On 5 March, MAS released the Guidelines on Environmental Risk Management (Asset Managers) – Transition Planning as well as the Response to Feedback Received on it. Effective from September 2027, after the 18 months transition window, Asset Managers are expected to Incorporate climate transition and physical risk into governance, risk management, and strategy frameworks. Transition plans must be documented.

On 6 March, MAS launched two consultation papers: 1) Proposed Guidelines on Third‑Party Risk Management; 2) Updated Guidelines on Operational Risk Management. Financial Institutions are encouraged to participate and provide their feedback on outsourcing requirements to cover all third-party arrangements, strengthening board accountability in operational risk, including change management and disclosures and effective control frameworks for both technology and partners, by 20 April 2026.

MAS revised the FAQs on the Risk Based Capital Adequacy Requirements for Capital Markets Services Licence Holders on 25 March. There are further clarifications to the counterparty risk requirements which should not impact most FMCs, you may refer to Q16 and Q16A for details.

For Fund Managers exploring AI, MAS announced, on 20 March 2026, the successful conclusion of Phase 2 of Project MindForge, culminating in an AI Risk Management Toolkit developed with a consortium of 24 financial institutions and industry partners. MAS is also reviewing feedback on its earlier consultation on Guidelines on AI Risk Management, and will set up an AI risk management workgroup under BuildFin.ai to develop implementation resources and drive industry capability-building.

Last but not least, the quarterly returns (Form 1, Form 2 and the QIE form) must be submitted to the MAS by 14 April. Capital markets services licensees whose financial year coincides with the calendar year should prepare and finalise the financial statements for the annual MAS returns by 31 May 2026