2013年-IMF国际货币组织全球_Singapore_Report_on_the_Observance_of_Standards_and_Codes_70页_646kb

Singapore: Report on the Observance of Standards and Codes (2013)

Core Content Overview

This document is the Report on the Observance of Standards and Codes for Singapore, prepared by the International Monetary Fund (IMF) in 2013. It serves as background material for the Financial Sector Assessment Program (FSAP) and includes assessments of Singapore's compliance with the Basel Core Principles, CPSS-IOSCO Principles for Financial Market Infrastructures, and IOSCO Objectives Principles of Securities Regulation. The report highlights Singapore's strong financial system, its regulatory framework, and the role of the Monetary Authority of Singapore (MAS) in overseeing the sector.

Main Findings

Basel Core Principles for Effective Banking Supervision

• MAS Compliance: MAS demonstrates a very high level of compliance with the Basel Core Principles, reflecting its strong commitment to sound banking supervision.
• Systemic Importance: Singapore's financial sector is dominated by foreign branches, which are systemically important. MAS treats them similarly to local banks in terms of supervision.
• Prudential Standards: MAS has adopted stringent prudential standards, including capital and liquidity requirements that exceed international benchmarks.
• Dual Mandate: MAS has a dual mandate to develop Singapore as a financial center and to supervise the sector. While no evidence of intentional compromise was found, the inherent risk of conflicting mandates remains.
• Supervisory Framework: MAS employs a risk-based supervisory framework (CRAFT) and has a strong, experienced team. However, the team suggests that more staff may be needed in the future to handle increasing responsibilities.

CPSS-IOSCO Principles for Financial Market Infrastructures

• Market Infrastructure: Singapore has a well-developed financial market infrastructure, including SGX and SGX-DC, and the Central Depository (CDP).
• Compliance Assessment: The report includes a ROSC (Report on the Observance of Standards and Codes) on compliance with the CPSS-IOSCO principles, highlighting strengths and areas for improvement.
• Deposit Insurance: The Singapore Deposit Insurance Corporation (SDIC) insures up to S$50,000 of deposits, covering 90% of depositors. It is pre-funded by member contributions and MAS has extended a contingent liquidity facility of up to S$20 billion.

IOSCO Objectives Principles of Securities Regulation

• Regulatory Structure: Singapore has a clear and well-structured regulatory framework for securities, with the Securities and Futures Act (SFA) as the legal basis.
• Market Discipline: The legal and professional infrastructure supports effective market discipline, with a strong legal system based on English common law.
• Self-Regulatory Organizations (SROs): SROs play a role in the securities market, and MAS collaborates with them to maintain market integrity.
• Crisis Management: MAS has a robust crisis management framework, including a resolution authority role and mechanisms for early intervention and crisis response.

Key Information

Institutional Setting and Market Structure

• Singapore is a major financial center with a combination of local and foreign financial institutions.
• The banking sector holds assets equivalent to seven times GDP in 2012.
• There are three domestic commercial banking groups, one global foreign bank, and nine foreign bank branches.
• Foreign branches are a significant part of the system, and MAS has taken steps to ensure their supervision is as rigorous as that of local institutions.

Preconditions for Effective Banking Supervision

• Macroprudential Tools: Used to address credit and inflation risks in specific asset markets, especially in the low interest rate environment.
• MAS as Macroprudential Authority: MAS coordinates macroeconomic surveillance and has a structured process for identifying and addressing systemic risks.
• Resolution Authority: MAS has the authority to manage financial institution crises, including strategies such as winding up, taking operational control, and restructuring.
• Public Infrastructure: Singapore has a well-developed public infrastructure, including legal, accounting, and financial systems, which supports regulatory effectiveness.

Recommended Actions and Authorities' Response

• MAS Response: The authorities have responded positively to the assessment, demonstrating a strong commitment to regulatory improvements.
• Recommended Actions: Include enhancing supervisory intensity, improving transparency in licensing processes, and addressing potential conflicts between prudential and developmental mandates.
• MAS Initiatives: MAS has announced plans to require foreign branches with significant retail operations to locally incorporate, which could reduce supervisory challenges.

Conclusion

Singapore's financial system is highly developed and well-regulated, with MAS playing a central role in ensuring stability and compliance. The report highlights the strengths of the system but also identifies areas for further improvement, particularly in addressing the challenges posed by the dual mandate and ensuring continued regulatory effectiveness in a rapidly evolving financial landscape.