Tuesday, July 8, 2014

Securities and Futures (Reporting of Derivatives Contracts) (Exemptions) Regulations 2014

Under the Securities and Futures Act and the Securities and Futures (Reporting of Derivatives Contracts) Regulations 2013, banks, finance companies, insurers, holders of a capital markets services (‘CMS’) licence, and approved trustees must report specified information on specified derivatives contracts, currently interest rate derivatives contracts and credit derivatives contracts, that are booked or traded in Singapore to a licensed trade repository within two business days after the execution, termination or a change in the specified data.

The Monetary Authority of Singapore (‘MAS’) has just exempted the following types of entities from such reporting in the Securities and Futures (Reporting of Derivatives Contracts) (Exemptions) Regulations:
  • Licensed fund management companies (‘LFMCs’) whose assets under management do not exceed SGD 8bn; and
  • Trustees of collective investment schemes (‘CIS’) managed by a LFMC exempt from derivatives reporting, by a registered fund management company (‘RFMC’) or by a person who is not subject to the derivatives reporting obligation.
These exemptions entered into effect on 1 July 2014. For more information, please read our regulatory update on the Securities and Futures (Reporting of Derivatives Contracts) (Exemptions) Regulations 2014.

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