Regulatory compliance

SINGAPORE
Capital Currency Language Population GDP
Nominal Real growth rate

Points of interest

Purchase power parity

Government Legislature Geographical area

Economy

Singapore Singapore dollar English | Malay | Chinese | Tamil 5,183,700 (3,257,000 are Singapore citizens) $259.849 billion $314.911 billion 4.9% Unitary Parliamentary Republic Parliament 274 sq. miles | Southeast Asia, islands between Malaysia and Indonesia Singapore has a corruption-free, highly developed, successful freemarket economy, with stable prices, and a per capita GDP to match the best of the developed world. The economy depends heavily on exports, particularly consumer electronics, information technology products, pharmaceuticals, and financial services. GDP - composition by sector: Agriculture: 0% | Industry: 26.6% | Services: 73.4% Although the economy contracted 1.0% in 2009 due to the financial crisis, it rebounded 14.8% in 2010 and 4.9% in 2011, because of renewed exports. Singapore is the 14th largest exporter and the 15th largest importer in the world. Over the long term, the government aims to raise the sinking productivity. Singapore has attracted major investments in pharmaceuticals and medical technology production and continues its reign as Southeast Asia's financial and high-tech hub. 9.2 [10 good 0 bad]/ 5th

Residents of an all-urban country, Singaporeans enjoy one of the highest per capita GDP (5th rank worldwide), with none below the poverty line. In the World Justice Project's Rule of Law Index, Singapore was ranked amongst the top countries in "Order and Security", "Absence of Corruption", and "Effective Criminal Justice". However, it scored poorly for "Freedom of Speech" and "Freedom of Assembly": all public gatherings of five or more people require police permits, and protests may only be legally held at Speakers' Corner. Aggressive law enforcement limits drug abuse. The death penalty is in practice, and Singapore is believed to have the highest execution rate in the world, relative to its population. Yet, some money laundering eludes the law. Singapore is a financial services hub with a remarkably stable economy despite periods of global turmoil. Although it has the world's highest percentage of millionaires, it has one of the highest income inequality levels amongst developed countries.

Corruption perception rating / worldwide ranking

has been established in Singapore for over a decade providing focused professional services for automation of regulatory reporting for financial institutions in this jurisdiction. We proactively monitor upcoming regulatory changes issued by Monetary Authority of Singapore, and work with our clients to assess the impact and provide the upgrade needed. Lombard Risk REPORTER for regulatory compliance

Regulatory compliance Lombard Risk business and regulatory compliance experts explain:
GDP Growth (%) of Singapore and comparisons

regulatory environment in Singapore

Banks regulators
Singapores banks are regulated by the Monetary Authority of Singapore (MAS). The MAS is the central bank of Singapore as well as the financial regulatory authority and its parent agency is the Singapore prime ministers office. Its main role is: Administering the various statues pertaining to money, banking, insurance, securities and the financial sector in general, as well as currency issuance. Current regulation in Singapore is compliant with Basel 2.5, and the MAS has announced that Singapore incorporated financial institutions will exceed the capital adequacy requirements required by Basel III. This is due to many Singapore incorporated financial institutions being systematically important and having considerable retail presence. Public consultation on Basel III ended in February 2012 and the final draft of rules were published in mid-2012.

Bank composition

Main regulator Investment firms regulators

Singapores investment firms are regulated by the MAS. Activities related to the securities market are governed under the Securities and Futures Act. The act puts in place the rules and regulations concerning markets, market operators, clearing facilities, intermediaries and representatives. Regulated activities include dealing in securities; trading in futures contracts; leverage foreign exchange trading; advising on corporate finance; fund management; securities financing; providing custodial services for securities; real estate investment trust management and providing credit rating services. Singapore has been able to attract large volumes of Foreign Direct Investment (FDI) for a number of reasons: stable and incorrupt political and business regime, world-class infrastructure, highly-educated workforce and competitive economy. This has helped the securities market in Singapore become extremely attractive to foreign investors.

Current chairman Previous chairman Address Website

Tharman Shanmugaratnam Goh Chok Tong (2011) 10 Shenton Way MAS Building, Singapore 079117 http://www.mas.gov.sg/

Insurance firms regulators

Singapores insurance firms are regulated by the MAS. The MAS is very supportive of the development of the insurance industry and various financial and fiscal incentives have been made available to insurers considering setting up in Singapore. These include tax exemption schemes for certain insurers. Singapore also has a reputation for having an open and fair regulatory and legal system. Hence, Singapore is the largest domicile for captive insurers in the region with over 150 registered insurers based there. Solvency II is being monitored and the MAS has expressed that it will adopt some key elements of it. The rules and regulations in Singapore tend to follow English law, so the extent to which the MAS adopt Solvency II may depend on how the FSA (or future English regulators) implement it.

The MAS was established in 1971 to oversee various monetary functions, and has the authority from the Parliament of Singapore to regulate all elements of monetary, banking and financial aspects of Singapore. It also regulates the securities market and the insurance market. Its main functions are to: Act as the central bank of Singapore, including the conduct of monetary policy, the issuance of currency, the oversight of payment systems and serving as banker to and financial agent of the Government Conduct integrated supervision of financial services and financial stability surveillance Manage the official foreign reserves of Singapore Develop Singapore as an international financial centre

Regulatory compliance
The MAS requires reports such as: Balance sheet reporting P&L reporting Capital adequacy reporting Liquidity reporting Credit exposures reporting Foreign exchange reporting Operational and transactional reporting
BA35 FC FD QR QRD QRM QRMD DI DIAN01 DIAN01Q FAA Foreign exchange turnover | Merchant Banks, DBU RSTATQA Quarterly return on classified exposures | Merchant Banks Credit facilities to bank directors, staff and related concerns | Merchant Banks, ACU Credit facilities to bank directors, staff and related concerns | Merchant Banks, DBU Weekly S$ FX transactions reporting | Merchant Banks Lending of Singapore dollar to non-resident financial institutions | Merchant Banks Additional information to be submitted with annual accounts | Banks Monthly statement of assets and liabilities | Banks Foreign exchange turnover | Banks, ACU Foreign exchange turnover | Banks, DBU Quarterly returns on classified exposures | Banks Minimum liquid assets for BB and BG MAS613 for BS framework Private equity and venture capital investments Exposures to single counterparty groups | Banks Exposures and credit facilities to related concerns | Banks Asset maintenance requirement quarterly return Weekly S$ FX transactions reporting | Banks institutions | Banks Lending of Singapore dollar to non-resident financial Minimum cash balance Minimum cash balance - Appendix 1 Collection of statistical returns for unsecured credit facilities Asset maintenance for non-bank deposit liabilities Asset maintenance for non-bank deposit liabilities | daily RSTATQD RSTATHA RSTATHD SFA28 SURVEYA SURVEYD SURVEYMA SURVEYMD T100 BS35 quarterly report on loans secured by real estate BIS form FC BIS form FD Third schedule - Quarterly return of income and expenditure | Banks, ACU Third schedule - Quarterly return of income and expenditure | Banks, DBU Third schedule - Quarterly return of income and expenditure | Merchant Banks, ACU Third schedule - Quarterly return of income and expenditure | Merchant Banks, DBU Insured depositors Insured deposit base/deposit insurance asset maintenance for premium assessment Deposit insurance asset maintenance requirement quarterly return FAA exemption - client profile report Quarterly statements of retail payment statistics (ACU) Quarterly statements of retail payment statistics (DBU) Semi-annual statements of retail payment statistics (ACU) Statements of retail payment statistics (DBU) Securities and futures form 28 Annual survey of services | Banks, ACU Annual survey of services | Banks, DBU Annual survey of services | Merchant Bank, ACU Annual survey of services | Merchant Bank, DBU Top 100 borrowers reporting

Example bank returns required by the MAS

Return MAS1002 O1003A1 O1003A2 O1003A2D F1003A3 MAS1004 MAS1004D MAS1104 MAS1105 MAS609 O610A1 O610A2 O610A2D F610A3 MAS613 MAS613BS MAS630 MAS639 MAS639A MAS640 MAS755 MAS757 MAS758 MAS758A1 MAS760 AMR2011 AMR2011W Name Additional information to be submitted with Annual Accounts | Merchant Banks Monthly statement of assets and liabilities | Merchant Banks Foreign exchange turnover | Merchant Banks, ACU

Regulatory compliance

Lombard Risks REPORTER keeps pace with regulatory requirements, automating end-to-end from data collection to electronic output, so giving you the ideal solution for all automated regulatory reporting requirements. With full support for key supervisory computations and powerful workflow, status dashboards, graphical presentation of trends and validations, REPORTER delivers huge savings in time and effort, reduces operational risk, and delivers significantly improved management information and management oversight. Basel III, EBA / European common reporting COREP and FINREP and transaction reporting, as well as Solvency II for the insurance marketplace Regulatory computation from raw data with comprehensive Capital, Liquidity and Large Exposures engines as well as detailed statistical computations Automation of regulator-mandated and client-defined validation rules Support for all transmission requirements including XBRL, XML and proprietary formats Powerful data management functionality overcomes The Data Problem: fully automated cleansing, consolidation and normalisation of multiple data sources irrespective of data format Automated Straight-Through-Processing (STP) enables exception-based management, ensuring regulatory reporting is automated unless manual intervention is needed Workflow automation job-streams your production process enabling sign-off dependencies to be achieved under strict timetable conditions Full security for all processes Trends and Variance analysis provides automated drill-down comparison tools, significantly accelerating review, reconciliation and sign-off. Regulators enquiries are anticipated and easily answered

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August 2012