Basel III regulatory consistency assessment (Level 2). Assessment of Basel III regulations - Singapore

Through its Regulatory Consistency Assessment Programme (RCAP), the Basel 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. This report describes the Committee's assessment of the implementation of the Basel capital standards in Singapore. 

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. This is the highest possible grade. While two other components were assessed as "largely compliant" (one notch below the highest grade), 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.