January 02, 2019

MAS amended the regulation on reporting of derivatives contracts and updated the associated frequently asked questions (FAQs). The amended regulation, which is titled "Securities and Futures (Reporting of Derivatives Contracts) (Amendment No. 2) Regulations 2018," became effective from January 01, 2019. The FAQs are intended to aid implementation of the reporting obligations and elaborate on the intent of MAS for the requirements set out under the Securities and Futures (Reporting of Derivatives Contracts) Regulations 2013.

The following amendments have been made to the Securities and Futures (Reporting of Derivatives Contracts) Regulations 2013:

  • Regulation 9 has been amended by deleting the words “regulation 11” in paragraphs (1), (2), (3), and (4) and substituting in each case the words “regulation 11, 11A, 11B or 11C”.
  • Regulation 11 has been deleted and substituted with a new Part IIA on “Deferred Reporting of Counterparty Information”
  • First Schedule has been amended by deleting the words “Regulation 11(1), (2) and (4)” in the Schedule reference and substituting the words “Regulations 11(1)(b), (2), (4)(b) and (5), 11A(1)(b) and (2), 11B(2) and (4) and 11C(1)(b), (2), (4)(b) and (5)”
  • Fifth Schedule has been amended by deleting the Schedule reference and substituting the reference “Regulations 11A(1)(b), 11B(4), and 11C(1)(b) and (4)(b)”

Part VIA of the Securities and Futures Act sets out the regulatory framework for reporting of over-the-counter (OTC) derivatives contracts, with the detailed requirements in the Securities and Futures (Reporting of Derivatives Contracts) Regulations 2013 (SF(RDC)R). Financial institutions and other persons with significant derivatives activities may be subject to reporting obligations. Specified derivatives contracts that are traded in Singapore and/or booked in Singapore are in scope of the reporting obligations. Under the reporting obligations, the prescribed information must be reported to a licensed trade repository or licensed foreign trade repository, within two business days of the execution of the specified derivatives contracts.

 

Effective Date: January 01, 2019

Keywords: Asia Pacific, Singapore, Securities, Reporting, Securities and Futures Regulations, OTC Derivatives, MAS

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