Regulatory Alerts2021-06-29
Added
Notice 1016 Loss Allowance for Expected Credit Losses on Credit Exposures
The Monetary Authority of Singapore issued Notice 1016 to require all merchant banks in Singapore to recognize an adequate loss allowance for expected credit losses on all credit exposures before declaring profits or dividends. This mandate also applies to foreign-incorporated merchant banks, requiring them to recognize such allowances in Singapore for credit-impaired exposures related to their local operations. The regulatory requirement takes effect on 1 July 2021.
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