Financial Services Skills Framework Quiz

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Questions and Answers

What is the source of the Skills Framework for Financial Services?

MAS

Licensing Requirements

Financial Services Sector

IBF (correct)

Which of the following is NOT a Risk, Compliance & Legal framework?

Information Technology (correct)

Investment Banking

Private Banking & Wealth Management

Retail Banking

What is the category of Risk, Compliance & Legal frameworks for Corporate Banking?

Retail Banking

Asset Management

Private Banking & Wealth Management

Corporate Banking (correct)

Which of the following is related to supervisory approach in the Financial Services Sector?

Financial Regulation Signup and view all the answers

What is the semester mentioned in the Skills Framework for Financial Services?

April/October 2024 Signup and view all the answers

Which of the following is NOT a category of Risk, Compliance & Legal frameworks?

Financial Planning Signup and view all the answers

What is the main concern of MAS's supervisory approach?

To ensure good governance and risk management in the financial services industry Signup and view all the answers

What is the main purpose of the Basel Accord III?

To improve regulation, supervision, and risk management of the banking sector Signup and view all the answers

What is the local adaptation of Basel Accord III in Singapore?

MAS Notice 637 Signup and view all the answers

What is a key characteristic of MAS's supervisory approach?

Consultative approach with the financial institutions Signup and view all the answers

What is the focus of Basel Accord III?

Strengthening capital adequacy and improving liquidity sufficiency Signup and view all the answers

What was the reason for implementing Basel Accord III?

To address the inadequacies of Basel Accord II in preventing/mitigating financial crises Signup and view all the answers

What is the goal of MAS's supervisory approach in relation to enterprise and innovation?

To support enterprise and innovation in the financial services industry Signup and view all the answers

What is the main consideration of MAS's supervisory approach in terms of business and operational concerns?

To take into account the business and operational concerns of financial institutions Signup and view all the answers

What is the primary objective of MAS in regulating financial institutions?

To achieve a sound and progressive financial services sector Signup and view all the answers

What is the purpose of MAS's regulatory instruments?

To establish rules and standards for financial institutions Signup and view all the answers

What is the significance of Section 27B of the MAS Act?

It empowers MAS to issue notices and directions Signup and view all the answers

What is the outcome of the Regional Court of Berlin's ruling in 2018?

Bitcoins are not considered financial instruments and need not be licensed Signup and view all the answers

What is the role of MAS in the financial services sector?

To regulate and supervise financial institutions Signup and view all the answers

What is the purpose of MAS's supervisory approach?

To ensure compliance with regulations and standards Signup and view all the answers

What is the significance of the Payment Services Act 2019?

It outlines the licensing requirements for payment services Signup and view all the answers

What is the relationship between regulation and supervision in the context of MAS?

Regulation refers to the establishment of rules, while supervision refers to the monitoring of compliance Signup and view all the answers

Study Notes

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.