MAS issues circular on implementation of final Basel III reforms in Singapore

30 January 2023

On 19 December 2022, the Monetary Authority of Singapore (“MAS”) issued Circular PPD 11/2022 on Final Basel III Reforms in Singapore - Reporting Schedules for Submission via MAS’ Data Collection Gateway and Implementation Timeline (“Circular”). The Circular informs locally incorporated banks of the reporting schedules to be submitted via the MAS Data Collection Gateway (“DCG”) under the implementation of the final Basel III reforms in Singapore, and the implementation timeline of the final Basel III reforms in Singapore.

The Circular provides that MAS has released the Version 1.0 submission pack for reporting schedules to be submitted via MAS’ DCG (“Version 1.0 Submission Pack”), upon the implementation of the revised MAS Notice 637 on Risk Based Capital Adequacy Requirements for Banks Incorporated in Singapore to implement the final Basel III reforms in Singapore. 

MAS will defer the implementation of the final Basel III reforms in Singapore, to between 1 January 2024 and 1 January 2025. Singapore remains committed to fully implement the final Basel III reforms as soon as is practicable. MAS states that this move will allow the industry sufficient time for proper implementation of systems needed to adopt the revised framework, including for regulatory reporting via MAS’ DCG. The range of implementation timelines is aligned with the intended implementation timelines of other major jurisdictions. MAS will monitor banks’ implementation progress, and finalise the implementation timeline for the final Basel III reforms (including the transitional arrangement for the output floor) by 1 July 2023. 

MAS states that banks should complete implementation of the Version 1.0 Submission Pack no later than mid-March 2023, for participation in the intended testing from mid-March 2023 to April 2023. 

Reference materials

The Circular is available on the MAS website www.mas.gov.sg.