Regulatory Alerts2019-12-12
Added · Updated
MAS Notice 643 Transactions with Related Parties
MAS Notice 643 imposes requirements on all banks in Singapore regarding related party transactions and the responsibilities of banks for branches or entities within their bank groups. The Notice defines related parties, groups, and transactions, and mandates that banks establish and implement policies and procedures to ensure transactions are conducted free of conflicts of interest and on terms no more favorable than those available to non-related parties. Banks must set materiality and nominal thresholds, obtain independent board or committee approval for transactions exceeding these thresholds, and ensure directors and key credit approvers abstain from voting on interested transactions. The Notice also requires annual declarations from directors, executive officers, key credit approvers, and substantial shareholders to identify related parties and conflicts of interest.
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