.sg/6094bf42bee1190011699901. 3 If you have queries relating to the consultation paper, please contact your company’s liaison officer in MAS. Yours faithfully [sent via MASNET] MARCUS LIM ASSISTANT MANAGING DIRECTOR BANKING AND INSURANCE 1https://www.mas.gov.sg/publications/consultations/2021/consultation-paper-on-revisions-to-the-guidelineson-corporate-governance