On 17 September 2014, the Monetary Authority of Singapore (the “MAS”) announced that the MAS has entered into a Memorandum of Understanding (“MOU”) with the Australian Securities and Investments Commission (the “ASIC”). The ASIC is Australia’s corporate, markets and financial services regulator.
The MOU stipulates a framework for ensuring that the MAS and ASIC have appropriate access to data relating to over-the-counter (“OTC”) derivatives which has been submitted to the licensed trade repositories located in Singapore or Australia.
In Singapore, Part VIA of the Securities and Futures Act and the Securities and Futures (Reporting of Derivatives Contracts) Regulations 2013 require a “specified person” who is a party to certain prescribed derivatives contracts to report certain prescribed data to a licensed trade repository or licensed foreign trade repository.
The MAS states that the signing of the MOU is a world first for this type of arrangement and embodied the ongoing close cooperation between the ASIC and MAS on financial market issues, including the implementation of the Group of Twenty OTC derivatives reforms.
Please click here for the MAS press release on this development which is available at the MAS website at www.mas.gov.sg. The MOU is available at the ASIC website at www.asic.gov.au. To read, please click here.