{"id":138485,"date":"2026-03-26T15:19:28","date_gmt":"2026-03-26T19:19:28","guid":{"rendered":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/regulation\/march-2026-global-regulatory-brief-digital-finance\/"},"modified":"2026-03-26T19:22:12","modified_gmt":"2026-03-26T23:22:12","slug":"march-2026-global-regulatory-brief-digital-finance","status":"publish","type":[3762],"link":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/regulation\/march-2026-global-regulatory-brief-digital-finance\/","title":{"rendered":"March Global Regulatory Brief: Digital finance"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-69f27b927de93'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-7\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer bbg-spacer--lg\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p class=\"small\"><strong><span style=\"font-size: 14px; letter-spacing: 1px; color: #0062dd;\">ARTICLE<\/span><\/strong><\/p>\n\n<\/div>\n<div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">March Global Regulatory Brief: Digital finance<\/h1>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 50px !important\"\n    >\n<\/div>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/category\/financial-services\/\" rel=\"category tag\">\n                    Financial Services\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/category\/markets\/\" rel=\"category tag\">\n                    Markets\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/category\/regulation\/\" rel=\"category tag\">\n                    Regulation\n                <\/a>\n            <\/li>\n            <\/ul>\n<\/p>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-5\"\n    style=\"\"\n    >\n    <div id=\"\" class=\"wpb_content_element bbg-single-image align-left\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"800\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/367131596.jpg\" class=\"bbg-single-image__image attachment-full\" alt=\"\" title=\"Data And Text On Computer Screens\" \/>\n        \n            <\/figure>\n<\/div>\n\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-69f27b928a7ea'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-6 bbg-column--m-width-6\"\n    style=\"\"\n    >\n    <p>    <p class=\"bbg-metadata bbg-metadata--date\">March 26, 2026<\/p>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><strong>Bloomberg Professional Services<\/strong><\/p>\n\n<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2 bbg-column--valign-middle bbg-column--m-width-2 bbg-column--s-padding-right-2\"\n    style=\"\"\n    >\n    <div class=\"bb-tts\"\n\tdata-selector=\"main\"\n\tdata-label=\"Speak this page\"\n\tdata-custom-play=\"Play\"\n\tdata-custom-pause=\"Pause\"\n\tdata-custom-stop=\"Stop\"\n\tdata-overlay=\"false\"\n\tdata-invert=\"false\"\n\tdata-no-time=\"false\"\n\tdata-no-button-text=\"false\"\n\tdata-one-button=\"true\"\n\tdata-one-style=\"true\"\n\tdata-hide-stop=\"true\"\n\tdata-voice=\"Gordon\"\n\tdata-pitch=\"1\"\n\tdata-speed=\"1\"\n\tdata-align=\"flex-start\"\n>\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-69f27b928f837'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span style=\"font-weight: 400;\">As technology continues to reshape financial services, regulators and policy setters are embarking on a range of digital-finance initiatives to manage risks and set appropriate standards. The following digital finance policy developments represent a sample of wider regulatory and policy coverage available to Bloomberg Terminal customers. Run REGS &lt;GO&gt; to find out more or contact your Bloomberg representative:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>EU: <\/b><span style=\"font-weight: 400;\">Eurosystem publishes Appia roadmap for tokenized finance<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Japan: <\/b><span style=\"font-weight: 400;\">JFSA publishes updated AI discussion paper<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>UAE: <\/b><span style=\"font-weight: 400;\">Central Bank issues guidance on AI and ML<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Singapore: <\/b><span style=\"font-weight: 400;\">MAS consults on operational and third-party risk management<\/span><\/li>\n<\/ul>\n<h2>Eurosystem publishes Appia roadmap for tokenized finance<\/h2>\n<p><span style=\"font-weight: 400;\">The Eurosystem has published the <\/span><a href=\"https:\/\/www.ecb.europa.eu\/press\/pr\/date\/2026\/html\/ecb.pr260311~14ddf51a77.en.html\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">roadmap for \u201cAppia,\u201d<\/span><\/a><span style=\"font-weight: 400;\">\u00a0a strategic initiative to shape the development of a European tokenized wholesale financial ecosystem anchored in central bank money. The roadmap outlines a long-term approach to integrating distributed ledger technology (DLT) into financial market infrastructures, with a blueprint expected by 2028. Appia complements the Eurosystem\u2019s forthcoming \u201cPontes\u201d solution for DLT-based settlement in central bank money.<\/span><\/p>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--margin-top-compact bbg-row--margin-bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-69f27b9292af6'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\tbackground: url(https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Interstitial_bg.png);\n\t\t\t\tbackground-repeat: no-repeat;\n\t\t\t\tbackground-position: center center;\n\t\t\t\tbackground-size: cover;\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:white;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_1\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Explore the latest regulatory insights with our outlooks, webinars, research and analysis.<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Sign up<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_7988398461393650944\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/insights\/regulation\/regulatory-insights\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-69f27b9298c78'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><b>Context<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Appia builds on the Eurosystem\u2019s 2024 exploratory work on new technologies for wholesale central bank money settlement. It forms part of a broader strategy to ensure that, amid increasing tokenization of financial assets, central bank money remains the anchor of the monetary system. Pontes, scheduled for launch in Q3 2026, will provide a DLT-based solution for settling wholesale transactions in central bank money.<\/span><\/p>\n<p><b>Key takeaways<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Strategic objective: Appia aims to develop an integrated, innovative and resilient European tokenized financial ecosystem, while preserving the role of central bank money.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Scope: Focuses on wholesale financial markets, where tokenization could streamline issuance, trading, settlement, custody and servicing through DLT-based platforms and smart contracts.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Two-track approach:<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Pontes \u2013 operational DLT settlement solution (from 2026)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Appia \u2013 broader, long-term strategic framework to shape tokenized market infrastructures and standards<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Blueprint by 2028: The Eurosystem intends to publish a detailed vision for the ecosystem in 2028, informed by stakeholder engagement and practical experimentation.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Infrastructure design: Appia will assess alternative DLT configurations, including single shared networks versus multiple interconnected networks, with an emphasis on common standards and European governance.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Policy and stability considerations: The initiative seeks to safeguard monetary policy transmission, financial stability and payment system efficiency, while enhancing Europe\u2019s competitiveness, resilience and strategic autonomy.<\/span><\/li>\n<\/ul>\n<p><b>Next steps<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The Eurosystem has invited feedback from stakeholders and published a <\/span><a href=\"https:\/\/www.ecb.europa.eu\/press\/payments-news\/ecb.pubconpm202603_guidelines.en.pdf\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">questionnaire<\/span><\/a><span style=\"font-weight: 400;\"> alongside the roadmap. Analytical and practical work under Appia will proceed in cooperation with market participants, public authorities and academia. The initiative is expected to conclude with the publication of a comprehensive blueprint in 2028, while Pontes will be launched in the third quarter of 2026 and progressively enhanced thereafter.<\/span><\/p>\n\n<\/div>\n<div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>JFSA publishes updated AI discussion paper (V1.1)<\/h2>\n<p><b>Summary<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The JFSA has released the AI Discussion Paper (Version 1.1), updating the 1.0 edition based on insights from the 2025 Public-Private Forum on AI, summarizing the current use of AI in financial institutions, related challenges, and issues concerning risk management, governance, and regulatory interpretation. While the analysis remains preliminary and subject to change as technology and the business environment evolve, the JFSA intends to use these perspectives as a starting point and continue deepening discussions\u2014flexibly and collaboratively with stakeholders\u2014on concrete measures going forward.<\/span><\/p>\n<p><b>Context<\/b><\/p>\n<p><span style=\"font-weight: 400;\">In March 2025, the JFSA published the AI Discussion Paper (Version 1.0) to support the sound use of AI in the financial sector and to facilitate constructive dialogue with industry stakeholders. From June to December of the same year, the JFSA held the \u201cJFSA Public-Private Forum on AI\u201d, where participants shared knowledge and discussed the state of AI utilization, risk management and governance practices related to AI, and situations where clarification of regulatory applicability is necessary. Based on the insights obtained through this Forum, the JFSA has now updated Version 1.0 and released it as AI Discussion Paper (Version 1.1).<\/span><\/p>\n<p><b>Key takeaway<\/b><\/p>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Risk mitigation for customer-facing AI services is evolving, and a shared viewpoint is emerging across financial institutions. The JFSA structures its guidance into four phases: (1) Design &amp; pre\u2011implementation testing, (2) Customer explanations &amp; warnings, (3) Post\u2011launch verification &amp; monitoring, and (4) Governance.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Regulatory interpretation is being clarified, including the JFSA\u2019s view that securities firms may provide customer conversation data (including non\u2011public information) when outsourcing AI system development to related subsidiaries. The JFSA and industry groups will continue examining specific use cases to develop clearer interpretations and industry practices.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Practical AI adoption is accelerating, with top management now leading concrete efforts to improve operational efficiency and create new business opportunities through sound AI usage.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">High-quality data is essential for effective AI. Purpose\u2011driven data preparation, agile implementation structures, and risk\u2011based approaches are increasingly recognized as effective, with industry\u2011wide knowledge\u2011sharing expected to progress.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Examples of risk\u2011mitigation measures for customer\u2011facing services include careful design, strong governance, transparent customer communication, and continuous monitoring to ensure safe AI use.<\/span><\/li>\n<\/ol>\n<p><b>Next steps<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The Discussion Paper outlines financial institutions\u2019 AI use and challenges, noting its analysis is preliminary. The JFSA will deepen discussions, adapting flexibly with stakeholders as technology and business environments evolve. The JFSA welcomes comments on the paper.<\/span><\/p>\n\n<\/div>\n<div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Central Bank of the UAE issues guidance on AI and ML<\/h2>\n<p><span style=\"font-weight: 400;\">The Central Bank of the UAE <\/span><a href=\"https:\/\/rulebook.centralbank.ae\/en\/rulebook\/guidance-note-consumer-protection-and-responsible-adoption-and-use-artificial-intelligence\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">announced <\/span><\/a><span style=\"font-weight: 400;\">the issuance of its Guidance Note on the Consumer Protection and Responsible Adoption and Use of AI and ML by Licensed Financial Institutions (LFIs). It outlines governance, fairness, transparency, human oversight, data protection and ongoing monitoring principles to ensure AI systems are deployed safely, ethically and in line with existing regulatory obligations, while supporting innovation in the financial sector. Further highlights include regulatory priorities relating to bias mitigation, algorithmic transparency, model monitoring, and the preservation of fair customer outcomes.<\/span><\/p>\n<p><b>Key points<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Governance &amp; Accountability: LFIs should implement proportionate AI governance frameworks under board and senior management accountability, with clear oversight, reporting, risk integration and maintained inventories of AI models aligned with regulatory standards.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Fairness &amp; Non-Discrimination: LFIs must ensure AI systems are fair, ethical and non\u2011discriminatory by using representative data, conducting regular bias testing and operating in line with consumer protection obligations and institutional codes of conduct.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Transparency &amp; Explainability: LFIs should clearly disclose AI use and decision\u2011making in understandable formats, provide explanations and redress mechanisms for customers, consider opt\u2011out rights for high\u2011impact decisions, and communicate accessibly across relevant languages.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Human Oversight: LFIs must apply proportionate human oversight to AI systems, enable challenge and redress, maintain accountability for outsourced models, continuously monitor performance, and retain the ability to suspend AI use through human intervention.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Data Management Requirements: LFIs must ensure AI data is high\u2011quality, lawful and secure, embed privacy\u2011 and security\u2011by\u2011design, test for robustness and resilience, and where feasible use AI to support fraud detection and financial crime compliance.<\/span><\/li>\n<\/ul>\n\n<\/div>\n<div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>MAS consults on operational and third-party risk management<\/h2>\n<p><b>Summary<\/b><\/p>\n<p><span style=\"font-weight: 400;\">MAS has released two parallel consultation papers in March 2026 proposing significant updates to its operational resilience regime:<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Revised <\/span><a href=\"https:\/\/www.mas.gov.sg\/publications\/consultations\/2026\/consultation-paper-on-updated-guidelines-on-operational-risk-management\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Guidelines on Operational Risk Management (ORMG)<\/span><\/a><span style=\"font-weight: 400;\">, which replace the 2013 guidelines and introduce enhanced expectations for governance, proportionality, change management, and disclosure; and<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">New <\/span><a href=\"https:\/\/www.mas.gov.sg\/publications\/consultations\/1\/consultation-paper-on-proposed-guidelines-on-third-party-risk-management\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Guidelines on Third\u2011Party Risk Management (TPRMG)<\/span><\/a><span style=\"font-weight: 400;\">, which supersede outsourcing guidelines and extend requirements to all third\u2011party arrangements.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">Both consultations close on 20 April 2026.<\/span><\/li>\n<\/ol>\n<p><b>Context<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The financial sector\u2019s increasing digitalization, reliance on external service providers, and heightened cyber and operational vulnerabilities prompted MAS to modernize both its operational risk and third\u2011party risk frameworks. ORMG incorporates the Basel Committee\u2019s revised operational risk principles, while TPRMG aligns with international work by the FSB and BCBS on third\u2011party and supply\u2011chain risk. Both guidelines reflect MAS\u2019 strategic shift toward an integrated, resilience\u2011focused supervisory model.<\/span><\/p>\n<p><b>Key takeaways<\/b><\/p>\n<ol>\n<li><span style=\"font-weight: 400;\"> Scope and proportionality<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">ORMG: Applies to all FIs, with proportional implementation based on size, risk profile, and complexity.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">TPRMG: Applies to all third\u2011party arrangements (not only outsourcing), with proportionality based on service materiality and FI complexity.<\/span><\/span><\/li>\n<\/ul>\n<\/li>\n<li><span style=\"font-weight: 400;\"> Governance expectations strengthened<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Both consultations heighten board and senior\u2011management responsibilities.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">ORMG: Requires a dedicated senior\u2011management ORM committee, robust risk appetite\/tolerance, and integrated operational\u2011risk frameworks.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">TPRMG: Board must approve TPRM strategy, materiality assessments, risk appetite for disruption, and ensure independent review\/audit.<\/span><\/li>\n<\/ul>\n<\/li>\n<li><span style=\"font-weight: 400;\"> Group\u2011wide and cross\u2011border oversight<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">FIs under MAS consolidated supervision or owning critical information infrastructure must ensure both ORMG and TPRMG expectations apply to branches\/subsidiaries (including overseas).<\/span><\/li>\n<\/ul>\n<\/li>\n<li><span style=\"font-weight: 400;\"> Operational Risk Framework Enhancements (ORMG)<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Modernized principles covering governance, risk taxonomy, policies, KRIs, scenario analysis, change\u2011management lifecycle, and reporting obligations.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">D\u2011SIBs\/D\u2011SIIs must publicly disclose ORM frameworks, significant loss events, and publish their codes of conduct.<\/span><\/li>\n<\/ul>\n<\/li>\n<li><span style=\"font-weight: 400;\"> Comprehensive Third\u2011party Risk Lifecycle Requirements (TPRMG)<br \/>\n<\/span>The TPRMG introduces detailed expectations across the full lifecycle:<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Risk assessment: includes materiality, substitutability, data sensitivity, supply\u2011chain dependencies.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Due diligence: covers financial viability, technology risk, BCM\/DR, governance, legal compliance, and subcontractor reliance.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Contracting: requires mandatory clauses for audit\/inspection rights, access to information, incident reporting, data confidentiality, termination rights, and MAS access.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Ongoing monitoring: requires multidisciplinary oversight groups, periodic due diligence, performance metrics, and monitoring of concentration risk.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Termination: mandates exit plans, orderly transition arrangements, and scenarios where MAS may direct termination.<\/span><\/li>\n<\/ul>\n<\/li>\n<li><span style=\"font-weight: 400;\"> Sub\u2011Contractor Oversight and Supply\u2011Chain Risk (TPRMG)<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Strong new requirements to manage risks from sub\u2011contractors, including prior notification, mapping, and contractual cascading of controls.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Pass\u2011through (layered) subcontracting is not prohibited but requires enhanced oversight and mitigation.<\/span><\/li>\n<\/ul>\n<\/li>\n<li><span style=\"font-weight: 400;\"> Register of Third\u2011Party Arrangements (TPRMG)<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">FIs must maintain a comprehensive third\u2011party register and submit it semi\u2011annually, covering all material arrangements and (where possible) material sub\u2011contractors.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Banks\/merchant banks continue to comply with Notices 658\/1121 via a single consolidated register.<\/span><\/span><\/li>\n<\/ul>\n<\/li>\n<li><span style=\"font-weight: 400;\"> Disclosure and reporting obligations<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">ORMG: D\u2011SIBs\/D\u2011SIIs must publicly disclose ORM frameworks and significant loss events; formal disclosure policies required.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">TPRMG: FIs must notify MAS of adverse developments (including branch\/subsidiary incidents) and ensure service providers cooperate with MAS.<\/span><\/li>\n<\/ul>\n<\/li>\n<li><span style=\"font-weight: 400;\"> Transition and implementation<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Both ORMG and TPRMG propose a 6\u2011month transition period post\u2011issuance for FIs to update frameworks, agreements, controls, and disclosures.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ol>\n<p><b>Next steps<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Consultation responses due 20 April 2026 via FormSG links in both papers.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">MAS will finalize both guidelines, after which a six\u2011month compliance window will begin.<\/span><\/li>\n<\/ul>\n\n<\/div>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-69f27b929cdbe]::before {\n\t\t\t\tbackground-color: #f4f4f9;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--f4f4f9 text--black bbg-row--full-bg-bleed\" data-anchor='row-69f27b929cdbe'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            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