Singapore: MAS censures banks for benchmark deficiencies and outlines new framework

The Monetary Authority of Singapore has censured twenty banks for deficiencies in their governance, risk management, internal controls, and surveillance systems, with regard to financial benchmarks including SIBOR. The banks - listed here (pdf) - have been directed to take corrective action and to subject such action to independent review. One hundred and thirty three traders were found to have engaged in several attempts to inappropriately influence the benchmarks. The Authority has also outlined proposals for a new regulatory framework for financial benchmarks: see here. The Authority's consultation paper is available here (pdf).