Changes to OTC derivatives reporting regime under Securities and Futures (Reporting of Derivatives Contracts) Regulations 2013 to adopt CPMI-IOSCO technical guidance to take effect on 21 October 2024

26 June 2024

On 21 October 2024, amendments to the Securities and Futures (Reporting of Derivatives Contracts) Regulations 2013 (“SF(RDC)R”) to adopt the technical guidance published by the Committee on Payments and Market Infrastructures and the International Organization of Securities Commissions (“CPMI-IOSCO”) on the Unique Transaction Identifier (“UTI”), Unique Product Identifier (“UPI”), and critical data elements (other than the UTI and UPI) (“CDE”) for over-the-counter (“OTC”) derivatives will take effect. The technical guidance aims to facilitate the international standardisation and harmonisation of data elements reported across international OTC derivatives reporting regimes.

In advance of the implementation of the revised OTC derivatives reporting regime, MAS has published the following:

  • Securities and Futures (Reporting of Derivatives Contracts) (Amendment) Regulations 2024

The Securities and Futures (Reporting of Derivatives Contracts) (Amendment) Regulations 2024, which amend the SF(RDC)R, were gazetted on 10 May 2024. Key provisions include amendments to the data fields required to be reported under the First Schedule to the SF(RDC)R.

  • Guidelines to the Securities and Futures (Reporting of Derivatives Contracts) Regulations 2013

Published on 31 May 2024, the Guidelines to the Securities and Futures (Reporting of Derivatives Contracts) Regulations 2013 (SFA 06A-G01) provide further guidance on how to report data fields required under the revised SF(RDC)R.

  • FAQs on the Securities and Futures (Reporting of Derivatives Contracts) Regulations 2013

A revised version of the FAQs on the Securities and Futures (Reporting of Derivatives Contracts) Regulations 2013 was published on 31 May 2024. The document has been updated with relevant questions which are applicable after the commencement of the revised SF(RDC)R.

Background

On 5 July 2021, MAS published a consultation paper seeking feedback on its proposal to adopt the technical guidance published by the CPMI-IOSCO on the UTI, UPI, and CDE for OTC derivatives. MAS published its response to feedback received from the consultation on 16 May 2023. At the time, MAS said that it would commence the revised requirements under the SF(RDC)R in October 2024, being approximately six months after the commencement of the European Market Infrastructure Regulation Refit and aligning with the commencement date of the revised rules of the Australian Securities and Investments Commission.

More information on MAS’ response and the revised requirements is available in our article “MAS responds to feedback on proposed changes to OTC derivatives reporting regime under Securities and Futures (Reporting of Derivatives Contracts) Regulations 2013”.

Reference materials

The Securities and Futures (Reporting of Derivatives Contracts) (Amendment) Regulations 2024 are available on Singapore Statutes Online sso.agc.gov.sg.

The following materials are available on the MAS website www.mas.gov.sg: