Regulatory Framework for Cooperative and Building Societies

Under Section 34 of the Monetary Authority Act, the Authority is empowered to issue or revise Rules, Statements of Guidance, and Statements of Principle. Additionally, Section 48 mandates the creation of a Regulatory Handbook, which outlines the policies and procedures the Authority follows in fulfilling its regulatory and cooperative duties.

Below is a list of key regulatory measures, including a checklist for Rules, Statements of Guidance, Regulatory Policies, Regulatory Procedures, and Forms relevant to the Cooperative and Building Societies sector.

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Rules

These are specific directives issued by the Authority on critical matters essential for the prudent supervision of regulated entities. Compliance is mandatory for all licensees, and failure to adhere to these rules may result in fines or other regulatory actions taken by the Authority under its powers.

Statement of Guidance ("SOG")

Guidance designed to assist licensees in adhering to applicable acts, regulations, rules, and statements of principles, or to establish standards for business conduct. The guidance provides recommendations on how licensees should operate and serves as a benchmark against which the Authority evaluates compliance.

Regulatory Policy

A set of principles, criteria, or approaches to guide the Authority's decisions and actions in performing its regulatory and cooperative functions.

Regulatory Procedure

A series of steps, activities, or tasks that the Authority undertakes to fulfill its regulatory and cooperative responsibilities.

Note: Items marked with NEW have been recently added or updated.