CFTC and MAS announced the mutual recognition of certain derivatives trading venues in the U.S. and Singapore. CFTC Chairman J. Christopher Giancarlo and MAS Assistant Managing Director Lee Boon Ngiap made this joint announcement at the 44th Annual International Futures Industry Conference, which was hosted by the Futures Industry Association in Boca Raton, Florida.
CFTC issued an order exempting certain derivatives trading facilities regulated by MAS from the requirement to register with CFTC as swap execution facilities (SEFs). Similarly, MAS announced the issuance of regulations exempting certain derivatives trading venues regulated by CFTC from the requirement to be a MAS-authorized approved exchange or recognized market operator before establishing or operating an organized market.
The order granting exempt SEF status to the MAS-authorized approved exchanges and recognized market operators does not affect other requirements under Commodity Exchange Act (CEA) and the CFTC regulations. CFTC has particularly highlighted certain of these continuing requirements in the order, which interested parties should consult for further details as to the precise parameters of the exemption by CFTC. Similarly, the exemption for CFTC-registered SEFs does not affect the other requirements under the Securities and Futures Act (SFA) and MAS’ regulations.
Keywords: Americas, Asia Pacific, US, Singapore, Securities, Derivatives Trading, Swap Execution Facility, Trading Venues, OTC Derivatives, CFTC, MAS
Previous ArticlePRA Proposes Reporting Amendments to Pillar 2 Liquidity Framework
Next ArticleDNB Publishes Data Quality Checks for Bank Reporting
The European Commission (EC) announced plans to defer the application of 13 regulatory technical standards under the Sustainable Finance Disclosure Regulation (2019/2088) by six months, from January 01, 2022 to July 01, 2022.
The Bank of England (BoE) published a consultation paper on approach to setting minimum requirement for own funds and eligible liabilities (MREL), an operational guide on executing bail-in, and a statement from the Deputy Governor Dave Ramsden.
The European Banking Authority (EBA) is seeking preliminary input on standardization of the proportionality assessment methodology for credit institutions and investment firms.
Certain regulatory authorities in the US are extending period for completion of the review of certain residential mortgage provisions and for publication of notice disclosing the determination of this review until December 20, 2021.
The Prudential Regulation Authority (PRA) published the policy statement PS18/21, which introduces an amendment in the definition of "higher paid material risk taker" in the Remuneration Part of the PRA Rulebook.
The European Banking Authority (EBA) published its annual report on asset encumbrance in banking sector.
The European Banking Authority (EBA) published a methodological guide to mystery shopping.
The Australian Prudential Regulation Authority (APRA) released a letter to authorized deposit-taking institutions to provide an update on key policy settings for the capital framework reforms, which will come into effect from January 01, 2023.
The Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) published a report that assesses the business continuity planning activities of financial market infrastructures or FMIs.
The European Securities and Markets Authority (ESMA) has responded to the IFRS consultation on targeted amendments to the IFRS Foundation constitution to accommodate an International Sustainability Standards Board (ISSB) to set IFRS Sustainability Standards.