Regulatory Alerts2024-05-09
Added
MAS Notice 654 on Recovery and Resolution Planning
The Monetary Authority of Singapore issued Notice 654 to establish recovery and resolution planning requirements for notified banks under the Financial Services and Markets Act 2022. This regulation applies to various categories of banks including full and wholesale banks, both branches and locally incorporated entities. The notice takes effect on 10 May 2024 and simultaneously cancels the previous version of the notice dated 30 January 2019.
Notices
Published Date: 09 May 2024
Notice 654 on Recovery and Resolution Planning
Recovery and resolution planning requirements for notified banks.
MAS' Approach to Resolution
Issued pursuant to:
Financial Services and Markets Act 2022 section 51
Applies to:
Full Bank (Branch)
,
Full Bank (Locally Incorporated)
,
Wholesale Bank (Branch)
,
Wholesale Bank (Locally Incorporated)
View Notice
Notice 654 on Recovery and Resolution Planning
(127.8 KB)
This Notice applies to a bank to which a direction has been issued under section 52(1) of the Financial Services and Markets Act (“notified bank”).
It sets out the requirements that a notified bank has to comply with in its recovery and resolution planning.
9 May 2024
MAS Notice 654 on Recovery and Resolution Planning (127.8 KB) takes effect 10 May 2024.
9 May 2024
MAS Notice 654 on Recovery and Resolution Planning dated 30 January 2019 (360.8 KB) is cancelled (96.6 KB) .
Guidelines for notified banks on recovery and resolution planning requirements under MAS Notice 654.