Singapore mulls increasing central bank’s regulatory powers
Draft law would give MAS power to compel foreign banks to set up locally-regulated subsidiaries
Singapore's parliament is considering a draft law that would greatly strengthen the powers of the country's central bank. Under the Banking (Amendment) Bill 2016, the Monetary Authority of Singapore (MAS) could compel foreign banks operating in Singapore to set up locally incorporated subsidiaries.
Lawrence Wong, Singapore's minister for national development, told Parliament on February 29 that these subsidiaries would hold their own capital. They would be subject to the MAS's "capital and other
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