The Monetary Authority of Singapore (the “MAS”) is consulting on proposed amendments to the MAS Notices that regulate the submission of statistics and returns by banks and merchant banks to the MAS. The MAS consultation paper titled “Proposed Revisions to MAS Notice to Banks 610 and MAS Notice to Merchant Banks 1003 - Submissions of Statistics and Returns” was issued on 31 December 2014. The consultation closes on 5 February 2015.

The consultation paper contains proposals by the MAS to revise the data collected under MAS Notice 610 and MAS Notice 1003, following a consultation with a select group of respondents in January 2014 (consisting of banks, merchant banks and audit firms in Singapore). The proposals highlighted in the consultation paper concern the following areas:

  • Proposed format and content of the reporting forms;
  • Reporting deadlines for the monthly, quarterly, half-yearly and yearly reporting forms for banks and merchant banks; and
  • Items to be covered in the reporting forms.

Implementation timeline

The MAS is proposing a period of 18 months following the issuance of the revised MAS Notice 610 and MAS Notice 1003 for banks and merchant banks respectively to implement the changes. To facilitate the MAS’ tracking of implementation progress and allow the MAS to pre-empt potential implementation issues, the MAS will expect banks and merchant banks to provide two six-monthly updates of implementation status before the final implementation expected at the end of the 18-month period.

Reference materials

The following materials are available from the MAS website www.mas.gov.sg: