25 January 2021
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:
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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.
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These amendments will likely be effected this year.
Click here to read more. (Pdf 5 pages)
For further information, please contact:
Peiying Chua Heikes, Linklaters
peiying.chua@linklaters.com
