Singapore: Who is subject to reporting obligations?

Who is subject to reporting obligations?

The following persons are subject to reporting obligations:

1. any bank in Singapore licensed under the Banking Act;
2. any subsidiary of a bank incorporated in Singapore;
3. any merchant bank that holds a merchant bank licence, or is treated as having been granted a merchant bank licence, under the Banking Act;
4. any finance company licensed under the Finance Companies Act;
5. any insurer licensed under the Insurance Act;
6. any holder of a capital markets services licence (CMSL); and
7. any significant derivatives holder (SDH) as set out in regulation 6 of the SF(RDC)R. 

However, there are exemptions from reporting if certain criteria are met.

The term “reporting entity” will be used to refer to persons with reporting obligations

References:

• Section 124 of the SFA
• Regulation 6 of the SF(RDC)R