On Dec. 3, UK Treasury issued rules on derivatives trading obligation.
UK Treasury announced the publication of The markets in financial instruments (equivalence) (Singapore) regulations 2024 (StIn 2024/1267), made on Dec. 2, 2024.
Overview
Sets out UK Treasury’s determination that Singapore’s regulatory regime for trading in derivatives is equivalent to UK and allows UK counterparties to fulfil derivatives trading obligation when they trade derivatives instruments on trading venues in Singapore.
Equivalence refers to legislative mechanisms from EU that allow UK Treasury to determine the regulatory and supervisory approach taken by overseas jurisdiction to that area of financial services achieves similar outcomes to UK’s approach.
Equivalence framework for financial services is a collection of individual provisions across many regulations which regulate different areas of financial services activity.
Instrument in force at the same time as commencement regs that will commence the revocation of the assimilated EU decision that this instrument replaces, Dec 2019/541.
