Appendix E: Regulatory Matrix — Australia/Singapore Comparison
This appendix provides a comprehensive side-by-side comparison of the regulatory frameworks in Australia and Singapore relevant to the design and launch of an NbS-linked banking deposit product. The analysis covers prudential standards, taxonomy frameworks, disclosure requirements, deposit product regulation, product approval processes, and existing green/sustainability product precedents.
1. Prudential Standards
1.1 Environmental and Climate Risk Frameworks
| Dimension | Australia | Singapore |
|---|---|---|
| Primary prudential regulator | Australian Prudential Regulation Authority (APRA) | Monetary Authority of Singapore (MAS) |
| Primary conduct regulator | Australian Securities and Investments Commission (ASIC) | MAS (dual mandate: prudential and conduct) |
| Key environmental risk guidance | CPG 229: Climate Vulnerability Assessment (November 2021) [1] | Guidelines on Environmental Risk Management for Banks (December 2020) [2]; supplemented by Information Papers on Environmental Risk Management (May 2022) [3] |
| Legal status | Prudential practice guide — non-binding guidance. APRA states it represents "sound practice" and that regulated entities are expected to have regard to the guidance [1]. | Guidelines — comply-or-explain basis. MAS expects all banks in Singapore to implement the guidelines and explain any deviations [2]. |
| Scope of application | Authorised deposit-taking institutions (ADIs), general insurers, life insurers, private health insurers, and registrable superannuation entity (RSE) licensees [1]. | All banks (full banks, wholesale banks, merchant banks), insurers, and asset managers operating in Singapore [2]. |
| Climate scenario analysis | CPG 229 expects ADIs to conduct climate vulnerability assessments including scenario analysis. APRA conducted a Climate Vulnerability Assessment (CVA) pilot in 2022 with five major banks, testing physical and transition risk scenarios [4]. | MAS required financial institutions to conduct scenario analysis under the guidelines from June 2022. MAS published industry-wide stress test results in 2024 covering physical and transition climate risks [5]. |
| Nature and biodiversity | Not yet explicitly covered in CPG 229. APRA has signalled that nature-related financial risks may be incorporated in future guidance updates, referencing TNFD developments, but has not issued specific guidance or a timeline [6]. | Not yet explicitly covered in the 2020 guidelines. MAS has signalled interest through its participation in NGFS biodiversity workstream and its support for Singapore Green Finance Centre research on nature-related risks, but no standalone guidance has been issued [7]. |
| Transition planning | APRA has not issued specific transition planning requirements for ADIs. The Australian Government's Sustainable Finance Strategy (2023) flagged transition planning as a future workstream [8]. | MAS has engaged on transition planning through the Singapore-Asia Taxonomy's transition category and through Green Finance Industry Taskforce (GFIT) deliberations. No standalone transition planning requirement yet [9]. |
| Supervisory expectations for green products | APRA has not issued specific guidance on green or sustainability-linked banking products. Product design falls primarily under ASIC's product governance obligations (see Section 4 below) [10]. | MAS has not issued specific guidance on green deposit products. General product approval requirements under MAS Notice 635 apply. MAS has supported voluntary industry frameworks through the Association of Banks in Singapore (ABS) [11]. |
1.2 Comparison of Supervisory Approach
Australia and Singapore differ in their supervisory philosophy regarding environmental risk:
Australia has adopted a principles-based, non-binding approach. APRA's CPG 229 provides a framework but does not mandate specific actions, metrics, or timelines. Enforcement relies on the supervisory relationship and the expectation that ADIs will adopt good practice. This approach provides flexibility but creates uncertainty about minimum requirements for innovative products such as NbS deposits [1].
Singapore has adopted a more directive approach through comply-or-explain guidelines. While not legally binding in the same way as MAS Notices (which carry the force of law), the guidelines create a stronger expectation of compliance. MAS has also been more proactive in conducting industry assessments and publishing findings [2][3].
For an NbS deposit product, the practical implication is that a bank operating in Singapore faces a clearer (if still evolving) set of environmental risk management expectations, while an Australian bank has more discretion but less regulatory certainty.
2. Taxonomy Frameworks
2.1 Taxonomy Comparison
| Dimension | Australia | Singapore |
|---|---|---|
| Taxonomy name | Australian Sustainable Finance Taxonomy (ASFT) | Singapore-Asia Taxonomy (SAT) |
| Issuing body | Australian Sustainable Finance Institute (ASFI), with government support [12] | MAS Green Finance Industry Taskforce (GFIT) [9] |
| Publication status | Initial guidance published in 2024; full taxonomy under development with sector-specific criteria being progressively released [12]. | Version 1 published February 2023; Version 2 (expanded sector coverage) published December 2023 [9]. |
| Classification approach | Traffic light system: Green (sustainable), Amber (transition), and excluded activities. Aligned with EU Taxonomy principles but adapted for Australian economic structure [12]. | Traffic light system with a distinctive "transition" category: Green, Amber (transition), and Red (excluded). The transition category is designed to accommodate ASEAN economic realities, where fossil fuel-dependent sectors need managed phase-down pathways [9]. |
| Sectors covered | Initial focus: electricity generation and supply, transport, buildings and construction, mineral extraction, manufacturing. Agriculture and forestry sectors are in development [12]. | Eight focus sectors: energy, transport, real estate and construction, agriculture and forestry/land use, industrial, waste and circular economy, carbon capture and sequestration, information and communications technology [9]. |
| NbS relevance | The agriculture and forestry sector criteria (under development) are expected to cover some NbS activities. Reforestation, avoided deforestation, and sustainable forest management are likely to be eligible as "green" activities. Mangrove and peatland activities not yet specifically addressed [12]. | The agriculture and forestry/land use sector explicitly addresses: reforestation and afforestation (green), sustainable forest management (green), avoided deforestation (green under specified conditions), mangrove restoration (likely green under blue economy criteria). The SAT's recognition of transition activities may also accommodate NbS projects that improve the sustainability of existing land uses [9]. |
| Transition activities | Amber category recognises transition activities but criteria are still under development. The ASFT acknowledges the need for science-based transition pathways but specific thresholds have not been finalised for most sectors [12]. | The SAT's transition category is its most distinctive feature. Activities that do not meet the "green" threshold but are on a credible pathway to green can qualify as "amber-transition." This is particularly relevant for ASEAN NbS projects where, for example, a palm oil plantation adopting agroforestry practices might not qualify as "green" but could be classified as "transition" [9]. |
| Interoperability | The ASFT is designed to be interoperable with the EU Taxonomy and ISSB standards. Australia's ISSB adoption (see Section 3) reinforces this alignment. Cross-reference tables with EU Taxonomy are planned [12]. | The SAT is explicitly designed for interoperability with the EU Taxonomy, ASEAN Taxonomy (developed by ASEAN Finance Ministers and Central Bank Governors), and national taxonomies of ASEAN member states. MAS has actively promoted taxonomic coherence through bilateral engagement with the EU and other jurisdictions [9]. |
| Legal force | Voluntary. There is no legislative requirement for Australian financial institutions to use the ASFT, though alignment is expected to be incentivised through disclosure requirements and market expectations [12]. | Voluntary. MAS has not mandated use of the SAT, but its use is strongly encouraged and is expected to become a de facto market standard for green and sustainable finance labelling in Singapore [9]. |
2.2 Taxonomy Implications for NbS Deposit Products
For a bank seeking to label a deposit product as "nature-based" or "green":
Australia: The bank would need to demonstrate that the underlying NbS projects meet ASFT criteria once the agriculture/forestry sector criteria are finalised. In the interim, the bank could reference international frameworks (IUCN NbS Standard, Verra VCS) but lacks a domestic taxonomy anchor for NbS-specific claims.
Singapore: The SAT's explicit coverage of forestry and land-use activities provides a more immediate basis for classifying NbS projects as "green" or "transition." The bank could align its NbS deposit product with SAT criteria from launch, providing regulatory defensibility for sustainability claims.
3. Disclosure Requirements
3.1 Climate and Sustainability Disclosure
| Dimension | Australia | Singapore |
|---|---|---|
| ISSB adoption | The Australian Accounting Standards Board (AASB) issued AASB S1 (General Requirements) and AASB S2 (Climate-related Disclosures) in 2024, effective from 1 January 2025 for Group 1 entities (largest listed entities). Group 2 entities (large listed) from 1 July 2026; Group 3 entities (remaining listed and large unlisted) from 1 July 2027 [13]. | The Sustainability Reporting Advisory Committee (SRAC) recommended mandatory ISSB-aligned climate reporting from FY2025 for listed issuers, with phased implementation. SGX-listed companies in key sectors must make climate-related disclosures aligned with ISSB standards [14]. |
| Mandatory vs. voluntary | Mandatory for entities meeting size thresholds (consolidated revenue >$500M for Group 1). The Treasury Laws Amendment (Financial Market Infrastructure and Other Measures) Act 2024 provides the legislative basis [13]. | Mandatory for SGX-listed companies (comply-or-explain from FY2023; mandatory from FY2025 for selected sectors). Financial institutions supervised by MAS subject to separate disclosure expectations under MAS guidelines [14]. |
| TNFD alignment | The Australian Government endorsed the TNFD recommendations in 2023 and has signalled that nature-related disclosures may be incorporated into mandatory reporting in future phases. TNFD disclosure is currently voluntary. The AASB is monitoring ISSB's development of a nature standard (expected post-2026) [15]. | MAS has supported TNFD development and several Singapore-based financial institutions have committed to TNFD early adoption. MAS has not mandated TNFD disclosure but is expected to consider nature-related reporting as part of its sustainability disclosure roadmap [16]. |
| Scope 3 emissions | Required under AASB S2 but with a safe harbour provision (relief from liability) in the first three years of reporting. Scope 3 is particularly relevant for banks lending to NbS projects, as financed emissions and avoided emissions accounting is methodologically complex [13]. | Scope 3 reporting expected from FY2026 onwards for SGX-listed companies. Banks supervised by MAS face separate expectations regarding financed emissions disclosure [14]. |
| Nature-specific metrics | Not yet mandated. Voluntary adoption of TNFD metrics (e.g., ecosystem extent, condition, dependencies, impacts) is emerging among leading Australian financial institutions, including ANZ, NAB, and Macquarie [15]. | Not yet mandated. Voluntary TNFD adoption among Singapore-based institutions (DBS, OCBC, UOB) is at an early stage [16]. |
| Greenwashing enforcement | ASIC has taken an increasingly active approach to greenwashing enforcement. ASIC commenced civil penalty proceedings against Mercer Super and Vanguard Renewables (2023-2024) for misleading sustainability claims. ASIC's Information Sheet 271 (INFO 271) provides guidance on avoiding greenwashing in sustainability-related product labelling [17]. | MAS has signalled attention to greenwashing but has not taken enforcement action specifically on green product claims to date. MAS Guidelines on Environmental Risk Management include expectations regarding substantiation of environmental claims. The Association of Banks in Singapore's Guidelines on Responsible Financing provide industry-level standards [11]. |
3.2 Disclosure Implications for NbS Deposit Products
A bank launching an NbS deposit product in either jurisdiction must consider:
Australia: Mandatory climate disclosure under AASB S1/S2 from 2025. If the deposit product channels funds to NbS projects, the bank may need to report on the climate impact of those investments (including Scope 3). ASIC's active greenwashing enforcement means sustainability claims attached to the product must be accurate, substantiated, and not misleading (see Section 4).
Singapore: Mandatory climate disclosure is phasing in for listed entities. Banks face MAS expectations to disclose environmental risk management practices. Nature-specific disclosure is voluntary but expected to become mandatory as TNFD standards mature. Sustainability claims on deposit products must be defensible against evolving regulatory expectations.
4. Deposit Product Regulation
4.1 Deposit Protection and Prudential Framework
| Dimension | Australia | Singapore |
|---|---|---|
| Primary legislation | Banking Act 1959 (Cth) [18] | Banking Act (Cap 19) [19] |
| Deposit protection scheme | Financial Claims Scheme (FCS), administered by APRA. Covers deposits up to A$250,000 per account holder per ADI. Funded by levies on ADIs after activation (unfunded in normal times) [20]. | Singapore Deposit Insurance Corporation (SDIC) scheme. Covers deposits up to S$100,000 per depositor per scheme member. Funded by annual premiums from member banks [21]. |
| Eligibility for protection | An NbS-linked term deposit held with an ADI would be eligible for FCS protection, provided it meets the definition of a "protected account" under the Banking Act (deposit accounts, term deposits, and other prescribed accounts). The NbS-linkage does not affect FCS eligibility, as the guarantee attaches to the deposit, not to the underlying investment [20]. | An NbS-linked term deposit with a scheme member bank would be eligible for SDIC protection, provided it meets the definition of an "insured deposit" (Singapore dollar deposits, including fixed deposits). The sustainability feature does not affect SDIC coverage [21]. |
| Interest rate regulation | No direct regulation of deposit interest rates in Australia. The Reserve Bank of Australia (RBA) sets the cash rate; ADIs set deposit rates commercially. The proposed NbS deposit could offer base interest plus nature impact return without rate regulation constraints [18]. | No direct regulation of deposit interest rates by MAS. Banks set rates commercially. MAS Notice 649 restricts interest rates on certain current and savings accounts for full banks, but term deposits are generally not subject to rate caps [19]. |
4.2 Product Design and Distribution Obligations
| Dimension | Australia | Singapore |
|---|---|---|
| Product governance framework | Design and Distribution Obligations (DDO) under Part 7.8A of the Corporations Act 2001 (Cth), effective October 2021 [22]. | MAS Notice on Product Due Diligence (various MAS Notices depending on product type); Fair Dealing Guidelines (2014); Product Highlight Sheet requirements [23]. |
| Target Market Determination (TMD) | Required for all financial products subject to DDO, including term deposits. The TMD must describe the target market for the product (who it is designed for and who it is not suitable for), distribution conditions, and review triggers. For an NbS term deposit, the TMD would need to articulate whether the product is appropriate for all depositors or only for those seeking sustainability outcomes [22]. | No direct equivalent of Australia's TMD requirement. However, MAS requires product due diligence by distributors and expects clear suitability assessment for complex or novel products. A Product Highlight Sheet (PHS) is required for investment products but not typically for term deposits, unless the product has features that make it investment-like (e.g., variable returns linked to NbS performance) [23]. |
| Consumer advisory requirements | ASIC Regulatory Guide 234 (RG 234): Advertising financial products and services. All promotional materials for the NbS deposit must not be misleading or deceptive. Sustainability claims must be substantiated (see ASIC INFO 271 on greenwashing). General advice or personal advice obligations under the Corporations Act may apply depending on how the product is distributed [24]. | MAS Guidelines on Fair Dealing require clear, adequate, and not misleading information to customers. The Financial Advisers Act (Cap 110) applies if the product is distributed through financial advisers. For direct bank distribution, general disclosure standards and best practice guidelines issued by the Association of Banks in Singapore apply [11]. |
| Labelling and naming | No specific regulatory framework for "green" or "sustainability" labels on deposit products. ASIC's greenwashing guidance applies to sustainability-related claims in product naming and marketing. The bank must ensure that calling a product an "NbS Impact Term Deposit" does not create a misleading impression about the nature of the product or the certainty of environmental outcomes [17]. | No specific regulatory framework for green deposit labelling. MAS has not issued green deposit certification standards. The ABS Guidelines on Responsible Financing and MAS's taxonomy guidance provide a framework for substantiating sustainability claims but do not prescribe labelling requirements for deposits [11]. |
5. Product Approval Process
5.1 Step-by-Step Comparison
The following outlines the key steps a bank would need to take to launch an NbS-linked term deposit in each jurisdiction.
Australia
| Step | Requirement | Regulatory Basis |
|---|---|---|
| 1. Internal product governance | Board or delegated committee approval of product design, including risk assessment, pricing, and target market identification. | APRA Prudential Standard CPS 220 (Risk Management) [25]; ASIC DDO obligations [22]. |
| 2. Target Market Determination | Prepare a TMD specifying the target market, distribution conditions, and review triggers. The TMD must consider whether the sustainability features create suitability considerations (e.g., depositors who value environmental outcomes vs. depositors seeking only financial return). | Corporations Act 2001 (Cth), Part 7.8A [22]. |
| 3. Disclosure documentation | Prepare product disclosure materials compliant with ASIC requirements. For a basic term deposit, a PDS is not required (exemption for basic deposit products). However, promotional materials and terms and conditions must comply with the Australian Consumer Law and ASIC advertising guidance. Sustainability claims must be substantiated per INFO 271 [17][24]. | Corporations Act 2001 (Cth), ASIC RG 234 [24]. |
| 4. Environmental claim substantiation | Document the NbS impact methodology: how deposit funds are allocated to NbS projects, what NbS rating framework is used, how outcomes are measured and reported. Retain evidence supporting any environmental claims made in marketing. | ASIC INFO 271 [17]; Australian Consumer Law (Schedule 2, Competition and Consumer Act 2010). |
| 5. Banking Act compliance | Ensure the product meets ADI deposit requirements and is eligible for FCS coverage. Confirm that the NbS linkage does not create features that would reclassify the product (e.g., as a managed investment scheme if returns are variable and dependent on NbS performance). | Banking Act 1959 (Cth) [18]; Corporations Act 2001 (Cth), Chapter 5C (managed investment schemes). |
| 6. Prudential notification | While APRA does not require pre-approval of individual deposit products, the ADI should consider whether the product creates novel risks warranting supervisory engagement (e.g., reputational risk, concentration risk in NbS assets). APRA expects ADIs to manage new product risks within their risk management frameworks [25]. | APRA CPS 220 [25]; APRA CPG 229 (to the extent NbS-linked activities create climate/nature-related financial risks) [1]. |
| 7. Sustainability reporting integration | Plan for reporting the NbS deposit within the bank's mandatory sustainability disclosure (AASB S1/S2) and voluntary TNFD reporting. | AASB S1/S2 [13]; TNFD (voluntary) [15]. |
| 8. Ongoing monitoring and review | Establish DDO review triggers (e.g., changes in NbS project ratings, regulatory changes, customer complaints). Monitor environmental claims for continued accuracy. | Corporations Act 2001 (Cth), Part 7.8A (DDO review obligations) [22]. |
Singapore
| Step | Requirement | Regulatory Basis |
|---|---|---|
| 1. Internal product governance | Board or management committee approval of product design. Product due diligence including risk assessment and customer suitability considerations. | MAS Guidelines on Risk Management Practices — Board and Senior Management [26]; MAS Fair Dealing Guidelines [23]. |
| 2. Product classification | Determine whether the NbS term deposit is classified as a "deposit" (straightforward) or as a "capital markets product" or "investment product" (which would trigger additional regulatory requirements). If the deposit has fixed principal return and fixed or deterministic interest, it is a standard deposit. If NbS performance affects returns, it may be classified as a structured deposit, triggering MAS Notice on Sale of Investment Products [27]. | Securities and Futures Act 2001 [27]; MAS Notice on Sale of Investment Products [27]. |
| 3. MAS notification or approval | For a standard term deposit: no specific MAS pre-approval required. The bank must comply with general banking licence conditions and MAS Notices applicable to deposits. For a structured deposit: MAS Notice SFA 04-N12 (Sale of Investment Products) requirements apply, including risk disclosure and suitability assessment [27]. | Banking Act (Cap 19) [19]; relevant MAS Notices. |
| 4. Environmental claim substantiation | Document the NbS allocation methodology, rating framework, and impact measurement approach. Align claims with the Singapore-Asia Taxonomy where applicable. There is no specific MAS guidance on green deposit claims, but general fair dealing and anti-misleading provisions apply [11]. | MAS Fair Dealing Guidelines [23]; ABS Guidelines on Responsible Financing [11]. |
| 5. Deposit insurance confirmation | Confirm eligibility for SDIC deposit insurance coverage. Standard Singapore dollar term deposits with scheme member banks are automatically covered. The NbS feature should not affect coverage provided the deposit meets standard criteria [21]. | Deposit Insurance and Policy Owners' Protection Schemes Act 2011 [21]. |
| 6. Customer disclosure | Prepare terms and conditions, promotional materials, and any required Product Highlight Sheet. If classified as a structured deposit, additional disclosure requirements apply (risk warnings, scenario analysis, cooling-off period) [23]. | Various MAS Notices; ABS Code of Consumer Banking Practice [11]. |
| 7. Sustainability taxonomy alignment | Where possible, align the product with the Singapore-Asia Taxonomy to support sustainability labelling claims. While not mandatory, taxonomy alignment provides regulatory defensibility and market credibility [9]. | Singapore-Asia Taxonomy (voluntary) [9]. |
| 8. Ongoing monitoring | Monitor NbS project performance, rating changes, and regulatory developments. Update customer communications and internal risk assessments as needed. Report environmental risk management practices in accordance with MAS guidelines [2]. | MAS Guidelines on Environmental Risk Management [2]; MAS supervisory expectations. |
6. Green/Sustainability Product Precedents
6.1 Existing Green Deposit Products and Frameworks
| Dimension | Australia | Singapore |
|---|---|---|
| Green deposit products in market | Limited precedent. Bank Australia offers "Responsible Banking" positioning across all products but does not offer a specific green-labelled term deposit. Commonwealth Bank of Australia (CBA) launched a "Green Deposit" in 2023 for institutional clients, with proceeds allocated to CBA's Green Bond-eligible portfolio (renewable energy, green buildings). NAB and ANZ have green bond programmes but have not extended green labelling to retail deposit products [28]. | DBS Bank launched a "Green Deposit" in 2023 for corporate clients, allocating funds to DBS's green and sustainability-linked loan portfolio. OCBC Bank has offered "Sustainability Deposits" for corporate clients. UOB has a "U-Solar" green financing programme. No major Singapore bank has launched a retail-facing green or NbS-linked term deposit as of 2024 [29]. |
| Green bond frameworks (analogous precedent) | Australia has an established green bond market. CBA, NAB, ANZ, and Westpac have all issued green bonds under their respective Green Bond Frameworks, aligned with ICMA Green Bond Principles. These frameworks provide the closest analogy for a green deposit's "use of proceeds" allocation methodology [30]. | Singapore has a well-developed green bond market. MAS introduced the Sustainable Bond Grant Scheme (2017) and the Green and Sustainability-Linked Loan Grant Scheme (2020) to support issuance. DBS, OCBC, and UOB have all issued green bonds. The Housing and Development Board (HDB) issued Singapore's first sovereign green bond in 2022 [31]. |
| Certification and labelling frameworks | No specific green deposit certification exists in Australia. The Climate Bonds Initiative (CBI) Certification Scheme covers bonds but not deposits. ASFI's taxonomy may eventually provide a classification basis for deposit labelling [12]. | No specific green deposit certification exists in Singapore. The Green Bond/Loan Framework Assessment available through external reviewers (Sustainalytics, S&P SPOs) could theoretically be adapted for deposits. MAS has not developed a green deposit standard [9]. |
| Government incentive alignment | The Australian Government's Rewiring the Nation programme and National Reconstruction Fund provide concessional finance for green activities but do not specifically incentivise green deposits. The proposed mandatory climate disclosure regime may indirectly support green deposit demand by increasing institutional awareness of climate/nature risk [13]. | MAS Financial Development Fund and grant schemes have supported green finance innovation. The Green and Sustainability-Linked Loan Grant Scheme subsidises the cost of external review for green/sustainability loans, a model that could be extended to deposits [31]. |
6.2 Structural Gap: Nature-Specific Deposit Products
Neither Australia nor Singapore has a dedicated regulatory framework or market precedent for a nature-linked or NbS-linked deposit product. The closest analogies are:
Green deposits (CBA, DBS): These allocate proceeds to a broad green-eligible portfolio (primarily renewable energy and green buildings) and do not specifically target NbS projects or provide project-level nature outcome reporting.
Green bonds with NbS proceeds: Some green bonds allocate partial proceeds to land use and forestry categories, but these remain a small portion of overall use-of-proceeds and are not deposit instruments.
Impact investment funds with NbS focus: Managed investment schemes (e.g., Mirova Natural Capital, New Forests) invest in NbS but are not deposit products and carry different risk profiles, liquidity, and regulatory treatment.
The proposed NbS Impact Term Deposit therefore represents a product innovation that draws on existing green deposit and green bond frameworks but extends them to incorporate project-level NbS allocation, multi-dimensional rating integration, and nature outcome reporting. The regulatory pathway in both jurisdictions is viable but requires careful navigation of product classification, environmental claim substantiation, and ongoing disclosure obligations.
References
[1] APRA (2021). Prudential Practice Guide CPG 229: Climate Vulnerability Assessment. Australian Prudential Regulation Authority, November 2021.
[2] MAS (2020). Guidelines on Environmental Risk Management for Banks. Monetary Authority of Singapore, December 2020.
[3] MAS (2022). Information Papers on Environmental Risk Management (Banks, Insurers, Asset Managers). Monetary Authority of Singapore, May 2022.
[4] APRA (2022). Climate Vulnerability Assessment Results. Australian Prudential Regulation Authority, November 2022.
[5] MAS (2024). Financial Stability Review: Climate Stress Test Results. Monetary Authority of Singapore, 2024.
[6] APRA (2023). Corporate Plan 2023-2027. Australian Prudential Regulation Authority. References TNFD and emerging nature-related financial risk considerations.
[7] MAS (2023). Singapore Green Finance Centre Research Programme — Nature-related Financial Risks. Monetary Authority of Singapore.
[8] Australian Government (2023). Sustainable Finance Strategy: Consultation Paper. The Treasury, November 2023.
[9] MAS GFIT (2023). Singapore-Asia Taxonomy Version 2. Green Finance Industry Taskforce, Monetary Authority of Singapore, December 2023.
[10] APRA (2023). Supervision of ADI product governance and distribution. Internal supervisory guidance referenced in APRA Annual Report 2023.
[11] ABS (2018). Guidelines on Responsible Financing. Association of Banks in Singapore. Updated 2022.
[12] ASFI (2024). Australian Sustainable Finance Taxonomy: Technical Guidance. Australian Sustainable Finance Institute.
[13] AASB (2024). AASB S1 General Requirements for Disclosure of Sustainability-related Financial Information and AASB S2 Climate-related Disclosures. Australian Accounting Standards Board.
[14] SGX (2023). Sustainability Reporting: Climate-related Disclosures Rules. Singapore Exchange, effective from FY2025.
[15] TNFD (2023). Recommendations of the Taskforce on Nature-related Financial Disclosures. September 2023. Australian Government endorsement: December 2023.
[16] MAS (2023). MAS engagement with TNFD and nature-related disclosure development. Referenced in MAS Annual Report 2023.
[17] ASIC (2023). Information Sheet 271: How to avoid greenwashing when offering or promoting sustainability-related products (INFO 271). Australian Securities and Investments Commission, June 2023.
[18] Banking Act 1959 (Cth). Federal Register of Legislation, Australia.
[19] Banking Act (Cap 19). Singapore Statutes Online.
[20] APRA (2022). Financial Claims Scheme — Information for Depositors. Australian Prudential Regulation Authority. Coverage limit: A$250,000 per account holder per ADI.
[21] SDIC (2024). Deposit Insurance Scheme: Coverage and Limits. Singapore Deposit Insurance Corporation. Coverage limit: S$100,000 per depositor per scheme member (increased from S$75,000 effective 1 April 2024).
[22] ASIC (2021). Regulatory Guide 274: Product Design and Distribution Obligations (RG 274). Australian Securities and Investments Commission, October 2021.
[23] MAS (2014). Fair Dealing — Board and Senior Management Responsibilities for Delivering Fair Dealing Outcomes to Customers (FAA-G14). Monetary Authority of Singapore.
[24] ASIC (2019). Regulatory Guide 234: Advertising Financial Products and Services (RG 234). Australian Securities and Investments Commission. Updated 2022.
[25] APRA (2023). Prudential Standard CPS 220: Risk Management. Australian Prudential Regulation Authority.
[26] MAS (2013). Guidelines on Risk Management Practices — Board and Senior Management (MAS Notice 610). Monetary Authority of Singapore.
[27] MAS (2018). Notice SFA 04-N12: Sale of Investment Products. Monetary Authority of Singapore. Applicable to structured deposits.
[28] CBA (2023). Commonwealth Bank of Australia Green Bond Framework and Green Deposit Programme. Investor documentation.
[29] DBS (2023). DBS Green Deposit Programme — Corporate Client Documentation. DBS Bank.
[30] CBI (2024). Australia Green Bond Market Summary. Climate Bonds Initiative.
[31] MAS (2023). Green and Sustainability-Linked Loan Grant Scheme: Programme Update. Monetary Authority of Singapore.