Singapore: What happens when an entity relying on the exemption under Regulation 10A or 10C of the SF(RDC)R subsequently no longer qualifies for the exemption (e.g. exceeds the threshold aggregate gr

A reporting entity is required to report all reportable derivatives contracts within 2  business days of the execution of the derivatives contracts. Please refer to Q2.1 on  reportable derivatives contracts. As such, an entity relying on the exemption in Regulation  10A or 10C of the SF(RDC)R should monitor closely its aggregate gross notional amount  of derivatives contracts and be prepared to report the reportable derivatives contracts  when it no longer qualifies for the exemption. 

For example, Entity A has been monitoring its aggregate gross notional amount of  derivatives contracts and relying on the exemption in Regulation 10C of the SF(RDC)R.  Subsequently, Entity A noted that its aggregate gross notional amount for the year ending  on 30 June 2021 exceeds the $5 billon threshold. Entity A starts reporting all reportable derivatives contracts, which were executed on or after 1 July 2021, within 2 business days  of the execution of the contract.  

References:  

• Regulation 9, 10A and 10C of the SF(RDC)R