EC and MAS Adopt Equivalence Decision for Derivative Trading Venues
EC published implementing decision (EU) 2019/541 on the equivalence of the legal and supervisory framework applicable to approved exchanges and recognized market operators in Singapore, in accordance with Markets in Financial Instruments Regulation, or MiFIR (EU No 600/2014). The implementing decision will enter into force on the day following its publication in the Official Journal of the EU.
EC recognized a number of Singapore trading venues authorized by MAS as eligible for compliance with EU trading obligation for derivatives. This decision will allow EU counterparties, essentially EU investment banks that operate as swap dealers in Asia, to comply with their EU trading obligation under the Markets in Financial Instruments Regulation (MiFIR) and in line with the G20 reforms for standardized derivatives when executing derivatives transactions with counterparties in Singapore. Concurrently, MAS has adopted regulations to exempt certain EU Multilateral Trading Facilities and Organized Trading Facilities from MAS' markets licensing requirements. Singapore participants can trade with EU counterparties on such EU trading venues in compliance with derivative trading obligations of Singapore. This follows the agreement between EC and MAS on the common approach for certain derivatives trading platforms, which was published on February 20, 2019.
Related Links
Effective Date: April 03, 2019
Keywords: Europe, Asia Pacific, EU, Singapore, Banking, Securities, MiFIR, Decision 2019/541, Trading Venues, OTC Derivatives, Equivalence, MAS, EC
Previous Article
EC and ESAs Launch European Forum for Innovation FacilitatorsRelated Articles
FCA Consults on Regulation of International Firms in UK
FCA is consulting on its approach to the authorization and supervision of international firms operating in UK.
MAS Amends Notice on Capital Adequacy Requirements of Banks
MAS published amendments to Notice 637 on the risk-based capital adequacy requirements for reporting banks incorporated in Singapore.
FCA to Begin to Move Firms to New Data Collection Platform RegData
FCA announced that it will move firms to RegData from Gabriel in the coming months in stages, based on the reporting requirements of firms.
APRA Reviews Repayment Deferral Plans, Identifies Best Practices
APRA has concluded its review of the comprehensive plans of authorized deposit-taking institutions for the assessment and management of loans with repayment deferrals.
ESAs Assess Risks to Financial Sector After COVID-19 Outbreak
ESAs (EBA, EIOPA, and ESMA) published the first joint report that assesses risks in the financial sector since the outbreak of the COVID-19 pandemic.
BoE Confirms Withdrawal of COVID Corporate Financing Facility
BoE and HM Treasury confirmed that the COVID Corporate Financing Facility (CCFF) will close for new purchases of commercial paper, with effect from March 23, 2021.
ESAs Launch Survey on Templates for Product Disclosures Under SFDR
ESAs launched a survey seeking feedback on the presentational aspects of product templates under the Sustainable Finance Disclosure Regulation (SFDR or Regulation 2019/2088).
ECB Proposes Integrated Reporting Framework to Reduce Burden for Banks
ECB published input of the European System of Central Banks (ESCB) into the EBA feasibility report on reducing the reporting burden for banks in EU.
EC Deems UK Framework for CCPs Temporarily Equivalent to EMIR Rules
EC adopted a decision determining, for a limited period of time, that the regulatory framework applicable to central counterparties, or CCPs, in the UK and Northern Ireland is equivalent to the requirements laid down in the European Market Infrastructure Regulation (EMIR or Regulation 648/2012).
EBA to Phase Out Guidelines on Loan Repayment Moratoria
EBA has decided to phase out the guidelines on legislative and non-legislative moratoria of loan repayments, in accordance with the earlier specified end of September deadline.
