SIN MAS proposed amendments to securities and futures (reporting of derivatives contracts) regulations, aiming to facilitate the aggregation of OTC derivatives data.
Consultation
Paper sets out MAS’ proposed approach in relation to unique transaction identifier (UTI) generation and the proposed reportable data fields under the regulations.
MAS intends to adopt and implement technical guidance published by CPMI-IOSCO.
With harmonized data elements, OTC derivatives data will be of higher quality and enable MAS to better monitor systemic risks and use data for supervisory purposes.
Effectiveness
Comments should be submitted by Sep. 3, 2021.
Aug. 2021 FAQs
On Aug. 18, 2021, SIN MAS updated FAQs on reporting of derivatives contracts regulations, on significant derivatives holder and aggregate gross notional amount.
Nov. 2021 Updated FAQs
On Nov. 29, 2021, SIN MAS updated FAQs on the securities and futures (reporting of derivatives contracts) regulations, adding and revising a number of questions/answers.
Jan. 2022 Reporting FAQs
On Jan. 10, 2022, SIN MAS updated FAQs on the securities and futures (reporting of derivatives contracts) regulations, on reporting for derivatives referencing bonds.
May 2023 Consultation Response
On May 16, 2023, SIN MAS published the consultation responses to the amendments.
Said it would implement the proposals to adopt the UTI characteristics for the reporting of UTI, and that expectations will be set out in the reporting guidelines.
Will follow waterfall steps in determining UTI generating entity, and require reporting entities to make reasonable efforts to provide or obtain the UTI in a timely manner.
Will adopt requirement to report global UPI in the UPI field in the reporting guidelines.
Adopt ISO 20022 XML message format for OTC derivatives reporting, following one-phased approach aligned with major jurisdictions, to be implemented in Oct. 2024.
Feb. 2024 FAQs Update
On Feb. 15, 2024, SIN MAS updated FAQs on the Securities and futures (reporting of derivatives contracts) regulations 2013, adding and revising a number of the Q&As.
Updates are effective from Oct. 21, 2024.
May 2024 Amendment Regulations Gazetted
On May 10, 2024, SIN GVT published Securities and futures (reporting of derivatives contracts) (amendment) regulations 2024 in the subsidiary legislation supplement.
Inserted definition of old regulations, meaning Securities and futures (reporting of derivatives contracts) regulations 2013 as in force immediately before Oct. 21, 2024.
Replaced reg 7 of principal regs with new heading Information to be reported and form of report; replace reg 9 with heading Time and manner of reporting, related paras.
Added new regulations 10D and 10E, on exemption for specified persons acting as agents, and exemptions re specified derivatives contracts entered into before Oct. 21, 2024 where specified person had no reporting obligations under old regulations.
Amendment regulations come into operation on Oct. 21, 2024, except for regulation 13(a) to (e) which is deemed to have come into operation on Dec. 31, 2021.
May 10, 2024 Consolidated Regulations
On May 10, 2024, SIN MAS published details of the amendment regulations above, together with a SIN GVT consolidated version of the 2013 principal regulations.
May 31, 2024 Re-Reporting
On May 31, 2024, SIN MAS revised Guidelines to the Securities and futures (reporting of derivatives contracts) regulations 2013, on the re-reporting of derivatives contracts.
Specified persons are required to re-report details of outstanding specified derivatives contracts that have a remaining maturity of at least 6 months as at Oct. 21, 2024.
All re-reportable contracts must be reported by Apr. 21, 2025; termination of a re-reportable contract, updates or variations must be reported within 2 business days.
SIN MAS also updated corresponding FAQs; updates made to questions 2.8C, 4.8, 4.8A, 4.8B, 4.9, 4.10, 4.11, 4.12, 4.13, and section 6 on UTI and UTI generation.
Sep. 2024 FAQs, Forms
On Sep. 4, 2024, SIN MAS updated FAQs on the Securities and futures (reporting of derivatives contracts) regulations 2013 with questions relevant to the revisions above.
Also updated Form 1A - notification on becoming a significant derivatives holder and Form 1B - notification on ceasing to be a significant derivatives holder.
