Hamid Razak on Financial Services and Markets (Amendment) Bill
The common thread in the amendments is resilience before crisis, said MP Hamid Razak. Singapore wants its financial institutions to have the resources to absorb their own losses before difficulties spread, as well as institutions that are able to detect emerging threats, he said. Speaking in parliament on Tuesday (Oct 6), he sought clarifications on how the Total Loss-Absorbing Capacity requirements will be calibrated. He also wanted to know if the Monetary Authority of Singapore intends to use this power to limit retail access and whether there would be safeguards to ensure that retail investors understand the loss-absorbing instrument.
The common thread in the amendments is resilience before crisis, said MP Hamid Razak. Singapore wants its financial institutions to have the resources to absorb their own losses before difficulties spread, as well as institutions that are able to detect emerging threats, he said. Speaking in parliament on Tuesday (Oct 6), he sought clarifications on how the Total Loss-Absorbing Capacity requirements will be calibrated. He also wanted to know if the Monetary Authority of Singapore intends to use this power to limit retail access and whether there would be safeguards to ensure that retail investors understand the loss-absorbing instrument.
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