On 30 June 2014, the Monetary Authority of Singapore (the “MAS”) issued an amendment notice to amend the effective date of MAS Notice to Banks on Transactions with Related Parties (“MAS Notice 643”).
As a matter of background, MAS Notice 643 was issued on 2 April 2013. It sets out the MAS’ requirements relating to transactions of banks in Singapore with related parties, which seek to minimise the risk of abuses arising from conflicts of interest.
At the time of issue of MAS Notice 643, the MAS had stated that banks in Singapore were required to set up systems and procedures to comply with the requirements in MAS Notice 643 before 1 July 2014. The MAS has now amended MAS Notice 643 to provide that its effective date will be separately specified by the MAS by notice in writing.
The following materials are available from the MAS website www.mas.gov.sg: