MAS streamlines its anti-commingling framework: enough to level the playing field?

In September 2017, the Monetary Authority of Singapore (“MAS”) consulted the industry on the proposed streamlining of its anti-commingling framework under regulation 23G of the Banking Regulations. The MAS has now issued its response to industry feedback.  

Key takeaways:

  • As earlier consulted on, the MAS will amend regulation 23G to: streamline conditions that banks are required to comply with before commencing non-financial businesses (“NFBs”) related or complementary to their core financial businesses; and set out a prescribed list of permissible NFBs that banks may engage in. 
  • These amendments will likely be effected this year. 

Please refer to our client alert for more details.