Response to Feedback on Consultation on Proposed Amendments to Financial Services and Markets (Resolution of Financial Institutions) Regulations 2024

Circular No: ID 19/24
12 December 2024
To Chief Executives
All Designated Financial Holding Companies (Licensed Insurer) (“DFHC (Licensed Insurer)s”) and Licensed Insurers Dear Sir/Madam CONSULTATION PAPER ON PROPOSED AMENDMENTS TO FINANCIAL SERVICES AND MARKETS (RESOLUTION OF FINANCIAL INSTITUTIONS) REGULATIONS 2024 - RESPONSE TO FEEDBACK On 12 September 2024, the Monetary Authority of Singapore (MAS) issued a consultation paper to seek feedback on the proposed amendments to the Financial Services and Markets (Resolution of Financial Institutions) Regulations 2024 (“FSM Regulations”). MAS would like to thank all respondents for their feedback. MAS has reviewed the feedback received and noted that there are no objections to the proposed amendments. Our response is available on the MAS website1 . 2 The amendments will be effected via the Financial Services and Markets (Resolution of Financial Institutions) (Amendment) Regulations 2024 that come into operation on 31 December 2024. 3 DFHC (Licensed Insurer)s and insurers are reminded that the contract that governs an eligible instrument, as defined under regulation 28 of the FSM Regulations, must contain provisions to the effect of that specified in regulations 30(1) and 30(2) of the FSM Regulations. DFHC (Licensed Insurer)s and insurers must also comply with the disclosure requirement for an eligible instrument as set out in regulation 31(1) of the FSM Regulations. 4 Please contact your company’s liaison officer in MAS should you have any queries. Yours faithfully (Sent via MASNET) DANIEL WANG EXECUTIVE DIRECTOR INSURANCE DEPARTMENT 1 https://www.mas.gov.sg/-/media/mas-media-library/publications/consultations/id/2024/mas-response-to￾consultation-on-amendments-to-fsm-rfi-regulations-2024.pdf