With effect from 1 July 2014, the following persons are exempted from the reporting obligations forover-the-counter (“OTC”) derivatives prescribed under the Securities and Futures Act (the “SFA”):

  • a licensed fund manager or real estate investment trust manager if the total value of its managed assets does not exceed S$8 billion (the “exempted Manager”); and
  • a trustee who is approved under the SFA to act as a trustee for authorised collective investment schemes (the “CIS”) that are constituted as unit trusts, in respect of OTC derivatives that it enters into in its capacity as a trustee of a CIS that is managed by:
    • the exempted Manager;
    • a registered fund management company; or
    • a person (being not a “specified person” defined in the SFA) who carries on the business of fund management.

By way of background, Part VIA of the SFA and the Securities and Futures (Reporting of Derivatives Contracts) Regulations 2013 provide that a “specified person” who is a party to an interest rate derivatives (“IRD”) or credit derivatives contract booked or traded in Singapore must report certain prescribed information to a licensed trade repository or licensed foreign trade repository.

Reference material

Further details relating to these exemptions are set out in the Securities and Futures (Reporting of Derivatives Contracts) (Exemption) Regulations 2014 that are available from the Singapore Statutes Online website http://statutes.agc.gov.sg by clicking here.