The legal framework for reporting of over-the-counter (“OTC”) derivatives was revised on 1 November 2014 to introduce the following changes, which include phasing in the reporting obligation for foreign exchange OTC derivatives contracts (“FX derivatives”) and additional data fields, as well as other fine-tuning changes:

  • Banks and merchant banks will be required to report FX derivatives booked in Singapore from 1 May 2015 and FX derivatives traded in Singapore from 1 November 2015;
  • Banks and merchant banks will be required to report interest rate derivatives (“IRDs”) and credit derivatives traded in Singapore from 1 November 2015 (instead of 1 April 2015). The commencement date for the reporting obligations of all other “specified persons” with respect to IRDs and credit derivatives traded in Singapore is extended to 1 February 2016;
  • Mandating the reporting of additional data fields relating to counterparty information, transactional data, timestamp, etc. from 1 November 2015;
  • Extending the relief for reporting of counterparty information, where a person is prohibited by the law in the specified jurisdictions from reporting such information, to 1 November 2015 (instead of 1 November 2014);
  • Revising the definition of “traded in Singapore” to tie the execution of an OTC derivatives transaction to the place of employment of the trader executing it, instead of a trading desk.

The Monetary Authority of Singapore (the “MAS”) conducted a public consultation on the above proposals between 9 July 2014 and 8 August 2014. On 31 October 2014, the MAS issued its Response to the feedback received pursuant to the earlier consultation.

Reference materials

The Response is available from the MAS website www.mas.gov.sg by clicking here.