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More banking reform work ahead, says MAS chief 

July 14, 2016

Jamie Lee, The Business Times

More work remains on putting into practice current banking regulations globally, said managing director of the Monetary Authority of Singapore (MAS) Ravi Menon this week.

He also warned that further tightening of regulations in areas such as trade finance could constrain lending and derail economic growth.

This comes as concerns over regulatory arbitrage remain, with the European Union (EU) found to be "materially non-compliant" in the implementation of Basel III capital standards, Mr Menon pointed out in his keynote address at the symposium on Asian banking and finance in San Francisco.

"The United States and a number of Asian countries - including Singapore, Hong Kong, China and Japan - were assessed to be compliant or largely compliant in their implementation of the Basel III capital standards," said Mr Menon.

"As home to several of the largest global banks as well as important international financial centres, it is crucial that the EU shows leadership in ensuring more complete and consistent implementation of global banking rules." Read more

 
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