Regulatory Alerts2024-05-09
Added · Updated
MAS Notice 654 on Recovery and Resolution Planning
MAS Notice 654, effective 10 May 2024, imposes recovery and resolution planning requirements on notified banks under the Financial Services and Markets Act 2022. Notified banks must prepare, maintain, and board-approve recovery plans containing triggers, escalation processes, and diverse recovery options, while also maintaining and submitting data for resolution planning upon request. The notice mandates the appointment of an executive officer to oversee these processes, requires immediate notification of viability threats, and obligates banks to ensure critical outsourcing arrangements remain viable during crises.
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