Singapore's Updated Technology Risk Management Guidelines for Capital Markets

Notice FSM-N21 - Technology Risk Management for Financial Institutions Engaging in Capital Markets Activities

Purpose:

This notice establish rigorous requirements pertning to technology risk management. Its primary focus is ensuring high reliability, avlability, and recoverability of essential IT systems while simultaneously implementing robust information security measures med at safeguarding customer data agnst unauthorized access or disclosure.

Relevant Statute:

Financial Services and Markets Act 2022

Applicable Parties:

This directive targets a range of entities encompassing Approved Custody Investors' System CIS Trustees, firms engaged in dealing with Capital Markets Products, providers of Product Financing services, licensed Fund Management Companies, Venture Capital Fund Management Companies, Corporate Finance Advisory services, Real Estate Investment Trusts REIT Management organizations, Credit Rating Agencies, Securities Crowdfunding platforms, Markets and Exchanges, Clearing Houses, Trade Repositories, Benchmark AdministratorsSubmitters, Central Securities Depositories.

Effective Date:

This notice becomes effective from May 10th, 2024.

Instructions for Implementation:

• Entities must implement comprehensive risk management systems that guarantee the reliability, avlability, and recoverability of critical IT infrastructure.

• Robust information security practices must be integrated into dly operations to prevent unauthorized access or exposure to customer information. This includes measures like encryption, multi-factor authentication, regular audits, and strict data protection policies.

Contacting Authorities:

For inquiries regarding this notice, please contact the Monetary Authority of Singapore MAS.

Security Vulnerability Reporting:

If you discover any vulnerabilities within our system, kindly report it using the incident notification template provided by MAS. This ensures that we can promptly address potential risks and improve our security infrastructure.

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This document was last updated on May 9th, 2024 by the Government of Singapore.

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