Regulatory Alerts2022-07-20
Added
Notice 814 Provision for and Writing Off of Bad Debts
The Monetary Authority of Singapore issued Notice 814 to establish regulatory requirements for all finance companies regarding the maintenance of adequate provisions for bad and doubtful debts. The notice mandates that finance companies obtain MAS approval prior to writing off bad debts owed to related parties. This directive was cancelled with effect from 21 July 2022, replacing previous notices issued between 1973 and 2005.
Notices
Last Revised Date: 20 July 2022
Notice 814 Provision for and Writing Off of Bad Debts [Cancelled with effect from 21 July 2022]
Requirements for all finance companies on the provision for and writing off of bad debts.
Credit Risk
Issued pursuant to:
Finance Companies Act (Cap. 108)
Applies to:
Finance Company
View Notice
Notice 814 Provision for and Writing Off of Bad Debts [Cancelled with effect from 21 July 2022]
(63 KB)
This notice applies to all finance companies. It sets out the requirements on:
Maintenance of adequate provisions for bad and doubtful debts.
MAS' approval before writing off bad debts to related parties.
21 Feb 1978 MAS Notice 814 dated 21 February 1978 is issued. FC Notice 14 dated 01 November 1973, 20 January 1975 and 01 April 1976 are cancelled.
14 Mar 2005 MAS Notice 814 (Amendment) 2005 takes effect.
21 Jul 2022
MAS Notice 814 (Amendment) 2005 (11.8 KB) is cancelled.
Requirements for all finance companies on the maintenance of credit files, grading of credit facilities and determination of credit loss allowance.