FIA Asia responds to Singapore and Australian consultations
In July FIA Asia submitted comments to the Australian Securities and Investments Commission on proposed rules for mandatory clearing for OTC interest rate swaps. FIA Asia expressed concern about the proposal’s extraterritorial application and said the mandate should be limited to trades booked in Australia. FIA Asia also expressed strong support for regulatory recognition and equivalence determinations for foreign CCPs where possible.
FIA Asia also joined with two other trade associations, the Asia Securities Industry and Financial Markets Association and the International Swaps and Derivatives Association, in submitting a joint response to the Monetary Authority of Singapore’s consultation on intermediaries dealing in derivatives. The joint response addressed a number of specific issues such as licensing, business conduct requirements, record keeping and risk management requirements. The three associations also urged the Monetary Authority of Singapore to recognize compliance with equivalent regimes in other countries as sufficient for compliance under Singapore laws to minimize duplicative and potentially inconsistent requirements.
