Compliance Concepts
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      Who needs to report under MAS?

      MAS outlines the definitions of Significant Derivatives Holders, who need to report specified derivatives contracts that are booked in Singapore.

       

      From the definitions

      “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;

      From SFR 2013 2.5

      Specified derivatives contract
      5.  The following derivatives contracts are prescribed, under the definition of “specified derivatives contract” in section 124 of the Act, as specified derivatives contracts:
      (a) any interest rate derivatives contract which is traded in Singapore or booked in Singapore;
      (b) any credit derivatives contract which is traded in Singapore or booked in Singapore;
      [S 727/2014 wef 01/11/2014]
      (c) any foreign exchange derivatives contract which is traded in Singapore or booked in Singapore;
      [S 727/2014 wef 01/11/2014]
      [S 153/2018 wef 01/04/2018]
      (d) any commodity derivatives contract which is traded in Singapore or booked in Singapore;
      [S 153/2018 wef 01/04/2018]
      (e) any equity derivatives contract which is traded in Singapore or booked in Singapore.
      [S 153/2018 wef 01/04/2018]
      Significant derivatives holder
      6.—(1)  A significant derivatives holder is prescribed, under paragraph (h) of the definition of “specified person” in section 124 of the Act, as a specified person.
      (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.