MAS amended the regulation that sets out reporting requirements for over-the-counter (OTC) counterparties for OTC derivatives. The amended regulation, which is titled "Securities and Futures (Reporting of Derivatives Contracts) (Amendment) Regulations 2020," became effective from February 25, 2020.
The regulation applies to OTC counterparties, those dealing in capital markets products, product financing, those providing custodial services, corporate finance advisory, licensed fund management companies, REIT management, and approved CIS trustees. Item 1 of Part I of the First Schedule to the Securities and Futures (Reporting of Derivatives Contracts) Regulations 2013 has been amended:
- by deleting the words “and is entered into before April 01, 2020” in the third column
- by deleting the words “For an uncleared contract that is not electronically confirmed and is entered into on or after April 01, 2020, the specified person must report the Unique transaction identifier (UTI) to be agreed on with the counterparty to the contract.” in the third column.
Effective Date: February 25, 2020
Keywords: Asia Pacific, Banking, Insurance, Securities, Reporting, Singapore, OTC Derivatives, Securities and Futures Regulation, MAS
The Board of Governors of the Federal Reserve System (FED) adopted the final rule on Adjustable Interest Rate (LIBOR) Act.
The European Central Bank (ECB) published an updated list of supervised entities, a report on the supervision of less significant institutions (LSIs), a statement on macro-prudential policy.
The Hong Kong Monetary Authority (HKMA) published a circular on the prudential treatment of crypto-asset exposures, an update on the status of transition to new interest rate benchmarks.
The European Commission (EC) adopted the standards addressing supervisory reporting of risk concentrations and intra-group transactions, benchmarking of internal approaches, and authorization of credit institutions.
The China Banking and Insurance Regulatory Commission (CBIRC) issued rules to manage the risk of off-balance sheet business of commercial banks and rules on corporate governance of financial institutions.
The Hong Kong Monetary Authority (HKMA) made announcements to address sustainability issues in the financial sector.
The European Banking Authority (EBA) published regulatory standards on identification of a group of connected clients (GCC) as well as updated the lists of identified financial conglomerates.
The General Board of the European Systemic Risk Board (ESRB), at its December meeting, issued an updated risk assessment via the quarterly risk dashboard and held discussions on key policy priorities to address the systemic risks in the European Union.
The Financial Conduct Authority (FCA) is seeking comments, until December 21, 2022, on the draft guidance for firms to support existing mortgage borrowers.
The Financial Stability Board (FSB) published a report that assesses progress on the transition from the Interbank Offered Rates, or IBORs, to overnight risk-free rates as well as a report that assesses global trends in the non-bank financial intermediation (NBFI) sector.