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.
- 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.