May 2011 - IASB and FASB issue guidance on fair value measurement and disclosure
The IASB and FASB have issued new IFRS and US GAAP guidance on fair value measurement and disclosure requirements. The guidance is set out in IFRS 13, 'Fair value measurement'. Their release also concludes part of the IASB’s response to the financial crisis.
The requirements, which are largely aligned between IFRSs and US GAAP, do not extend the use of fair value accounting but provide guidance on how it should be applied where its use is already required or permitted by other standards within IFRSs or US GAAP. It also requires enhanced disclosure requirements on all assets and liabilities measured at fair value, not just financial instruments.
IFRS 13 aims to improve consistency and reduce complexity by providing a precise definition of fair value and a single source of fair value measurement and disclosure requirements for use across IFRSs. IFRS 13 is effective for annual periods beginning on or after 1 January 2013
April 2011 - Private Banking Code of Conduct for Private Banks in Singapore
The Private Banking Code of Conduct was launched yesterday (5 April 2011). The Code sets out competency and market conduct standards for private banks and their staff.
We have produced the following "Straight Away" document for clients, in particular financial institutions with private banking businesses. It summarises how private banks may be impacted, and what they should do now.
February 2011 - Capital Adequacy Ratio Requirements for Locally Incorporated Merchant Banks
The MAS has announced intention to change capital requirements for locally incorporated merchant banks. They will need to comply with a mixture of Basel II and Basel III Capital Adequacy Requirements, subject to a minimum capital of $15 million.
December 2010 - MAS issues amendments to Corporate Governance Regulations and Guidelines
The MAS has finalised and introduced the following:
The Regulations take effect from the 1st AGM held by each financial institution on or after 1 January 2011 and will therefore impact the coming AGM for the locally incorporated banks/direct insurers.
The Guidelines take effect immediately.