Financial Services Skills Framework Quiz

Skills Framework for Financial Services

• The Skills Framework for Financial Services is provided by IBF.

Risk, Compliance, and Legal

• There are different Risk, Compliance, and Legal frameworks for various banking sectors, including:
  • Investment Banking
  • Private Banking & Wealth Management
  • Retail Banking
  • Asset Management
  • Corporate Banking

MAS Act and Regulations

• The Monetary Authority of Singapore (MAS) issued Notice PSN02 under Section 27B of the MAS Act.
• The MAS Act applies to all holders under the Payment Services Act 2019.
• The Regional Court of Berlin ruled in 2018 that bitcoins are not financial instruments and do not require licensing.

MAS Supervisory Approach and Regulatory Instruments

• The MAS serves as the regulator and supervisor of financial institutions (FIs) in Singapore.
• The MAS establishes rules for FIs through legislation, regulations, directions, and notices.
• One of the objectives of the MAS is to achieve a sound and progressive financial services sector.

MAS Supervisory Approach

• Regulation refers to the establishment of specific rules of behavior for FIs to adhere to.

Principles of MAS’s Supervisory Approach

• The MAS’s supervisory approach is supportive of enterprise, considering the impact of supervision and regulation on competitiveness, business efficiency, and dynamism in the financial services industry.

Basel Accord III

• Basel Accord III is an international regulatory accord designed to improve regulation, supervision, and risk management of the banking sector.
• Basel III was implemented after the global financial crisis, as Basel II was deemed inadequate to prevent/mitigate financial crises.
• Basel III focuses on strengthening FIs’ capital adequacy and liquidity sufficiency.
• The local adaptation of Basel Accord III is MAS Notice 637.