SINGAPORE - The Monetary Authority of Singapore (MAS) issued a statement saying that it welcomes the positive assessment of Singapore's regulations implementing the capital standards under the Basel framework by the Basel Committee on Banking Supervision (BCBS).
Here is the rest of the statement from the Monetary Authority of Singapore:
The BCBS has assessed Singapore's regulations as being compliant with the capital standards under the Basel framework in its Regulatory Consistency Assessment Programme (RCAP) report of Singapore published on Wednesday.
The assessment of Singapore's regulations implementing the capital standards under the Basel framework was carried out under the Level 2 review process of the RCAP. The RCAP Level 2 review process is aimed at ensuring the completeness and consistency of domestic regulations of member jurisdictions with the capital standards under the Basel framework.
Teo Swee Lian, Deputy Managing Director, MAS said: "MAS is committed to ensuring full, timely and consistent implementation of Basel III in Singapore. Maintaining high standards of financial regulation in Singapore will strengthen the resilience of our banks and stability of our financial system."