Singapore: Financial Sector Assessment Program; Detailed Assessment Of Observance-CPSS-IOSCO Principles for Financial Market Infrastructures

IMF Staff Country Reports, July 15, 2019

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The Monetary Authority of Singapore (MAS) has taken important steps to address the recommendations made for capital market financial market infrastructures (FMIs).
MAS has led efforts to develop international guidance on the cyber resilience for FMIs.
MAS moved swiftly to strengthen Singapore’s governance and resiliency of the payment system.
The assessment of New MAS Electronic Payment and Book-Entry System (MEPS+) finds that most of the principles are observed, however, also identifies opportunities for further improvement relative to international best practices.
The legal basis is sound with further enhancements made for insolvency protection, designation criteria, and administrative powers for MAS.
Governance arrangements are clear and transparent and should continue to ensure the independence of the oversight and supervisory functions for MEPS+.

Leadership role by MAS in developing international cyber-resilience guidance for FMIs.
Strengthened governance and resiliency measures for the payment system.
Clear and transparent governance arrangements for MEPS+.
Sound legal framework underpinning FMIs in Singapore.

Enhance insolvency protection provisions to align more closely with international best practices.
Clarify and, where appropriate, augment designation criteria for FMIs.
Strengthen administrative powers available to MAS to support oversight and resolution-related actions.
Preserve and reinforce the independence of oversight and supervisory functions for MEPS+ to maintain effective governance.