Singapore: Can a bank in Singapore report counterparty information to meet its reporting obligations?

Prior to 8 October 2018, banks in Singapore were required under the Banking Act to  obtain consent from their counterparties before they can report counterparty  information for the derivatives contracts. A relief to defer reporting of counterparty  information under certain conditions has been provided for. Please refer to Q5.2 and Q5.3  for more information.  

Where a bank has relied on the relief to defer reporting of counterparty information, the  counterparty information in relation to these derivatives contracts is to be reported (“unmasked”) by 1 July 2019. Such reporting of counterparty information is only  necessary for derivatives contracts that remain outstanding as of 1 July 2019.  

Since 8 October 2018, banks in Singapore need not obtain consent from counterparties  under the Banking Act in order to report counterparty information under MAS’ reporting  regime, including for the requirement to unmask by 1 July 2019. However, banks in  Singapore are required to obtain consent from counterparties for the purposes of reporting counterparty information under foreign reporting regimes.  

References:  

• Section 125(6) of the SFA 
• Regulation 11 of the SF(RDC)R  
• Fifth Schedule to the SF(RDC)R