싱가포르의 은행업규제와 그 시사점에 관한 연구

The article reviews legal aspects of banking regulation in Singapore and the lessons for the Korean legal system are as follows: (1) While the definition of banking in Singapore includes investment banking and insurance activities, that of banking in Korea is limited to commercial banking. For this reason, banks can operate securities and insurance without additional approval from the Singapore banking authority (hereinafter MAS) for those activities in Singapore. However, banks need to get approval from the Korean banking authority (hereinafter FSC) for other banking businesses in Korea. (2) The approval process for banking is divided into preliminary approval and formal approval in both countries. (3) A single banking regulator such and MAS and FSC supervises banks respectively in Singapore and Korea. (4) The capital of a bank in Singapore should be more than 1.4 trillion won, but more over 100 million won in Korea. In addition, the capital of a foreign bank operating in Singapore is replaced by the capital of the head office which the foreign bank belongs to, however, the operating fund of the foreign bank operating in Korea is the capital of the relevant foreign bank. (5) In Singapore, the bank’s common equity tier 1 capital adequacy ratio (hereinafter CET1 CAR), tier 1 capital adequacy ratio (hereinafter Tier 1 CAR) and total capital adequacy ratio (hereinafter Total CAR) is 6.5%, 8% and 10%, but in Korea, the figures are 2% lower than those in Singapore. (6) The bank’s capital conservation buffer (hereinafter CAB) and countercyclical buffer (hereinafter CB) should be maintained at 2.5% respectively in Singapore and Korea. The bank’s leverage ratio (hereinafter LR) should be kept at 3% in both countries. Also the bank’s net stable funding ratio (hereinafter NSFR) and liquidity coverage ratio (hereinafter LCR) are required to be more than 100% respectively in Singapore and Korea. Furthermore, Singapore and Korea clarify the bank’s high quality liquid assets (hereinafter HQLA) as Level 1 HQLA, Level 2A HQLA and Level 2B HQLA. (7) The minimum cash balances (hereinafter MCB) of a bank in Singapore and Korea cannot exceed 30% or 50% of their deposits respectively. (8) The bank’s investment in other companies shall not exceed 2% of the voting rights of the bank concerned in Singapore, but cannot exceed 15% of the voting rights in Korea. (9) The applicant to intend to acquire more than 5%, over 10%, from 12% less than 20%, or over 20% of bank shares in Singapore must obtain prior approval from the MAS. Korea also requires the applicant acquiring over 10%, more than 25% or over 33% of bank shares obtain approval from the FSC. However, the bank shares acquired in violation of the above regulations must be disposed or the voting rights of such bank shares are restricted in both countries. (10) In Singapore and Korea, there are three types of bank directors as independent director (outside director), executive director and non-executive director. (11) The board of directors of each bank consists of at least three directors and their terms are three years in both countries. (12) In Singapore, the chairman of the bank’s board of directors and the chief executive officer (hereinafter CEO) are prohibited, but this is exceptionally possible in Korea. (13) In Singapore, each bank must get prior approval from the MAS when appointing its directors, but there does not exist such a regulation in Korea. (14) Each bank should establish nominating committee (hereinafter NC), remuneration committee(hereinafter RC), audit committee (hereinafter AC) and risk management committee (hereinafter RMC) in both countries. (15) The RC of Singapore recommends members of the board of directors, members of various committees within the board of directors, CEO and deputy CEO, chief financial officer (hereinafter CFO), and chief risk officer (hereinafter CRO), but the RC’ recommendation in Korea is limited to outside directors (independent directors), CEO, chief executive officer and AC’s members. (16) The AC in Singapore is required to include at least two members as accounting or financial experts, but only one in Korea. (17) In Singapore, non-bank directors can also be members of the RMC, but in Korea, only bank directors become members of the RMC. (18) In Singapore, the law stipulates the qualifications to be an executive officer such as a director, but a person who cannot be an executive officer such as a director is prescribed in the law in Korea. (19) In Singapore and Korea, the internal control system, the compliance system and the on-site inspection are introduced to each bank. In particular, the scope of such an on-site inspection includes not only the bank concerned but also those who meet certain requirements.