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Marking the 3rd Anniversary of MAS Derivatives Reporting

by Lloyd Altman, Partner, Risk Focus

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On October 31, 2013, three years ago today,  the mandatory reporting regime for OTC derivatives contracts  in Singapore went into effect.

The mandatory reporting requirement applies to each “specified person” who is a party to a “specified derivatives contract”,  unless such specified person is exempted. A “specified person” is defined as:

  • any bank in Singapore licensed under the Banking Act
  • any subsidiary of a bank incorporated in Singapore
  • any merchant bank approved as a financial institution under the MAS Act
  • any finance company licensed under the Finance Companies Act
  • any insurer licensed under the Insurance Act
  • any holder of a capital markets services licence
  • any approved trustee
  • any “significant derivatives holder”

The reporting obligations also apply to specified persons acting as agents in a specified derivatives contract.

Three years later, a “specified derivatives contract” still refers to:

  • Interest Rate Derivatives
  • Credit Derivatives
  • FX Derivatives traded or booked in Singapore.

Although the scope of “specified derivatives contract” may be expanded to include equity and commodity derivatives contracts, the initial product coverage remains the same as it was three years ago.

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