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    ESMA Signs MoU on Use of Financial Benchmarks Regulated in Singapore

    April 17, 2020

    ESMA and MAS signed a memorandum of understanding, or MoU, to allow use of the financial benchmarks of Singapore in EU. The signing of the memorandum of understanding follows the equivalence decision by EC, which recognizes the Singapore’s regulatory framework on financial benchmarks as equivalent to the requirements under the Benchmarks Regulation in EU. The memorandum and the equivalence decision will allow financial institutions in EU to continue using, as reference rates in their contracts, both Singapore Interbank Offered Rate (SIBOR) and the Singapore Dollar Swap Offer Rate (SOR), which are the financial benchmarks regulated in Singapore.

    Under the memorandum, ESMA and MAS will share information and supervisory activities on Singapore-regulated financial benchmarks. The purpose of this memorandum is to:

    • Establish, between ESMA and MAS, the cooperation arrangements that are operational, thus ensuring the fulfillment of the condition set out in Article 30(1)(d) of Benchmarks Regulation.
    • Provide ESMA and MAS with an appropriate mechanism for the exchange of information, including the mechanism for prompt notification to ESMA where MAS deems that an administrator authorized in Singapore and covered by the equivalence decision of EC is in breach of the conditions of its authorization or other relevant national legislation in Singapore; the purpose is also to provide ESMA and MAS  with procedures on the coordination of supervisory activities in relation to the administration of benchmarks, including on-site inspections.

     

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    Keywords: Europe, Asia Pacific, Singapore, Banking, Securities, Benchmarks Regulation, Financial Benchmarks, SIBOR, SOR, Equivalence Regime, MAS, ESMA

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