Regulatory Alerts2021-06-29
Added
MAS Notice 1007 Appointment of External Auditors
The Monetary Authority of Singapore issues this notice to establish requirements for all local merchant banks regarding the annual appointment of external auditors. It mandates that these institutions must seek MAS approval to appoint or re-appoint an auditor to perform duties specified in section 58 of the Banking Act. This regulation supersedes the previous notice from 1985 and took effect on 1 July 2021.
Notices
Last Revised Date: 29 June 2021
Notice 1007 Appointment of External Auditors
Requirements for all merchant banks on the annual appointment of auditors.
Appointment of Auditors
Issued pursuant to:
Banking Act (Cap. 19) section 55(1)
and section 58
Applies to:
Merchant Bank (Locally Incorporated)
,
Merchant Bank (Branch)
View Notice
Notice 1007 Appointment of External Auditors
(540.9 KB)
This notice sets out the requirements for all merchant banks in Singapore to seek MAS’ approval to appoint or re-appoint an auditor annually to carry out the duties specified in section 58 of the Banking Act.
01 Jul 2021 MAS Notice 1007 dated 29 June 2021 takes effect.
01 Jul 2021 MAS Notice 1007 dated 1 November 1985 (81 KB) is cancelled
.
Requirements for merchant banks on the annual appointment of auditors.
Establishes the Monetary Authority of Singapore (MAS) and gives it the authority to regulate the financial services sector in Singapore.