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Through its Regulatory Consistency Assessment Programme (RCAP), the Committee monitors the timely adoption of regulations by its members, assesses their consistency with the Basel framework and analyses the quality of intended regulatory outcomes. The RCAP also helps member jurisdictions to identify deviations from the Basel framework and assesses their materiality.
The assessment found that Singapore's overall capital regime is in line with the requirements of the Basel framework. Singapore's regulations were found to be "compliant" in 12 out of the 14 components assessed. While two other components were assessed as "largely compliant", the deviations were not considered by the assessment team to be material. The assessment team also noted Singapore's active and continuing commitment to the global regulatory reforms that form part of the package of reforms announced by the Basel Committee.
The assessment team evaluated Singapore's domestic regulations with reference to the Basel capital standards. The team held technical discussions with senior officials and staff of the Monetary Authority of Singapore (MAS) and met with senior representatives from Singapore-incorporated banks. In its response to the report, MAS stated that it is committed to the Basel III reforms and to ensuring their full, timely and consistent implementation in Singapore.
The report published today reflects the Committee's commitment to promoting adoption of its standards and to monitoring its members' compliance with the Basel framework. The Singapore report is the fourth in the series of assessments under the RCAP. Earlier reports on the European Union, Japan and the United States were published by the Committee in October 2012. Assessments of the implementation of the Basel III capital standards in Switzerland and China are currently under way.