MAS played a key role in conceptualising the global information sharing forum, which was launched by the Financial Services-Information Sharing Analysis Centre. This forum enables authorities to share and distribute information on cyber threats, vulnerabilities, incidents and other intelligence that could impact the financial ecosystem. 

MAS consulted the public on the Cyber Hygiene Notice to require all regulated financial institutions to implement essential cyber security measures to further strengthen their overall resilience (3 September 2018)
The most critical cyber security measures are to: 

• remediate system security flaws in a timely manner;
• establish and implement robust security for systems; 
• deploy security devices to protect system connections;
• implement measures to mitigate the risk of malware infection;  
• restrict the use of system accounts with special privileges; and 
• strengthen user authentication on critical systems and systems that contain customer information. 

MAS had proposed to stipulate these measures which were already part of the existing MAS Technology Risk Management Guidelines, as legally binding requirements.

	Media Release: MAS consults on measures to strengthen cyber resilience of financial institutions
	Speech: Keynote Speech at ASIFMA Annual Conference 2018
	Consultation Paper: Consultation Paper on Notice on Cyber Hygiene

MAS launched a new S$30 million Cybersecurity Capabilities Grant to strengthen the cyber resilience of the financial sector and help financial institutions develop local talent in cybersecurity  (3 December 2018)
The Grant will co-fund up to 50% of qualifying expenses, capped at S$3 million, for (a) financial institutions to establish their global or regional cybersecurity centres of excellence in Singapore; and (b) financial institutions with key global or regional cybersecurity functions and operations in Singapore to expand and deepen their cybersecurity capabilities locally. 

Media Release: New S$30 million grant to enhance cybersecurity capabilities in financial sector

MAS appointed as chair of the Financial Stability Board’s Working Group on Cyber Incident Response and Recovery (CIRR) (28 January 2019)
The Financial Stability Board (FSB) has been working on enhancing the cyber resilience of financial institutions to enhance financial stability.  FSB sees the importance for financial institutions and authorities to have in place effective practices to respond to, and recover from, a cyber incident. The CIRR, chaired by MAS’ Deputy Managing Director Ong Chong Tee, will develop a toolkit of effective practices for financial institutions as well as for supervisors and other relevant authorities to support financial institutions before, during and after a cyber incident.

MAS issued two consultation papers on proposed revisions to technology risk and business continuity management guidelines to enhance operational resilience of financial institutions (7 March 2019)
The revisions take into account the rapidly changing physical and cyber threat landscape. The guidelines continue to emphasise the importance of risk culture, and the roles of Board of Directors and senior management in technology risk and business continuity management.

	Media Release: MAS Consults on Proposed Enhancements to Technology Risk and Business Continuity Management Guidelines
	Consultation Papers: Consultation Paper on Proposed Revisions to Business Continuity Management Guidelines Consultation Paper on Proposed Revisions to Technology Risk Management Guidelines

Related Links to Enhancing Cyber Resilience

	Media Releases: MAS reminds financial institutions to stay vigilant against cybersecurity threats MAS directs financial institutions to tighten customer verification process MAS’ Cyber Security Advisory Panel Proposes Ways to Enhance Financial Sector Cyber Resilience
	Speeches: Riding the Waves of Technology Innovation – The Nexus between Payments and Cybersecurity Can the Three Musketeers Click? Finance, Technology, Trust Will Fintech and digital innovations provide an ultimate solution for risk management?

MAS consulted the public on measures to address the use of sign-on incentives in the recruitment of financial advisory representatives (7 March 2018)
Large scale movement of representatives from one financial advisory firm to another can give rise to heightened market conduct risks, potentially disrupting business operations and adversely affect consumer interest. The measures aim to safeguard consumers by mitigating the risk of mis-selling and improper switching of insurance policies.

Consultation Paper: Consultation Paper on Measures to address the risks posed by the use of sign-on incentives in the recruitment of financial advisory representatives

MAS introduced new requirements relating to OTC derivatives reforms (OTCD) to reduce systemic risk (2 May 2018) 
The requirements, which took effect on 1 October 2018, include (a) requiring large banks to clear SGD and USD fixed-floating interest rate swaps with Central Counterparties, to mitigate counterparty credit risks, and (b) expanding trade reporting requirements to equity and commodity OTCD contracts. MAS also issued new regulations on the trading of OTCD contracts on regulated platforms to improve market transparency.

Media Release: MAS Requires OTC Derivatives to be Centrally Cleared to Mitigate Systemic Risk

MAS issued the revised Code of Corporate Governance to support sustained corporate performance and innovation, and strengthen investor confidence in our capital markets (6 August 2018) 
This was a recommendation by the Corporate Governance Council as part of their review to strengthen corporate governance in Singapore. As part of the recommendations, MAS also established a Corporate Governance Advisory Committee to advocate good corporate governance practices among listed companies in Singapore.

	Media Releases:  MAS accepts recommendations from Corporate Governance Council and issues revised Code of Corporate Governance Corporate Governance Council submits final recommendations to strengthen corporate governance in Singapore MAS Sets Up Corporate Governance Advisory Committee to Promote Good Corporate Governance
	Speeches:  Fostering a Strong Corporate Governance Ecosystem Measuring Quality of Corporate Governance
	Parliamentary Reply:  Reply to COS Cuts on GEMS, corporate governance and sustainable financing

MAS issued guidelines on liquidity risk management practices for fund management companies (16 August 2018)
MAS issued guidelines to fund management companies to mitigate the risks to investors from potential liquidity mismatches between the collective investment scheme’s portfolio liquidity and redemption terms.

Consultation Paper: Consultation Paper on Liquidity Risk Management Framework for Fund Management Companies

MAS simplifies rules to allow regulated exchanges to list derivatives faster and with more flexibility (5 October 2018)
MAS removed the existing approval regime for the listing of new derivatives products by approved exchanges and recognised market operators in favour of a notification regime. 
This will reduce the time-to-market for new product launches, and allow approved exchanges and recognised market operators greater certainty to plan and time their product launches.

• The MAS-CSRC Staff Exchange Memorandum of Understanding (MOU) (24 October 2018)

• MAS-CSRC MOU on the Cooperation and Exchange of Information on the Regulation of Derivatives Activities (14 November 2018)
  The MOU aims to enhance information sharing and cross-border supervision of futures exchanges and intermediaries that offer cross-border services to each other’s market participants.  The exchange of the MOU was witnessed by Chinese Premier Li Keqiang and Singapore Prime Minister Lee Hsien Loong at the side of the 33rd ASEAN Summit in November 2018.

MAS, together with Securities Commission Malaysia, Securities and Exchange Commission (SEC) of Thailand and Singapore Exchange, signed a revised MoU on the Streamlined Review Framework for ASEAN Common Prospectus (18 March 2019)

The MoU covers issuances of plain debt securities under a debt issuance programme. This is an extension of the existing streamlined review process, which caters for equities and one-off issuance of plain debt securities to allow issuers making cross-border offerings to achieve faster time to market and lower cost.