SingaporeMAS Notice FSM-N05, Report of Relevant Incidents by Banks
Monetary Authority of Singapore Notice FSM-N05 on Technology Risk Management issued under section 29(1) of the Financial Services and Markets Act 2022, paras. 7 and 8
In force since .
A vulnerability and incident reporting rule binding private bodies.
- Instrument type
- a regulation made under an act
- Obligation class
- Reporting
As of .
What it requires
- Applies to every bank in Singapore, that is a locally incorporated or branch full bank or wholesale bank; reached by declaring that you are a bank.
- Notify the Monetary Authority of Singapore as soon as possible, and not later than 1 hour, after you discover a relevant incident (paragraph 7).
- Submit a root cause and impact analysis report within 14 days of discovering the relevant incident, or any longer period the Authority allows, covering an executive summary, the root cause, the impact on compliance, operations and customers, and the remedial measures taken (paragraph 8).
These lines are LexLint's reading of the law's text, as of .
Who enforces it
Enforcement body
The Monetary Authority of Singapore, which receives the incident notifications and issues the Notice.
Settledness
- As of
- Open questions
- What penalty does the Financial Services and Markets Act 2022 attach to contravening a notice issued under section 29(1), a provision not read for this row?
What this law does
Paragraph 7 of the Notice requires a bank to notify the Monetary Authority of Singapore as soon as possible, and not later than 1 hour, after discovering a relevant incident. Paragraph 8 requires the bank to submit a root cause and impact analysis report within 14 days of discovering the relevant incident, or a longer period the Authority allows.
The Notice defines a relevant incident as a system malfunction or IT security incident with a severe and widespread impact on the bank's operations or a material impact on its service to customers. The Notice is issued under section 29(1) of the Financial Services and Markets Act 2022 and applies to all banks in Singapore. The Notice is effective from .
When LexLint raises it
When your app profile says your app is a bank.