Singaporean Trade Reporting Requirements
The Monetary Authority of Singapore (“MAS”) requires parties to a Specified Derivative Contract (SDC) to report to a licensed trade repository or licensed foreign trade repository.
ONLY over-the-counter (OTC) derivative contracts are reportable under the MAS regime. Exchange-traded derivatives contracts, including futures contracts and block futures contracts, are not in the scope of the regime and therefore don’t need to be reported.
As defined in section 5 of the Regulations, the following OTC derivatives are required to be reported when traded or booked in Singapore:
From 1 October 2019
From 1 October 2021 (postponed for 1 year from 1 October 2020 due to Covid-19)
All the above 5 types of OTC derivatives contracts have the following common exclusions respectively:
Particularly, foreign exchange derivatives also does not include:
Please refer to section 2 of the Regulations for detailed definitions of these 5 derivatives.
Who are Significant derivatives holders?
The Regulations provide some exemptions for the following entities from the reporting obligations:
What is the SGD 5 billion threshold?
This threshold is only applicable if the counterparty to the relevant SDCs is an accredited investor or institutional investor (i.e. not a retail investor). The CMSL holder’s aggregate gross notional amount of the SDCs to which it is a party or which it executes or causes to be executed as an agent of a party to the contract for the year ending on the last day of a quarter, does not exceed SGD 5 billion for:
The reporting entities are required to report the trade information described below within two (2) business days (T+2).
Depending on the class of SDCs, the reporting details required are different. The following are the reporting information fields required for all classes of SDCs:
The reporting obligations are set out in Securities and Futures Act (Chapter 289) (“the Act”) and Securities and Futures Act (Chapter 289) and Securities and Futures (Reporting of Derivatives Contracts) Regulations 2013 (“the Regulations”).
If you would like to discuss how the MAS reporting requirements affect you and how you can benefit from our delegated reporting services, please contact us.
Australian entities dealing in OTC Derivatives are required to report transactions to the Australian Securities and Investments Commission. ASIC’s Derivative Transaction Rules provide a framework for the regulation of OTC derivatives reporting, clearing and trade execution.
The Hong Kong Monetary Authority (HKMA) requires specified OTC derivative transactions to be reported to HKTR. HKMA reporting obligations in relation to retail OTC Derivatives will come into effect from 1 July 2017. Read More