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Singapore Derivative Trade Reporting (MAS)

Overview of Singapore Reporting (MAS)

The regulation of over-the-counter (OTC) derivatives in Singapore is primarily governed by the Monetary Authority of Singapore (MAS) under the Securities and Futures Act (SFA) and related regulations.

  • Securities and Futures Act (Chapter 289).
  • Securities and Futures (Reporting of Derivatives Contracts) Regulations 2013 and subsequent amendments.
  • MAS Notices, such as SFA 07-G31 and FAA-N02, providing specific reporting requirements and guidance.
  • Banks licensed under the Banking Act.
  • Merchant banks approved under the Merchant Banking Act.
  • Finance companies licensed under the Finance Companies Act.
  • Insurers licensed under the Insurance Act.
  • Capital markets services (CMS) license holders undertaking specific regulated activities.
  • Central Counterparties (CCPs) and Recognised Market Operators (RMOs).
  • Other entities as specified by MAS based on certain thresholds of OTC derivative transactions.

If you’re unsure if your entity is subject to these requirements, contact us for a consultation.

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MAS regulations cover a range of OTC derivatives, including interest rate, foreign exchange, credit, equity, and commodity derivatives. Certain exemptions may apply based on the type of counterparty or the specific characteristics of the derivative contract.

Transactions and Participants

MAS requires the reporting of all derivative contracts (OTC and exchange-traded) where at least one counterparty is a reporting entity in Singapore.

This includes details of the counterparties, the terms of the contract, and any collateral posted.

Reporting can be single-sided (where one counterparty is responsible for reporting the entire transaction) or dual-sided, depending on the type of counterparties involved.

Let us help you understand if the dual-sided or delegated reporting model is right for your business

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Reporting Deadlines

The reporting deadline under MAS regulations is generally T+1 business day following the trade date for most derivative contracts.

Reporting Format and Submission Method

Reports must be submitted electronically to a trade repository (TR) licensed or recognised by MAS.

The reporting format and data fields are specified in MAS Notices and follow international standards where applicable.

Identifiers
  • UTI: each transaction must have a Unique Transaction Identifier (UTI) agreed upon by the counterparties.
  • LEI: counterparties are identified using a Legal Entity Identifier (LEI).
  • UPI: a Unique Product Identifier (UPI) may be required for derivative classification, aligning with global standards.

MAS periodically reviews and updates its regulations on derivative trade reporting to align with international standards and address evolving market practices. Reporting entities need to stay informed of any amendments or new requirements issued by MAS.

Contact us to understand how these changes will affect your specific reporting obligations.

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Key Challenges in MAS Reporting

  • Data Accuracy and Completeness – Ensuring all required data fields are accurately reported within the stipulated timeframe.
  • Understanding the Specific Reporting Obligations for Different Entity Types under MAS Regulations.
  • Connecting to and Submitting Reports to MAS-Licensed Trade Repositories.
  • Keeping Up-to-Date with MAS Notices and Regulatory Amendments.
  • Ensuring the Correct Use of UTIs and LEIs.

How We Help You Stay Compliant with MAS Regulations

Expert MAS Regulatory Guidance

Our specialists provide comprehensive analysis of your derivative reporting obligations under MAS regulations.

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Data Mapping and Validation

We assist with mapping your transaction data to the required MAS reporting fields and implementing robust validation processes.

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Connectivity to MAS-Licensed Trade Repositories

We can help establish and manage secure connections to relevant trade repositories.

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Delegated Reporting Services

We offer efficient and reliable delegated reporting services to manage your MAS reporting requirements.

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Regulatory Updates and Training

We provide timely updates on MAS regulatory changes and offer tailored training programs for your team.

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Need Compliance Support for MAS Reporting?

Our experienced team is ready to help you navigate the intricacies of MAS derivative trade reporting and ensure accurate and timely compliance. Contact us for a consultation today.

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Useful resources and updates

Official MAS website – https://www.mas.gov.sg/
Securities and Futures Act (Chapter 289) – Available on Singapore Statutes Online.
MAS Notices and Guidelines on Derivatives Reporting – Available on MAS website.
List of MAS-Licensed Trade Repositories – Available on MAS website.
ISO 20022 – https://www.iso20022.org/
Industry Associations – Provide updates and insights on MAS regulations.
Our blog – create the output of posts tagged #MAS (and create such tag)