On 5 June 2017 and 30 June 2017, FIA submitted responses (jointly with ISDA and ASIFMA) to the Monetary Authority of Singapore regarding proposed amendments to Regulations under the Securities and Futures Act. The proposed changes were outlined in two different consultation papers and will implement OTC derivatives regulatory reform in Singapore. A number of areas were addressed in the consultation papers including:
- Changes to product definition under the Securities and Futures Act
- Applying the markets regime to OTC derivatives
- Extending the capital markets licensing regime to OTC derivatives and introduce exemptions (including proposing an exemption for remote clearing members clearing OTC derivatives on Singapore based CCPs)
- Introducing regulations for benchmark administrators and submitters
The joint responses are available below.