Guidance lacking in covered bond rules here
It falls short in areas such as the appointment, duties and powers of an administrator, says Fitch
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SPECIFIC guidanceis still lacking in Singapore's rules for covered bond issuance, despite the recent update and clarification on liquid assets and disclosure by the Monetary Authority of Singapore (MAS), said Fitch Ratings yesterday.
Fitch, which had been seeking clarification for both issuers and investors, said that guidance is still lacking in areas such as the means of asset segregation and the appointment, duties and powers of a covered bond administrator.
In response to feedback to its March 2012 consultation paper, the MAS updated its rules on Dec 31, 2013. They took immediate effect.
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