MAS issues Tenets of Effective Regulation

On 8 June 2010, The MAS issued a monograph “Tenets of Effective Regulation”. The guide lays out out how MAS designs and formulates regulation, and explains its regulatory approach. The six Tenets are:

Tenet 1: Outcome Focused
Tenet 2: Shared Responsibility
Tenet 3: Risk Appropriate
Tenet 4: Responsive to Change and Cycles
Tenet 5: Impact Sensitive
Tenet 6: Clear and Consistent

Teo Swee Lian, Deputy Managing Director, MAS, said, “Success in achieving effective regulation requires more than MAS setting demanding standards of itself. Industry has a critical role to play by taking shared responsibility for and ownership of the regulatory objectives, as well as instituting high standards of governance and controls for itself.  Articulating this set of Tenets is a further step towards fostering shared understanding and ownership of our regulatory approach and objectives.”

The monograph on "Tenets of Effective Regulation" is available on MAS’ website.