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 under the Securities and Futures (Reporting of Derivatives Contracts) Regulations 2013.
Major rule changes are being implemented in October 2024, known as MAS Rewrite.
MAS requires only certain over-the-counter (OTC) derivative contracts to be reported. Exchange-traded derivatives contracts including futures contracts and block futures contracts are not in the scope of the regime and therefore, they don’t need to be reported.
TRAction has summarised which OTC SDCs are to be included and excluded in your MAS trade reports in the table below:
Please refer to section 2 of the Regulations for detailed definitions of these five types of reportable derivatives.
The following entities are required to report subject to exemptions:
This is covered at Section 124 of the Act and Section 6 of the Regulations,
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:
All MAS OTC derivative trades are to be reported to a designated TR regulated under MAS. As it stands, DTCC is the only regulated TR for Singapore MAS trade reporting. Reporting entities are required to report the trade information described below within two (2) business days (T+2).
With similar to changes in other jurisdictions, MAS Rewrite aims to align their standards with the wider APAC region and to increase transparency. Continuing with global harmonisation, MAS has decided to adopt the ISO 20022 XML message format, and will follow in the footsteps of other jurisdictions by tackling this with a single-phase rollout.
MAS have released their updated guidelines for regulatory reporting and outlined the final rules that will come into effect on 21 October 2024.
Yes. There are a number of changes to field such as UTI, UPI, Collateral, FX Swap Link ID and Package Identifier, to name a few.
The MAS OTC Derivative Reporting Final Phase is in force. As a result, TRAction expanded its reporting services to support clients reporting under the MAS regime with our end-to-end delegated reporting solution. Read more.
As the scope of MAS OTC Derivatives reporting increases, so too, can the difficulty of keeping on top of your reporting obligations. We recommend you consider maximising the effectiveness of your team by using specialist regtech companies such as TRAction. Read more.
With the final phase of the MAS OTC Derivative Reporting Regulations now in force, our team has found that some firms are unaware they are captured under the regime. This is why we’ve developed the MAS Assessment Tool. Read more.