EC and MAS Adopt Equivalence Decision for Derivative Trading Venues

By Regulatory News

April 02, 2019

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.

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Effective Date: April 03, 2019

Keywords: Europe, Asia Pacific, EU, Singapore, Banking, Securities, MiFIR, Decision 2019/541, Trading Venues, OTC Derivatives, Equivalence, MAS, EC

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