Singapore: Parliament passes the Banking (Amendment) Bill

The Banking (Amendment) Bill 2016 was passed by Parliament at the end of last month: see here. The Bill will, when it comes into force, make various changes to the regulatory framework governing banks including governance. It provides, for example, the Monetary Authority of Singapore with the power to direct banks to remove their external auditors where they have not discharged their statutory duties satisfactorily. A copy of the Bill is available here (pdf). An overview of the Bill is available here.