Securities and Futures (Reporting of Derivatives Contracts) (Amendment) Regulations 2018

No. S 153

Securities and Futures Act

(CHAPTER 289)

Securities and Futures
(Reporting of Derivatives Contracts)
(Amendment) Regulations 2018

In exercise of the powers conferred by sections 129, 129A, 337(1) and 341 of the Securities and Futures Act, the Monetary Authority of Singapore makes the following Regulations:

Citation and commencement

1. These Regulations are the Securities and Futures (Reporting of Derivatives Contracts) (Amendment) Regulations 2018 and come into operation on 1 April 2018.

Amendment of regulation 2

2. Regulation 2(1) of the Securities and Futures (Reporting of Derivatives Contracts) Regulations 2013 (G.N. No. S 668/2013) (called in these Regulations the principal Regulations) is amended —

(a)

by deleting the definition of “booked in Singapore” and substituting the following definition:

“ “booked in Singapore”, in relation to a derivatives contract, means the entry of the derivatives contract on the balance sheet or the profit and loss accounts of a person where —

(a)	the person is a party to the derivatives contract;
(b)	the person’s place of business is in Singapore; and
(c)	the balance sheet or the profit and loss accounts relates to the person’s business in Singapore;”;

(b)

by deleting the definition of “credit derivatives contract” and substituting the following definitions:

“ “commodity derivatives contract” means a derivatives contract the value of which is determined (whether directly or indirectly, or whether wholly or in part) by reference to, is derived from, or varies by reference to, either of the following:

(a)	the value or amount of one or more commodities;
(b)	fluctuations in the values or amounts of one or more commodities,

but does not include any of the following:

(i)

a debenture;

(ii)

an exchange‑traded derivatives contract;

(iii)

a unit in a collective investment scheme;

(iv)

a derivatives contract with all of the following characteristics:

(A)	the contract is for the sale and purchase of one or more commodities (called in this definition underlying commodities) for the purpose of fulfilling the needs of the day‑to‑day operations of the business of one or more of the parties to the contract, whether or not the contract contains a settlement option;
(B)	subject to any settlement option that may be agreed amongst the parties to the contract, the seller of the underlying commodities is required to deliver the underlying commodities;
(C)	subject to any settlement option that may be agreed amongst the parties to the contract, the buyer of the underlying commodities is required to take delivery of the underlying commodities;

“credit derivatives contract” means a derivatives contract the value of which is determined (whether directly or indirectly, or whether wholly or in part) by reference to, is derived from, or varies by reference to, either of the following:

(a)	the value of a credit instrument or a credit‑linked instrument;
(b)	fluctuations in the value of a credit instrument or a credit‑linked instrument,

but does not include a debenture, an exchange‑traded derivatives contract or a unit in a collective investment scheme;

“equity derivatives contract” means a derivatives contract the value of which is determined (whether directly or indirectly, or whether wholly or in part) by reference to, is derived from, or varies by reference to, either of the following:

(a)

the value of any of the following:

(i)	any stock or share;
(ii)	a group of stocks or shares;
(iii)	an index of any stocks or shares;
(iv)	a unit in a business trust;
(v)	a unit in a collective investment scheme;

(b)

fluctuations in the value of any item mentioned in paragraph (a)(i) to (v),

but does not include a debenture, an exchange‑traded derivatives contract or a unit in a collective investment scheme;

“exchange‑traded derivatives contract” means a derivatives contract —

(a)

that is executed on an organised market and is or will be cleared or settled by a clearing facility under an arrangement, process, mechanism or service by which the parties to the derivatives contract substitute or will substitute, through novation or otherwise, the credit of the clearing facility for the credit of the parties to the derivatives contract; and

(b)

the contractual terms (other than price) of which —

(i)	are in the same form as the contractual terms of other derivatives contracts of the same type that are executed on the organised market on which the derivatives contract is executed; and
(ii)	conform to a standard that is provided under the business rules or practices of the organised market on which the derivatives contract is executed,

but does not include any contract under which every contractual term can be negotiated;”;

(c)

by deleting the definitions of “foreign exchange derivatives contract” and “interest rate derivatives contract” and substituting the following definitions:

“ “foreign exchange derivatives contract” means a derivatives contract the value of which is determined (whether directly or indirectly, or whether wholly or in part) by reference to, is derived from, or varies by reference to, either of the following:

(a)	the value of one or more currencies or currency indices;
(b)	fluctuations in the value of one or more currencies or currency indices,

but does not include a debenture, an excluded currency contract, an exchange‑traded derivatives contract or a unit in a collective investment scheme;

“interest rate derivatives contract” means a derivatives contract the value of which is determined (whether directly or indirectly, or whether wholly or in part) by reference to, is derived from, or varies by reference to, either of the following:

(a)	the value of an interest‑bearing financial instrument or an interest rate contract (such as an option on an interest rate futures contract), or interest rates;
(b)	fluctuations in the value of an interest‑bearing financial instrument or an interest rate contract (such as an option on an interest rate futures contract), or interest rates,

but does not include a debenture, an exchange‑traded derivatives contract or a unit in a collective investment scheme;

“managed assets”, in relation to a holder of a capital markets services licence who is licensed to carry on the business of fund management or real estate investment trust management, means all or any of the following:

(a)

moneys and assets which are —

(i)	contracted by a customer to the holder;
(ii)	drawn down by the holder from a customer’s account; or
(iii)	the subject matter of a contract for fund management or real estate investment trust management by the holder for a customer, where the customer has granted a discretionary authority to the holder;

(b)

moneys and assets which are —

(i)	contracted by a customer to the holder; and
(ii)	the subject matter of a contract for fund management or real estate investment trust management by the holder for a customer, where the customer has granted a non‑discretionary authority to the holder;

(c)

moneys and assets that are under an arrangement under which —

(i)	the moneys and assets are contracted by a customer to the holder; and
(ii)	the holder subcontracts the money and assets to another party such that the money and assets are the subject matter of a contract for fund management or real estate investment trust management by the party for the customer, whether or not the customer has granted a discretionary authority to the holder;”;

(d)

by inserting, immediately after the definition of “place of business”, the following definition:

“ “quarter” means a period of 3 months beginning on 1 January, 1 April, 1 July or 1 October of any year;”; and

(e)

by inserting, immediately after the definition of “resident in Singapore”, the following definition:

“ “settlement option”, in relation to a derivatives contract that is a contract for the sale and purchase of one or more commodities, means an option under which the parties to the contract may settle part or all of the amounts owing by one party to the other party by payment of cash instead of delivery of the commodity or commodities, as the case may be;”.

Amendment of regulation 5

3. Regulation 5 of the principal Regulations is amended by deleting the full‑stop at the end of paragraph (c) and substituting a semi‑colon, and by inserting immediately thereafter the following paragraphs:

“(d)	any commodity derivatives contract which is traded in Singapore or booked in Singapore;
(e)	any equity derivatives contract which is traded in Singapore or booked in Singapore.”.

Amendment of regulation 6

4. Regulation 6 of the principal Regulations is amended —

(a)

by deleting paragraph (2) and substituting the following paragraphs:

“(2) Subject to paragraph (2A), if a person satisfies all of the following requirements on the last day of any quarter, the person becomes a significant derivatives holder on the first day of the second quarter immediately following that quarter (called in this regulation the relevant day):

(a)

the person is not a specified person by virtue of any of paragraphs (a) to (g) of the definition of “specified person” in section 124 of the Act;

(b)

the person is resident in Singapore;

(c)

either or both of the following apply to the person:

(i)	the aggregate gross notional amount of the specified derivatives contracts to which the person is a party and which are booked in Singapore, for the year ending on the last day of the firstmentioned quarter, exceeds the reporting threshold amount;
(ii)	the aggregate gross notional amount of the specified derivatives contract to which the person is a party and which are traded in Singapore, for the year ending on the last day of the firstmentioned quarter, exceeds the reporting threshold amount.

(2A) Paragraph (2) does not apply to a person if before the relevant day —

(a)	paragraph (3)(a) or (b) occurs; or
(b)	paragraph (3)(c) applies to the person.”;

(b)

by deleting sub‑paragraphs (i) and (ii) of paragraph (3)(c) and substituting the following sub‑paragraphs:

“(i)

the aggregate gross notional amount of the specified derivatives contracts to which the person is a party and which are booked in Singapore, for the year ending on the last day of a quarter, does not exceed the reporting threshold amount —

(A)	for that quarter; and
(B)	for each of the 3 consecutive quarters immediately preceding that quarter;

(ii)

the aggregate gross notional amount of the specified derivatives contracts to which the person is a party and which are traded in Singapore, for the year ending on the last day of a quarter, does not exceed the reporting threshold amount —

(A)	for that quarter; and
(B)	for each of the 3 consecutive quarters immediately preceding that quarter.”;

(c)

by deleting the words “, for the year ending on the last day of any quarter, of the specified derivatives contracts to which a person is a party and which are booked in Singapore or traded in Singapore” in paragraph (4)(a) and substituting the words “of the specified derivatives contracts to which a person is a party and which are booked in Singapore or traded in Singapore, for the year ending on the last day of any quarter”;

(d)

by deleting the words “, for any quarter, of the specified derivatives contracts to which a person is a party and which are booked in Singapore or traded in Singapore” in paragraph (4)(b) and substituting the words “of the specified derivatives contracts to which a person is a party and which are booked in Singapore or traded in Singapore, for any quarter”;

(e)

by deleting the words “in a case” in paragraph (4A)(a);

(f)

by deleting the word “and” at the end of paragraph (4A)(a);

(g)

by deleting sub‑paragraph (b) of paragraph (4A) and substituting the following sub‑paragraphs:

“(b)

where the last day of the quarter in question is on or after 1 November 2015 but before 1 April 2019, all of the following:

(i)	interest rate derivatives contracts traded in Singapore;
(ii)	credit derivatives contracts traded in Singapore;
(iii)	commodity derivatives contracts traded in or booked in Singapore;
(iv)	equity derivatives contracts traded in or booked in Singapore;
(v)	foreign exchange derivatives contracts traded in or booked in Singapore; and

(c)

where the last day of the quarter in question is on or after 1 April 2019 but before 1 April 2020, all of the following:

(i)	commodity derivatives contracts traded in or booked in Singapore;
(ii)	equity derivatives contracts traded in or booked in Singapore;
(iii)	foreign exchange derivatives contracts traded in or booked in Singapore.”; and

(h)

by deleting paragraph (6).

Amendment of regulation 7

5. Regulation 7 of the principal Regulations is amended —

(a)	by deleting “, (f)” in paragraph (2); and
(b)	by deleting the words “item 1 or 2 of” in paragraphs (2)(a) and (3)(a).

Amendment of regulation 10

6. Regulation 10 of the principal Regulations is amended by inserting, immediately after paragraph (2), the following paragraphs:

“(2A) A specified person who —

(a)	is a party to a specified derivatives contract; or
(b)	enters into a specified derivatives contract as an agent of a party to the contract,

is exempt from section 125 of the Act in respect of the specified derivatives contract, if the specified person is any of the persons mentioned in paragraph (2B).

(2B) For the purpose of paragraph (2A), the persons are —

(a)

any of the following persons who, as at the date on which the specified derivatives contract is entered into, has carried on its business or operations for less than 4 consecutive quarters after the date on which such business or operations commenced:

(i)	a subsidiary of a bank incorporated in Singapore;
(ii)	an insurer licensed under the Insurance Act (Cap. 142);
(iii)	a holder of a capital markets services licence;

(b)

an approved trustee mentioned in section 289 of the Act; and

(c)

a trust company licensed under the Trust Companies Act (Cap. 336) that entered into the specified derivatives contract as a trustee.”.

New regulations 10A, 10B and 10C

7. The principal Regulations are amended by inserting, immediately after regulation 10, the following regulations:

“Exemption for holder of capital markets services licence

10A.—(1) A holder of a capital markets services licence is exempt from reporting under regulation 9(1) and (2) the matters in items 1, 1A, 1B and 3 of the first column of the Table in Part I of the Third Schedule on a relevant specified derivatives contract if the condition in paragraph (4) is satisfied —

(a)	where the holder is a specified person on the applicable reporting commencement date, on the first business day after that date; or
(b)	where the holder becomes a specified person after the applicable reporting commencement date, on the first business day after the date on which the holder becomes a specified person.

(2) A holder of a capital markets services licence is exempt from reporting under regulation 9(1) and (2) the matters in items 2 and 3 of the first column of the Table in Part I of the Third Schedule on a relevant specified derivatives contract if the condition in paragraph (4) is satisfied on the first business day after the execution of the relevant specified derivatives contract.

(3) A holder of a capital markets services licence who is not exempt under paragraph (1) or (2) in respect of a relevant specified derivatives contract is —

(a)	exempt from reporting under regulation 9(1) and (2) the matter in item 1A, 1B or 2 of the first column of the Table in Part I of the Third Schedule (whichever is applicable) on the termination of the relevant specified derivatives contracts if the condition in paragraph (4) is satisfied on the first business day after the termination of the relevant specified derivatives contract; and
(b)	exempt from reporting under regulation 9(1) and (2) the matter in item 3 of the first column of the Table in Part I of the Third Schedule on the relevant specified derivatives contract if the condition in paragraph (4) is satisfied on the first business day after the amendment, modification, variation or change mentioned in that item occurs.

(4) For the purpose of paragraphs (1), (2) and (3), the condition is —

(a)

the counterparty to the relevant specified derivatives contract is not an accredited investor or an institutional investor; or

(b)

where the counterparty to the relevant specified derivatives contract is an accredited investor or institutional investor, the holder’s aggregate gross notional amount of the specified derivatives contracts to which the holder is a party, which are booked in Singapore or traded in Singapore, and which are entered into with counterparties who are accredited investors or institutional investors, for the year ending on the last day of a quarter, does not exceed $5 billion —

(i)	for the most recent completed quarter; and
(ii)	for each of the 3 consecutive quarters immediately preceding that quarter.

(5) For the purpose of paragraph (4) —

(a)

the reference to the holder’s aggregate gross notional amount of the specified derivatives contracts to which the holder is a party, which are booked in Singapore or traded in Singapore, and which are entered into with counterparties who are accredited investors or institutional investors, for the year ending on the last day of a quarter, has the same meaning as in regulation 6(4)(a) except that —

(i)	any reference to person in that provision is a reference to the holder; and
(ii)	the reference to specified derivatives contracts to which a person is a party and which are booked in Singapore or traded in Singapore in that provision is a reference to specified derivatives contracts to which the holder is a party, which are booked in Singapore or traded in Singapore, and which are entered into with counterparties who are accredited investors or institutional investors; and

(b)

the gross notional amount of the specified derivatives contracts to which the holder is a party, which are booked in Singapore or traded in Singapore, and which are entered into with counterparties who are accredited investors or institutional investors, for any quarter, has the same meaning as in regulation 6(4)(b) except that —

(i)	any reference to person in that provision is a reference to the holder; and
(ii)	the reference to specified derivatives contracts to which a person is a party and which are booked in Singapore or traded in Singapore in that provision is a reference to specified derivatives contracts to which the holder is a party, which are booked in Singapore or traded in Singapore, and which are entered into with counterparties who are accredited investors or institutional investors.

(6) In this regulation, “relevant specified derivatives contract”, in relation to a holder of a capital markets services licence, means a specified derivatives contract —

(a)	to which the holder is a party; or
(b)	to which the holder has entered into as an agent of a party to the contract.

Exemption for holder of capital markets services licence licensed to carry on business of fund management or real estate investment trust management

10B.—(1) A holder of a capital markets services licence licensed to carry on the business of fund management or real estate investment trust management is exempt from reporting under regulation 9(1) and (2) the matters mentioned in items 1, 1A, 1B and 3 of the first column of the Table in Part I of the Third Schedule on a relevant specified derivatives contract if the condition in paragraph (4) is satisfied —

(a)	where the holder is a specified person on the applicable reporting commencement date, on the first business day after that date; or
(b)	where the holder becomes a specified person after the applicable reporting commencement date, on the first business day after the date on which the holder becomes a specified person.

(2) A holder of a capital markets services licence licensed to carry on the business of fund management or real estate investment trust management is exempt from reporting under regulation 9(1) and (2) the matters in items 2 and 3 of the first column of the Table in Part I of the Third Schedule on a relevant specified derivatives contract if the condition in paragraph (4) is satisfied on the first business day after the execution of the relevant specified derivatives contract.

(3) A holder of a capital markets services licence licensed to carry on the business of fund management or real estate investment trust management who is not exempt under paragraph (1) or (2) in respect of a relevant specified derivatives contract is —

(a)	exempt from reporting under regulation 9(1) and (2) the matter in item 1A, 1B or 2 of the first column of the Table in Part I of the Third Schedule on the termination of the relevant specified derivatives contracts if the condition in paragraph (4) is satisfied on the first business day after the termination of the relevant specified derivatives contract; and
(b)	exempt from reporting under regulation 9(1) and (2) the matter in item 3 of the first column of the Table in Part I of the Third Schedule on the relevant specified derivatives contract if the condition in paragraph (4) is satisfied on the first business day after the amendment, modification, variation or change mentioned in that item occurs.

(4) For the purpose of paragraphs (1), (2) and (3), the condition is —

(a)	the total value of the holder’s managed assets at the end of its most recent completed financial year does not exceed $8 billion; or
(b)	where the holder has held a capital markets services licence for a period of less than a financial year, the total value of the holder’s managed assets, as reflected in its most recent available accounts does not exceed $8 billion.

(5) In this regulation, “relevant specified derivatives contract”, in relation to a holder of a capital markets services licence licensed to carry on the business of fund management or real estate investment trust management, means a specified derivatives contract —

(a)	to which the holder is a party; or
(b)	to which the holder has entered into as an agent of a party to the contract.

Exemption for subsidiary of bank incorporated in Singapore, or insurer licensed under Insurance Act

10C.—(1) A subsidiary of a bank incorporated in Singapore, or an insurer licensed under the Insurance Act (Cap. 142), is exempt from reporting under regulation 9(1) and (2) the matters in items 1, 1A, 1B and 3 of the first column of the Table in Part I of the Third Schedule on a relevant specified derivatives contract if the condition in paragraph (4) is satisfied —

(a)	where the subsidiary of a bank or the insurer (as the case may be) is a specified person on the applicable reporting commencement date, on the first business day after that date; or
(b)	where the subsidiary of a bank or the insurer (as the case may be) becomes a specified person after the applicable reporting commencement date, on the first business day after the date on which the subsidiary of a bank, or insurer (as the case may be) becomes a specified person.

(2) A subsidiary of a bank incorporated in Singapore, or an insurer licensed under the Insurance Act, is exempt from reporting under regulation 9(1) and (2) the matters in items 2 and 3 of the first column of the Table in Part I of the Third Schedule on a relevant specified derivatives contract if the condition in paragraph (4) is satisfied on the first business day after the execution of the relevant specified derivatives contract.

(3) A subsidiary of a bank incorporated in Singapore, or an insurer licensed under the Insurance Act, which is not exempt under paragraph (1) or (2) in respect of a relevant specified derivatives contract is —

(a)	exempt from reporting under regulation 9(1) and (2) the matter in item 1A, 1B or 2 of the first column of the Table in Part I of the Third Schedule on the termination of the relevant specified derivatives contracts if the condition in paragraph (4) is satisfied on the first business day after the termination of the relevant specified derivatives contract; and
(b)	exempt from reporting under regulation 9(1) and (2) the matter in item 3 of the first column of the Table in Part I of the Third Schedule on the relevant specified derivatives contract if the condition in paragraph (4) is satisfied on the first business day after the amendment, modification, variation or change mentioned in that item occurs.

(4) For the purposes of paragraphs (1), (2) and (3), the condition is the aggregate gross notional amount of the specified derivatives contracts to which the subsidiary of a bank or the insurer (as the case may be) is a party and which are booked in Singapore or traded in Singapore, for the year ending on the last day of a quarter, does not exceed $5 billion —

(a)	for the most recent completed quarter; and
(b)	for each of the 3 consecutive quarters immediately preceding that quarter.

(5) For the purpose of paragraph (4) —

(a)

the reference to the aggregate gross notional amount of the specified derivatives contracts to which the subsidiary of a bank or the insurer (as the case may be) is a party and which are booked in Singapore or traded in Singapore, for the year ending on the last day of a quarter, has the same meaning as in regulation 6(4)(a), except that any reference to person in that provision is a reference to the subsidiary of a bank or the insurer, as the case may be; and

(b)

the gross notional amount of the specified derivatives contracts to which the subsidiary of a bank, or the insurer (as the case may be) is a party and which are booked in Singapore or traded in Singapore, for any quarter, has the same meaning as in regulation 6(4)(b), except that any reference to person in that provision is a reference to the subsidiary of a bank or the insurer, as the case may be.

(6) In this regulation, “relevant specified derivatives contract”, in relation to a subsidiary of a bank incorporated in Singapore, or an insurer licensed under the Insurance Act, means a specified derivatives contract —

(a)	to which the subsidiary of a bank or the insurer (as the case may be) is a party; or
(b)	to which the subsidiary of a bank or the insurer (as the case may be) has entered into as an agent of a party to the contract.”.

Amendment of First Schedule

8. The First Schedule to the principal Regulations is amended —

(a)

by deleting item 1 of Part I and substituting the following item:

“

1.	Contract information

Unique transaction identifier (UTI)

An identifier to denote the transaction.

For an uncleared contract that is not electronically confirmed and is entered into before 1 April 2020, the specified person must report a UTI to be agreed on with the counterparty to the contract or a UTI that is internally generated.

For an uncleared contract that is not electronically confirmed and is entered into on or after 1 April 2020, the specified person must report the UTI to be agreed on with the counterparty to the contract.

For all other contracts, the specified person must report the UTI to be agreed on with the counterparty to the contract.

Field value: Alphanumeric string.

Unique product
identifier (UPI)

An identifier to denote the product type (e.g. ISDA product taxonomy).

Field value: Alphanumeric string.

Previous UTI (where applicable)

To denote the previous UTI relating to this contract.

Field value: Alphanumeric string.

”;

(b)

by deleting items 4, 5 and 6 of Part I and substituting the following items:

“

4.	Transactional data

Effective date or start date of contract

The date under which the obligations under the contract come into effect.

Field value: ISO 8601 date format, UTC time.

Maturity, termination or end date of contract

The date of expiry of the contract.

Field value: ISO 8601 date format, UTC time.

Timestamp

Reporting timestamp

The date and time when the contract was reported to a LTR or LFTR.

Field value: ISO 8601 date format, UTC time.

6.	Option (where applicable)

Option type

To denote the type of option.

Field value: “Call” or “Put”.

Option expiration date

The expiry date of the option.

Field value: ISO 8601 date format, UTC time.

Option premium

The amount of option premium paid by the buyer to the seller for the reported contract.

Field value: Any valid number.

Option premium currency

The currency in which the option premium is expressed in.

Field value: ISO currency code.

Option style

To indicate whether the option can be exercised on a fixed date or any time during the life of the contract.

Field value: “American”, “European” or “Bermudan”.

Strike price (cap/floor rate)

The strike price of the option.

Field value: Any valid number.

”;

(c)

by deleting Parts IA and II and substituting the following Parts:

“Part IA

ADDITIONAL DERIVATIVES INFORMATION TO BE
REPORTED FOR ALL CLASSES OF SPECIFIED
DERIVATIVES CONTRACTS

First column

Second column

Third column

Type of information

Data field

Description of
data field

1.	Counterparty information

Trading capacity of specified person

To denote trading capacity of specified person.

Field value: “Principal” or “Agent”.

Identifier of beneficiary

To denote the identity of the beneficiary of the contract.

Where the contract is executed via a structure representing a number of beneficiaries such as a trust or a fund, the beneficiary must be identified as that structure (i.e. as the trust or fund).

Where the beneficiary is a legal entity, to use LEI or pre‑LEI if LEI is not available.

Where the beneficiary is a collective investment scheme (CIS) or real estate investment trust (REIT), the beneficiary must be identified by the LEI, or the OPERA II scheme number if LEI is not available.

Where the beneficiary is an individual, to report the client code assigned by the specified person.

Field value: Alphanumeric string.

Reporting obligation of specified person

To indicate the jurisdiction to which the specified person has a reporting obligation.

Field value: Free text.

2.	Confirmation

Date of confirmation

The date when the contract is confirmed.

Field value: ISO 8601 date format, UTC time.

Whether the contract is electronically confirmed

To indicate whether the contract is electronically confirmed.

Field value: “Electronic”, “Non‑electronic” or “Not Confirmed”.

3.	Trade execution

Identifier of execution venue

Identifier of execution venue. To denote “SEF”, “DCM”, “Off‑Facility” or LEI of the execution venue if applicable.

To use LEI or pre‑LEI if LEI is not available.

Field value: Alphanumeric string.

4.	Transactional data

Delivery type

To indicate whether the contract is settled physically or in cash.

Field value: “Cash”, “Physical” or “Election”.

Deliverable Currency

(where applicable)

The currency to be delivered.

Field value: ISO currency code.

Mark‑to‑market or mark‑to‑model value of contract

To denote the mark‑to‑market or mark‑to‑model value of the contract.

Field value: Any valid number.

Currency of mark‑to‑market or mark‑to‑model value

Currency in which the mark‑to‑market or mark‑to‑model value of the contract is expressed.

Field value: ISO currency code.

Valuation type

To denote if the contract is mark‑to‑market or mark‑to‑model.

Field value: “Mark‑to‑market” or “Mark‑to‑model”.

Date and time of valuation

Date and time of the last mark‑to‑market or mark‑to‑model valuation.

Field value: ISO 8601 date format, UTC time.

Timestamp

Execution date

The date of execution of the contract.

Field value: ISO 8601 date format, UTC time.

Clearing date (where applicable)

Where the contract is cleared, the date when the clearing took place.

Field value: ISO 8601 date format, UTC time.

6.	Contract information

Booking location

Where the contract is booked in Singapore, to use country code for Singapore “SG”.

Where the contract is not booked in Singapore, to denote the country where the contract was booked.

Field value: ISO 3166‑1 alpha‑2 country code.

Trader location

Where the contract is traded in Singapore, to use country code for Singapore “SG”.

Where the contract is not traded in Singapore, to denote the country where the trader which executed the contract is located.

Field value: ISO 3166‑1 alpha‑2 country code.

Part ii

DERIVATIVES INFORMATION TO BE REPORTED FOR INTEREST RATE DERIVATIVES CONTRACTS

First column

Second column

Third column

Type of
information

Data field

Description of
data field

1.	Transactional data

Notional amount for leg 1

The notional amount of leg 1 of the contract.

Field value: Any valid number.

Notional currency for leg 1

Currency in which notional amount of leg 1 of the contract is expressed in.

Field value: ISO currency code.

Notional amount for leg 2

The notional amount of leg 2 of the contract.

Field value: Any valid number.

Notional currency for leg 2

Currency in which notional amount of leg 2 of the contract is expressed in.

Field value: ISO currency code.

Amount of upfront payment (where applicable)

The amount of any upfront payment counterparty 1 made or received.

Field value: Any valid number.

Currency/currencies in which upfront payment is expressed (where applicable)

The currency/currencies in which the upfront payment is expressed.

Field value: ISO currency code.

Payer of leg 1

LEI of counterparty paying leg 1.

Field value: Alphanumeric string.

Payer of leg 2

LEI of counterparty paying leg 2.

Field value: Alphanumeric string.

Rate of leg 1 (where applicable)

The rate used in leg 1, where applicable.

Field value: Any valid number.

Rate of leg 2 (where applicable)

The rate used in leg 2, where applicable.

Field value: Any valid number.

Payment frequency period of leg 1 (where applicable)

The frequency period of payments for leg 1.

Field value: D (day), M (month), W (week), Y (year) or T (term).

Payment frequency multiplier of leg 1 (where applicable)

An integer number of the payment frequency period of leg 1.

Field value: Any valid number.

Payment frequency period of leg 2 (where applicable)

The frequency period of payments for leg 2.

Field value: D (day), M (month), W (week), Y (year) or T (term).

Payment frequency multiplier of leg 2 (where applicable)

An integer number of the payment frequency period of leg 2.

Field value: Any valid number.

Day count of leg 1 (where applicable)

The actual number of days in the calculation period for leg 1.

Field value: “1/1”, “30/360”, “30E/360.ISDA”, “30E/360”, “ACT/360”, “ACT/365.FIXED”, “ACT/365L”, “ACT/ACT.AFB”, “ACT/ACT.ICMA”, “ACT/ACT.ISDA”, “ACT/ACT.ISMA”, “BUS/252” or “Other”.

Day count of leg 2 (where applicable)

The actual number of days in the calculation period for leg 2.

Reset frequency period of leg 1 (where applicable)

The frequency with which leg 1 resets.

Field value: D (day), M (month), W (week), Y (year) or T (term).

Reset frequency multiplier of leg 1 (where applicable)

An integer number of the reset frequency period of leg 1.

Field value: Any valid number.

Reset frequency period of leg 2 (where applicable)

The frequency with which leg 2 resets.

Field value: D (day), M (month), W (week), Y (year) or T (term).

Reset frequency multiplier of leg 2 (where applicable)

An integer number of the reset frequency period of leg 2.

Field value: Any valid number.

Price/spread (where applicable)

Transacted price/spread.

Field value: Any valid number.

”; and

(d)

by inserting, immediately after Part IV, the following Parts:

“Part V

DERIVATIVES INFORMATION TO BE REPORTED
FOR EQUITY DERIVATIVES CONTRACTS

First column

Second column

Third column

Type of
information

Data field

Description of
data field

1.	Contract information

Underlying

A unique identifier for the underlying to the derivative to which the transaction relates, or, if no unique identifier is available in the case of baskets or indices, a notation to indicate that the underlying is a basket or index.

Field value: ISIN (12 alphanumerical digits), CUSIP (9 alphanumerical digits), SEDOL (7 alphanumerical digits), RIC (5 alphanumeric digits), Interim entity identifier (20 alphanumerical digits), B = Basket, I = Index.

2.	Transactional data

Notional amount (where applicable)

The notional amount of the contract.

Field value: Any valid number.

Notional currency

The currency in which the notional amount is expressed in.

Field value: ISO currency code.

Quantity (where applicable)

This field represents the number of units/shares/baskets/options/variance amount.

Field value: Any valid number.

Amount of upfront payment (where applicable)

The amount of any upfront payment counterparty 1 made or received.

Field value: Any valid number.

Currency/ currencies in which upfront payment is expressed (where applicable)

The currency/currencies in which the upfront payment is expressed.

Field value: ISO currency code.

Payment frequency (where applicable)

The frequency period of payments for counterparty 1.

Field value: D (day), M (month), W (week), Y (year) or T (term).

Payment frequency multiplier (where applicable)

An integer number of the payment frequency period of counterparty 1.

Field value: Any valid number.

Price/rate (where applicable)

Transacted price/rate.

Field value: Any valid number.

Currency in which price/rate is expressed (where applicable)

The currency in which the price is expressed.

Field value: ISO currency code.

Part VI

DERIVATIVES INFORMATION TO BE REPORTED
FOR COMMODITY DERIVATIVES CONTRACTS

First column

Second column

Third column

Type of information

Data field

Description of data field

1.	Contract information

Commodity base

Indicates the type of commodity underlying the contract.

Field value: AG (Agricultural), EN (Energy), ME (Metals), IN (Index), EX (Exotic)

2.	Transactional data

Commodity details

Details of the type of commodity underlying the contract.

Field value:

Agricultural

GO (Grains oilseeds), DA (Dairy), LI (Livestock), FO (Forestry), SO (Softs).

Energy

OI (Oil), NG (Natural gas), CO (Coal), EL (Electricity), IE (Inter‑energy).

Metals

PR (Precious), NP (Non‑precious).

Quantity unit (where applicable)

A unit to measure the quantity of each side of the derivative (e.g. barrels or bushels).

Field value: Alphanumeric string.

Quantity (where applicable)

The amount of the commodity (in quantity units) quoted on the derivative.

Field value: Any valid number.

Quantity frequency (where applicable)

The rate at which the quantity is quoted on the derivative (e.g. hourly, daily, weekly or monthly).

Field value: D (day), H (hour), M (month), W (week).

Total quantity (where applicable)

The quantity of the commodity for the entire term of the derivative.

Field value: Any valid number.

Notional amount

The current total notional amount or total quantity in the unit of measure of the commodity underlying the derivative, or payout where a fixed payment is made at maturity based on certain conditions being met at expiry or during the life of the derivative.

Field value: Any valid number.

Notional currency

The currency in which the notional amount is expressed in.

Field value: ISO currency code.

Amount of upfront payment (where applicable)

The amount of any upfront payment the specified person made or received.

Field value: Any valid number.

Currency/currencies of upfront payment (where applicable)

Currency/currencies in which the upfront payment, if any, is expressed in.

Field value: ISO currency code.

Payment frequency

The frequency of payments (e.g. 3M or 1Y).

Field value: D (day), M (month), W (week), Y (year) or T (term).

Payment multiplier

The number of periods of payments.

Field value: Any valid number.

Buyer/Seller

Buyer/Seller of the derivative.

Field value: “Buyer”, “Seller”.

”.

Deletion and substitution of Second Schedule

9. The Second Schedule to the principal Regulations is deleted and the following Schedule substituted therefor:

“SECOND SCHEDULE

Regulation 7

Reporting commencement date

First column

Second column

Third column

Fourth column

Class of specified derivatives contracts

Required information and reporting commencement date applicable to specified person mentioned in paragraph (a) or (c) of definition of “specified person” in section 124 of Act

Required information and reporting commencement date applicable to specified person mentioned in paragraph (b), (d), (e) or (g) of definition of “specified person” in section 124 of Act

Required information and reporting commencement date applicable to significant derivatives holder

1.	Interest rate derivatives contracts booked in Singapore

1 April 2014 for information mentioned in Parts I and II of the First Schedule

1 July 2014 for information mentioned in Parts I and II of the First Schedule

1 October 2014 for information mentioned in Parts I and II of the First Schedule

1 November 2015 for information mentioned in items 1 to 5 of Part IA of the First Schedule

1 October 2018 for information mentioned in item 6 of Part IA of the First Schedule

2.	Interest rate derivatives contracts traded in Singapore

1 November 2015 for information mentioned in Part I, items 1 to 5 of Part IA and Part II of the First Schedule

1 October 2019 for information mentioned in Parts I, IA and II of the First Schedule

1 October 2018 for information mentioned in item 6 of Part IA of the First Schedule

3.	Credit derivatives contracts booked in Singapore

1 April 2014 for information mentioned in Parts I and III of the First Schedule

1 July 2014 for information mentioned in Parts I and III of the First Schedule

1 October 2014 for information mentioned in Parts I and III of the First Schedule

1 November 2015 for information mentioned in items 1 to 5 of Part IA of the First Schedule

1 October 2018 for information mentioned in item 6 of Part IA of the First Schedule

4.	Credit derivatives contracts traded in Singapore

1 November 2015 for information mentioned in Part I, items 1 to 5 of Part IA and Part III of the First Schedule

1 October 2019 for information mentioned in Parts I, IA and III of the First Schedule

1 October 2018 for information mentioned in item 6 of Part IA of the First Schedule

5.	Foreign exchange derivatives contracts booked in Singapore

1 May 2015 for information mentioned in Parts I and IV of the First Schedule

1 October 2020 for information mentioned in Parts I, IA and IV of the First Schedule

1 November 2015 for information mentioned in items 1 to 5 of Part IA of the First Schedule

1 October 2018 for information mentioned in item 6 of Part IA of the First Schedule

6.	Foreign exchange derivatives contracts traded in Singapore

1 November 2015 for information mentioned in Parts I, items 1 to 5 of Part IA and Part IV of the First Schedule

1 October 2020 for information mentioned in Parts I, IA and IV of the First Schedule

1 October 2018 for information mentioned in item 6 of Part IA of the First Schedule

7.	Equity derivatives contracts booked in Singapore

1 October 2018 for information mentioned in Parts I, IA and V of the First Schedule

1 October 2020 for information mentioned in Parts I, IA and V of the First Schedule

8.	Equity derivatives contracts traded in Singapore

1 October 2018 for information mentioned in Parts I, IA and V of the First Schedule

1 October 2020 for information mentioned in Parts I, IA and V of the First Schedule

9.	Commodity derivatives contracts booked in Singapore

1 October 2018 for information mentioned in Parts I, IA and VI of the First Schedule

1 October 2020 for information mentioned in Parts I, IA and VI of the First Schedule

10.	Commodity derivatives contracts traded in Singapore

1 October 2018 for information mentioned in Parts I, IA and VI of the First Schedule

1 October 2020 for information mentioned in Parts I, IA and VI of the First Schedule

”.

Amendment of Third Schedule

10. The Third Schedule to the principal Regulations is amended —

(a)

by deleting item 1 of Part I and substituting the following items:

“

1.	Information mentioned in Parts I to VI of the First Schedule in respect of the execution of a relevant specified derivatives contract

Within 6 months after the applicable reporting commencement date

Within 6 months after the date on which the person becomes a specified person (but not a significant derivatives holder)

1A.	Information mentioned in Parts I to VI of the First Schedule in respect of the termination of a relevant specified derivatives contract which terminates in the period during which the matter mentioned in item 1 on the relevant specified derivatives contract is to be reported

Where —

(a)	the relevant specified derivatives contract terminates before the penultimate day of the 6‑month period mentioned in this column against item 1, by the last day of that 6‑month period; or

(b)	the relevant specified derivatives contract terminates on the penultimate day or the last day of the 6‑month period mentioned in this column against item 1, within 2 business days after the termination

Where —

(a)	the relevant specified derivatives contract terminates before the penultimate day of the 6‑month period mentioned in this column against item 1, by the last day of that 6‑month period; or

(b)	the relevant specified derivatives contract terminates on the penultimate day or the last day of the 6‑month period mentioned in this column against item 1, within 2 business days after the termination

1B.	Information mentioned in Parts I to VI of the First Schedule in respect of the termination of a relevant specified derivatives contract which terminates after the period during which the matter mentioned in item 1 on the relevant specified derivatives contract is to be reported

Within 2 business days after the termination of the relevant specified derivatives contract

”;

(b)

by inserting, immediately after the Table in Part I, the following Note:

“Note:

“relevant specified derivatives contract”, in relation to a person who is a specified person (but not a significant derivatives holder) on the applicable reporting commencement date, means a specified derivatives contract that —

(a)	was executed before the applicable reporting commencement date;
(b)	was booked in Singapore;
(c)	is in force on the applicable reporting commencement date; and
(d)	has a maturity of at least one year as at the applicable reporting commencement date;

“relevant specified derivatives contract”, in relation to a person who becomes a specified person (but not a significant derivatives holder) after the applicable reporting commencement date, means a specified derivatives contract that —

(a)	was executed before the date on which the person becomes a specified person (but not a significant derivatives holder);
(b)	was booked in Singapore;
(c)	is in force on the date mentioned in paragraph (a); and
(d)	has a maturity of at least one year as at the date mentioned in paragraph (a).”;

(c)

by deleting item 1 of Part II and substituting the following items:

“

1.	Information mentioned in Parts I to VI of the First Schedule in respect of the execution of a relevant specified derivatives contract

Within 6 months after the applicable reporting commencement date

Within 6 months after the date on which the person becomes a significant derivatives holder

1A.	Information mentioned in Parts I to VI of the First Schedule in respect of the termination of a relevant specified derivatives contract which terminates in the period during which the matter mentioned in item 1 on the relevant specified derivatives contract is to be reported

Where —

(a)	the relevant specified derivatives contract terminates before the penultimate day of the 6‑month period mentioned in this column against item 1, by the last day of that 6‑month period; or

(b)	the relevant specified derivatives contract terminates on the penultimate day or the last day of the 6‑month period mentioned in this column against item 1, within 2 business days after the termination

Where —

(a)	the relevant specified derivatives contract terminates before the penultimate day of the 6‑month period mentioned in this column against item 1, by the last day of that 6‑month period; or

(b)	the relevant specified derivatives contract terminates on the penultimate day or the last day of the 6‑month period mentioned in this column against item 1, within 2 business days after the termination

1B.	Information mentioned in Parts I to VI of the First Schedule in respect of the termination of a relevant specified derivatives contract which terminates after the period during which the matter mentioned in item 1 on the relevant specified derivatives contract is to be reported

Within 2 business days after the termination of the relevant specified derivatives contract

”; and

(d)

by inserting, immediately after the Table in Part II, the following Note:

“Note:

“relevant specified derivatives contract”, in relation to a person who is a significant derivatives holder on the applicable reporting commencement date, means a specified derivatives contract that —

(a)	was executed before the applicable reporting commencement date;
(b)	was booked in Singapore;
(c)	is in force on the applicable reporting commencement date; and
(d)	has a maturity of at least one year as at the applicable reporting commencement date;

“relevant specified derivatives contract”, in relation to a person who becomes a significant derivatives holder after the applicable reporting commencement date, means a specified derivatives contract that —

(a)	was executed before the date on which the person becomes a significant derivatives holder;
(b)	was booked in Singapore;
(c)	is in force on the date mentioned in paragraph (a); and
(d)	has a maturity of at least one year as at the date mentioned in paragraph (a).”.

Amendment of Fourth Schedule

11. The Fourth Schedule to the principal Regulations is amended —

(a)

by deleting the Schedule reference and substituting the following Schedule reference:

“Regulation 10(1), (2) and (3)”; and

(b)

by deleting paragraphs (h), (i) and (j) of item 6 and substituting the following paragraphs:

“(h)	the International Monetary Fund
(i)	the Asian Infrastructure Investment Bank
(j)	the Caribbean Development Bank
(k)	the Council of Europe Development Bank
(l)	the European Investment Fund
(m)	the Islamic Development Bank
(n)	the Nordic Investment Bank
(o)	the International Finance Facility for Immunisation
(p)	the World Bank Group, including the International Bank for Reconstruction and Development, the International Finance Corporation and the Multilateral Investment Guarantee Agency”.

[G.N. Nos. S 224/2014; S 727/2014; S 617/2015; S 41/2016; S 30/2017; S 331/2017; S 529/2017]

Made on 23 March 2018.

RAVI MENON

Managing Director,
Monetary Authority of Singapore.

[MPI/CMP 01/2018; AG/LEGIS/SL/289/2015/7 Vol. 3]

Search within Legislation