MAS (Singapore) Reporting

What is MAS Reporting?

MAS Reporting is the term given to the requirement by the Monetary Authority of Singapore for certain firms to report details of their derivatives transactions to a trade repository. This requirement was enacted in the “Securities and Futures Act (Reporting of Derivatives Contracts) Regulation”, 2013.

Timelines

The initial implementation has now been phased in for all counterparties. A consultation paper was published in January 2016, detailing proposals to increase the scope of reporting firms, asset classes, and data to be reported.

Who is affected by this regulation?

Currently, only “significant derivatives holders” have to report their derivative trades. If a firm satisfies any one of the following criteria, then it is considered a significant derivatives holder:

  1. The firm is a “specified person” as per section 124 of the Securities and Futures Act (this mostly comprises Singaporean banks and their subsidiaries, insurers and other financial companies).
  2. The firm is resident in Singapore, and books trades in Singapore equal or greater than USD8bn in aggregate gross notional per year.
  3. The firm is resident in Singapore, and executes trades in Singapore equal or greater than USD8bn in aggregate gross notional per year.

The reporting obligation is double-sided – if either counterparty to a trade that is in scope has a reporting obligation, they must report the transaction.

Which trades need to be reported?

Only OTC derivatives traded or booked in Singapore from the following asset classes need to be reported:

  • Credit (only those traded in Singapore for those who aren’t specified persons)
  • FX (although not for firms who aren’t specified persons)
  • Rates (only those traded in Singapore for those who aren’t specified persons)

Commodities and equities have been proposed to be added to the list of reportable asset classes, but it is unknown when these changes (proposed in a consultation paper on 18th January 2016) will enter into effect.

When is the deadline for reporting?

T+2, two business days after the trade is executed.

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