Regulation 1
Citation and commencement
These Regulations may be cited as the Securities and Futures (Reporting of Derivatives Contracts) Regulations 2013 and shall come into operation on 31st October 2013.
/akn/sg/act/sub_leg/2001/SFA-S668-2013
Securities and Futures (Reporting of Derivatives Contracts) Regulations 2013
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- Type
- Subsidiary Legislation
- Status
- In force
- Enacted
- 2001
- Sections
- 22
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About this subsidiary legislation
Securities and Futures (Reporting of Derivatives Contracts) Regulations 2013 is Singapore Subsidiary Legislation, cited as Subsidiary Legislation SFA-S668-2013 2001, currently marked in force and first recorded in 2001.
Part I
PRELIMINARY
Regulation 2
Definitions
Amended byS 153/2018 wef 01/04/2018S 153/2018 wef 01/04/2018S 153/2018 wef 01/04/2018S 153/2018 wef 01/04/2018S 153/2018 wef 01/04/2018S 727/2014 wef 01/11/2014S 153/2018 wef 01/04/2018S 153/2018 wef 01/04/2018S 410/2024 wef 21/10/2024S 153/2018 wef 01/04/2018S 410/2024 wef 31/12/2021S 153/2018 wef 01/04/2018S 727/2014 wef 01/11/2014
Subregulation 1
Amended byS 153/2018 wef 01/04/2018S 153/2018 wef 01/04/2018S 153/2018 wef 01/04/2018S 153/2018 wef 01/04/2018S 153/2018 wef 01/04/2018S 727/2014 wef 01/11/2014S 153/2018 wef 01/04/2018S 153/2018 wef 01/04/2018S 410/2024 wef 21/10/2024S 153/2018 wef 01/04/2018S 410/2024 wef 31/12/2021S 153/2018 wef 01/04/2018S 727/2014 wef 01/11/2014
In these Regulations, unless the context otherwise requires —[Deleted by S 410/2024 wef 21/10/2024][Deleted by S 410/2024 wef 21/10/2024](2) Any word or expression used in these Regulations which is defined in section 124 of the Act shall, unless the context otherwise requires, have the same meaning as in that section.
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;
Amended byS 153/2018 wef 01/04/2018
Definition
“business day” means any day other than a Saturday, Sunday or public holiday;
Definition
“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;
Amended byS 153/2018 wef 01/04/2018
Definition
“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;
Amended byS 153/2018 wef 01/04/2018
Definition
“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;
Amended byS 153/2018 wef 01/04/2018
Definition
“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;
Amended byS 153/2018 wef 01/04/2018
Definition
“excluded currency contract” means —
(a)
a forward contract for the sale or purchase of a currency (referred to in this definition as target currency) using another currency (referred to in this definition as the consideration currency) which is intended to be settled by the actual delivery of the target currency and consideration currency —
(i)
in a case where the target currency and the consideration currency are specified in the Sixth Schedule, within 2 business days after the date of the execution of the forward contract; or
(ii)
in a case where either the target currency or the consideration currency is not, or both the target currency and the consideration currency are not, specified in the Sixth Schedule, by the earlier of the following:
(A)
the last day of the customary spot settlement period for the target currency or for the consideration currency, whichever is the later;
(B)
the seventh business day after the date of the execution of the forward contract; or
(b)
a forward contract for the sale or purchase of a currency —
(i)
which is entered into for the purpose of settling a sale or purchase of securities denominated in that currency; and
(ii)
which is intended to be settled by the actual delivery of the currency, by the earlier of the following:
(A)
the last day of the customary settlement period for the securities referred to in sub‑paragraph (i);
(B)
the seventh business day after the date of the execution of the forward contract;
Amended byS 727/2014 wef 01/11/2014
Definition
“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;
Amended byS 153/2018 wef 01/04/2018
Definition
“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;
Amended byS 153/2018 wef 01/04/2018
Definition
“maturity”, in relation to a derivatives contract, means the period remaining until the termination of the derivatives contract;
Definition
“old Regulations” means the Securities and Futures (Reporting of Derivatives Contracts) Regulations 2013 as in force immediately before 21 October 2024;
Amended byS 410/2024 wef 21/10/2024
Definition
“place of business”, in relation to a party to a specified derivatives contract, means a head or main office, a branch, a representative office or any other office of the party;
Definition
“quarter” means a period of 3 months beginning on 1 January, 1 April, 1 July or 1 October of any year;
Amended byS 153/2018 wef 01/04/2018
Definition
“resident in Singapore” has the same meaning as in section 2 of the Income Tax Act 1947;
Amended byS 410/2024 wef 31/12/2021
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;
Amended byS 153/2018 wef 01/04/2018
Definition
“significant derivatives holder” means a person who is a significant derivatives holder by virtue of regulation 6;
Definition
“traded in Singapore”, in relation to a derivatives contract, means the execution of the derivatives contract by a trader —
(a)
whose place of employment is located in Singapore and who conducts, on behalf of a specified person, activities relating to the execution of derivatives contracts in Singapore; or
(b)
who —
(i)
for a period of not less than 30 days immediately before the date of the execution of the derivatives contract, conducts or is authorised to conduct, on behalf of a specified person, activities relating to the execution of derivatives contracts in Singapore; and
(ii)
is physically in Singapore at the time of the execution of the derivatives contract.
Amended byS 727/2014 wef 01/11/2014
Regulation 3
Forms
Amended byS 410/2024 wef 31/12/2021S 410/2024 wef 21/10/2024S 410/2024 wef 31/12/2021S 410/2024 wef 31/12/2021
Subregulation 1
Amended byS 410/2024 wef 31/12/2021S 410/2024 wef 21/10/2024
The forms to be used for the purposes of Part 6A of the Act and these Regulations are those set out at the Authority’s Internet website at http://www.mas.gov.sg, and any reference in these Regulations to a numbered form shall be construed as a reference to the current version of the form bearing the corresponding number which is displayed at that website.
Subregulation 2
Amended byS 410/2024 wef 31/12/2021
Any document required to be lodged with the Authority under any provision of Part 6A of the Act or these Regulations shall be lodged in the relevant form specified in the website referred to in paragraph (1), and in such manner as the Authority may specify from time to time.
Subregulation 3
Amended byS 410/2024 wef 31/12/2021
All forms used for the purposes of Part 6A of the Act and these Regulations shall be completed in the English language and in accordance with such directions as may be specified in the form or by the Authority.
Subregulation 4
The Authority may refuse to accept any form if it is not completed in accordance with this regulation.
Subregulation 5
Where strict compliance with any form is not possible, the Authority may allow for the necessary modifications to be made to that form, or for the requirements of that form to be complied with in such other manner as the Authority thinks fit.
Regulation 4
Keeping of books and other information
Every specified person shall ensure that all relevant books, and all transaction information and other information as may be required by the Authority for the purposes of the Act, are kept —
(a)
in the case of any relevant book, until at least 5 years after the last date of the expiry or termination of a contract, an agreement or a transaction to which the book relates; or
(b)
in the case of any transaction information or other information, until at least 5 years after the date of the expiry or termination of the contract, agreement or transaction to which the information relates.
Regulation 5
Specified derivatives contract
Amended byS 727/2014 wef 01/11/2014S 727/2014 wef 01/11/2014S 153/2018 wef 01/04/2018S 153/2018 wef 01/04/2018S 153/2018 wef 01/04/2018
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;
(c)
any foreign exchange derivatives contract which is traded in Singapore or booked in Singapore;
(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.
Regulation 6
Significant derivatives holder
Amended byS 153/2018 wef 01/04/2018S 153/2018 wef 01/04/2018S 153/2018 wef 01/04/2018S 153/2018 wef 01/04/2018S 727/2014 wef 01/11/2014S 153/2018 wef 01/04/2018S 153/2018 wef 01/04/2018S 153/2018 wef 01/04/2018S 153/2018 wef 01/04/2018S 153/2018 wef 01/04/2018S 617/2015 wef 01/11/2015S 332/2020 wef 28/04/2020S 224/2014 wef 31/03/2014
Subregulation 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.
Subregulation 2
Amended byS 153/2018 wef 01/04/2018
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.
Subregulation 2A
Amended byS 153/2018 wef 01/04/2018
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.
Subregulation 3
Amended byS 153/2018 wef 01/04/2018S 153/2018 wef 01/04/2018
A person shall cease to be a significant derivatives holder, if —
(a)
he becomes any person referred to in any of paragraphs (a) to (g) of the definition of “specified person” in section 124 of the Act;
(b)
he ceases to be resident in Singapore; or
(c)
both of the following apply to him:
(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.
Subregulation 4
Amended byS 727/2014 wef 01/11/2014S 153/2018 wef 01/04/2018S 153/2018 wef 01/04/2018
For the purposes of this regulation —
(a)
the aggregate gross notional amount 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, is the total of the gross notional amounts, for that quarter and for each of the 3 quarters immediately preceding that quarter, of the specified derivatives contracts (other than the excluded contracts referred to in paragraph (4A)) to which that person is a party; and
(b)
the gross notional amount 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, is the total of the notional amounts of all specified derivatives contracts to which that person is a party and which are booked in Singapore or traded in Singapore, as the case may be, during that quarter, as assessed on the last day of that quarter.
Subregulation 4A
Amended byS 153/2018 wef 01/04/2018S 153/2018 wef 01/04/2018S 153/2018 wef 01/04/2018S 617/2015 wef 01/11/2015S 332/2020 wef 28/04/2020
The excluded contracts referred to in paragraph (4)(a) are —
(a)
where the last day of the quarter in question is on or after 1 August 2015 but before 1 November 2015, foreign exchange derivatives contracts traded in or booked in Singapore; (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 2021, 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.
Subregulation 5
Amended byS 224/2014 wef 31/03/2014
A person shall lodge with the Authority —
(a)
a notification in Form 1A within 2 months beginning on the day on which he satisfies the requirements in paragraph (2)(a), (b) and (c); and
(b)
a notification in Form 1B within 2 months after the day on which he ceases to be a significant derivatives holder.
Subregulation 6
[Deleted by S 153/2018 wef 01/04/2018]
Regulation 8
Repealed / deleted
[Deleted by S 727/2014 wef 01/11/2014]
Regulation 9
Time and manner of reporting
Amended byS 410/2024 wef 21/10/2024S 410/2024 wef 21/10/2024S 410/2024 wef 21/10/2024
Subregulation 1
Amended byS 410/2024 wef 21/10/2024
Unless deferred reporting under regulation 11, 11A, 11B or 11C is allowed, a person that is a specified person on 21 October 2024 must report each item of information in the first column of the table in Part 1 of the Third Schedule (called in this regulation the Table) to a licensed trade repository or licensed foreign trade repository at the time set out opposite that item of information in the second column of that Table.
Subregulation 2
Amended byS 410/2024 wef 21/10/2024
Unless deferred reporting under regulation 11, 11A, 11B or 11C is allowed, a person that becomes a specified person after 21 October 2024 must report each item of information in the first column of the Table to a licensed trade repository or licensed foreign trade repository at the time set out opposite that item of information in the third column of that Table.
Subregulation 3
[Deleted by S 410/2024 wef 21/10/2024]
Subregulation 4
[Deleted by S 410/2024 wef 21/10/2024]
Subregulation 5
Amended byS 410/2024 wef 21/10/2024
Where there is any amendment, modification, variation or change to any information on a specified derivatives contract that has been reported by a specified person to a licensed trade repository or licensed foreign trade repository, that specified person shall report that amendment, modification, variation or change —
(a)
to that licensed trade repository or licensed foreign trade repository; or
(b)
if that specified person is no longer a participant of that licensed trade repository or licensed foreign trade repository, to another licensed trade repository or licensed foreign trade repository of which that specified person is a participant.
Regulation 10
Exemptions
Amended byS 643/2019 wef 01/10/2019S 643/2019 wef 01/10/2019S 153/2018 wef 01/04/2018S 410/2024 wef 31/12/2021S 153/2018 wef 01/04/2018S 410/2024 wef 31/12/2021
Subregulation 1
A person who is a party to a specified derivatives contract shall be exempted from section 125 of the Act in respect of the specified derivatives contract, if —
(a)
he is a person specified in the Fourth Schedule; or
(b)
the counterparty to the specified derivatives contract is a person specified in the Fourth Schedule.
Subregulation 2
Amended byS 643/2019 wef 01/10/2019
A person who executes or causes to be executed a specified derivatives contract as an agent of a party to the specified derivatives contract shall be exempted from section 125 of the Act in respect of the specified derivatives contract, if —
(a)
the party is a person specified in the Fourth Schedule; or
(b)
the counterparty to the specified derivatives contract is a person specified in the Fourth Schedule.
Subregulation 2A
Amended byS 643/2019 wef 01/10/2019S 153/2018 wef 01/04/2018
A specified person who —
(a)
is a party to a specified derivatives contract; or
(b)
executes or causes to be executed 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).
Subregulation 2B
Amended byS 410/2024 wef 31/12/2021S 153/2018 wef 01/04/2018S 410/2024 wef 31/12/2021
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 1966;
(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 2005 that entered into the specified derivatives contract as a trustee.
Subregulation 3
A person specified in the Fourth Schedule shall be exempted from regulations 4 and 6(5).
Regulation 10A
Exemption for holder of capital markets services licence
Amended byS 410/2024 wef 21/10/2024S 410/2024 wef 21/10/2024S 410/2024 wef 21/10/2024S 643/2019 wef 01/10/2019S 410/2024 wef 21/10/2024S 643/2019 wef 01/10/2019S 643/2019 wef 01/10/2019S 643/2019 wef 01/10/2019S 643/2019 wef 01/10/2019S 410/2024 wef 21/10/2024
Subregulation 1
Amended byS 410/2024 wef 21/10/2024
A holder of a capital markets services licence is exempt from reporting under section 125(1) and (2) of the Act, any item of information in the first column of the table in Part 1 of the Third Schedule (called in this regulation the Table) on a relevant specified derivatives contract in any of the following circumstances:
(a)
where the holder was, immediately before 21 October 2024, exempt from reporting any matter on that derivatives contract under regulation 10A of the old Regulations;
(b)
where all of the following conditions are satisfied:
(i)
the holder becomes a specified person on or after 18 October 2024;
(ii)
the derivatives contract was executed before the date on which the holder becomes a specified person;
(iii)
the condition in paragraph (4) is satisfied as of the first business day after the date on which the holder becomes a specified person;
(c)
where both of the following conditions are satisfied:
(i)
the derivatives contract was executed on or after 18 October 2024;
(ii)
the condition in paragraph (4) is satisfied as of the first business day after the execution of the derivatives contract.
Subregulation 2
Amended byS 410/2024 wef 21/10/2024
Subject to paragraph (3), a holder of a capital markets services licence —
(a)
is exempt from reporting under section 125(1) and (2) of the Act, the information in item 2, 3 or 6 of the first column of the Table (whichever is applicable) on the termination of a relevant specified derivatives contract, if the condition in paragraph (4) is satisfied as of the first business day after the termination of the derivatives contract; and
(b)
is exempt from reporting under section 125(1) and (2) of the Act, any amendment, modification, variation or change to any information mentioned in item 4 or 7 of the first column of the Table (whichever is applicable), if the condition in paragraph (4) is satisfied as of the first business day after the amendment, modification, variation or change occurs.
Subregulation 3
Amended byS 410/2024 wef 21/10/2024
A holder of a capital markets services licence is exempt from reporting an item of information under paragraph (2) only if it is not exempt under paragraph (1) from reporting that item of information.
Subregulation 4
Amended byS 643/2019 wef 01/10/2019S 410/2024 wef 21/10/2024
For the purpose of paragraphs (1) and (2), 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 or which the holder executes or causes to be executed as an agent of a party to the contract, 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.
Subregulation 5
Amended byS 643/2019 wef 01/10/2019S 643/2019 wef 01/10/2019S 643/2019 wef 01/10/2019S 643/2019 wef 01/10/2019
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 or which the holder executes or causes to be executed as an agent of a party to the contract, 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 or which the holder executes or causes to be executed as an agent of a party to the contract, 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 or which the holder executes or causes to be executed as an agent of a party to the contract, 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 or which the holder executes or causes to be executed as an agent of a party to the contract, which are booked in Singapore or traded in Singapore, and which are entered into with counterparties who are accredited investors or institutional investors.
Subregulation 6
Amended byS 410/2024 wef 21/10/2024
In this regulation, “relevant specified derivatives contract”, in relation to a holder of a capital markets services licence, means —
(a)
a specified derivatives contract to which the holder is a party; or
(b)
a specified derivatives contract which the holder has executed or caused to be executed as an agent of a party to the contract.
Regulation 10B
Repealed / deleted
[Deleted by S 643/2019 wef 01/10/2019]
Regulation 10C
Exemption for subsidiary of bank incorporated in Singapore, or insurer licensed under Insurance Act 1966
Amended byS 410/2024 wef 21/10/2024S 410/2024 wef 21/10/2024S 410/2024 wef 21/10/2024S 643/2019 wef 01/10/2019S 410/2024 wef 21/10/2024S 410/2024 wef 21/10/2024S 410/2024 wef 21/10/2024S 410/2024 wef 31/12/2021
Subregulation 1
Amended byS 410/2024 wef 21/10/2024
A subsidiary of a bank incorporated in Singapore, or an insurer licensed under the Insurance Act 1966, is exempt from reporting under section 125(1) and (2) of the Act, any item of information in the first column of the table in Part 1 of the Third Schedule (called in this regulation the Table) on a relevant specified derivatives contract in any of the following circumstances:
(a)
where the subsidiary or the insurer was, immediately before 21 October 2024, exempt from reporting any matter on that derivatives contract under regulation 10C of the old Regulations;
(b)
where all of the following conditions are satisfied:
(i)
the subsidiary or the insurer becomes a specified person on or after 18 October 2024;
(ii)
the derivatives contract was executed before the date on which the subsidiary or the insurer becomes a specified person;
(iii)
the condition in paragraph (4) is satisfied as of the first business day after the date on which the subsidiary or the insurer becomes a specified person;
(c)
where both of the following conditions are satisfied:
(i)
the derivatives contract was executed on or after 18 October 2024;
(ii)
the condition in paragraph (4) is satisfied as of the first business day after the execution of the derivatives contract.
Subregulation 2
Amended byS 410/2024 wef 21/10/2024
Subject to paragraph (3), a subsidiary of a bank incorporated in Singapore, or an insurer licensed under the Insurance Act 1966 —
(a)
is exempt from reporting under section 125(1) and (2) of the Act, the information in item 2, 3 or 6 of the first column of the Table (whichever is applicable) on the termination of a relevant specified derivatives contract, if the condition in paragraph (4) is satisfied as of the first business day after the termination of the derivatives contract; and
(b)
is exempt from reporting under section 125(1) and (2) of the Act, any amendment, modification, variation or change to any information mentioned in item 4 or 7 of the first column of the Table (whichever is applicable), if the condition in paragraph (4) is satisfied as of the first business day after the amendment, modification, variation or change occurs.
Subregulation 3
Amended byS 410/2024 wef 21/10/2024
A subsidiary or insurer is exempt from reporting an item of information under paragraph (2) only if it is not exempt under paragraph (1) from reporting that item of information.
Subregulation 4
Amended byS 643/2019 wef 01/10/2019S 410/2024 wef 21/10/2024
For the purposes of paragraphs (1) and (2), 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 or which the subsidiary of a bank or the insurer (as the case may be) executes or causes to be executed as an agent of a party to the contract 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.
Subregulation 5
Amended byS 410/2024 wef 21/10/2024
For the purpose of paragraph (4) —
(a)
the reference to the aggregate gross notional amount of the specified derivatives contracts (derivatives contracts X) to which the subsidiary or the insurer is a party, or which it executes or causes to be executed as an agent of a party to the contract, 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 —
(i)
any reference to person in that provision is a reference to the subsidiary or the insurer; 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 derivatives contracts X; and
(b)
the gross notional amount of the specified derivatives contracts (derivatives contracts Y) to which the subsidiary or the insurer is a party or which the subsidiary or the insurer executes or causes to be executed as an agent of a party to the contract, 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 —
(i)
any reference to person in that provision is a reference to the subsidiary or the insurer; 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 derivatives contracts Y.
Subregulation 6
Amended byS 410/2024 wef 21/10/2024S 410/2024 wef 31/12/2021
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 1966, means —
(a)
a specified derivatives contract to which the subsidiary or the insurer is a party; or
(b)
a specified derivatives contract which the subsidiary or the insurer has executed or caused to be executed as an agent of a party to the contract.
Regulation 10D
Exemption for specified persons acting as agents
Amended byS 410/2024 wef 21/10/2024
Subregulation 1
Paragraph (2) applies if —
(a)
a specified person executes or causes to be executed a specified derivatives contract as an agent of a party to the derivatives contract; and
(b)
a person acting in the course of the kind of business the specified person was carrying on would not reasonably be expected to have, for the purpose of that business, access to an item of information concerning that derivatives contract, being any information in items 57 to 75 in Part 1 of the First Schedule, when that person executed or caused that derivatives contract to be executed.
Subregulation 2
Amended byS 410/2024 wef 21/10/2024
The specified person is exempt from reporting under section 125(2) of the Act —
(a)
the item of information mentioned in paragraph (1)(b); or
(b)
an amendment, modification, variation or change to that item of information.
Regulation 10E
Exemptions in relation to specified derivatives contracts entered into, etc., before 21 October 2024 where specified person had no reporting obligations under old Regulations
Amended byS 410/2024 wef 21/10/2024
Subregulation 1
Paragraph (2) applies to a person who satisfies all of the following conditions:
(a)
the person is, on 21 October 2024, a specified person;
(b)
the person is either —
(i)
a party to a specified derivatives contract that is entered into before that date; or
(ii)
a person who executed or caused to be executed, before that date, a specified derivatives contract as an agent of a party to that derivatives contract.
Subregulation 2
The person is exempt from reporting under section 125(1) and (2) of the Act —
(a)
an item of information in Part 1 of the First Schedule concerning that derivatives contract; or
(b)
an amendment, modification, variation or change to that item of information,if the conditions in paragraph (3) are satisfied.
Subregulation 3
Amended byS 410/2024 wef 21/10/2024
The conditions are —
(a)
the person was not required, under the old Regulations, to report that item of information (whether under the same or different data fields as those set out in Part 1 of the First Schedule); and
(b)
the person had not, at or about the time the derivatives contract was executed, recorded that item of information in any manner.
Regulation 11
Cases where specified person is prohibited unless certain consent is obtained, from reporting counterparty information on specified derivatives contract entered into before 1 January 2019, under laws or requirements of any jurisdiction
Amended byS 410/2024 wef 21/10/2024S 410/2024 wef 21/10/2024S 410/2024 wef 21/10/2024S 410/2024 wef 21/10/2024S 410/2024 wef 21/10/2024S 874/2018 wef 01/01/2019S 410/2024 wef 21/10/2024
Subregulation 1
Amended byS 410/2024 wef 21/10/2024
A specified person who —
(a)
is a party to a specified derivatives contract that is entered into before 1 January 2019;
(b)
is bound by a requirement of the law of any jurisdiction, or a requirement of any authority of any jurisdiction, to report the counterparty information set out in Part 1 of the First Schedule in respect of the derivatives contract only with the consent of the counterparty to the derivatives contract;
(c)
has made reasonable efforts but is unable to obtain such consent; and
(d)
continues to make reasonable efforts to obtain the requisite consent of the counterparty,need not report the counterparty information at such time or times and in the form and manner specified in regulations 7 and 9, but must report the counterparty information in accordance with paragraph (2).
Subregulation 2
Amended byS 410/2024 wef 21/10/2024
Subject to paragraph (3), a specified person to whom paragraph (1) applies must report, in the form and manner specified in regulations 7 and 9, the counterparty information set out in Part 1 of the First Schedule in respect of the specified derivatives contract not later than the last day of the one-month period after the occurrence of either of the following events, whichever occurs first:
(a)
the requisite consent is obtained;
(b)
the requirement of the law or of the authority for consent is revoked.
Subregulation 3
Amended byS 410/2024 wef 21/10/2024
A specified person need not comply with paragraph (2) if the specified derivatives contract ceases to be in force before the date mentioned in that paragraph.
Subregulation 4
Amended byS 410/2024 wef 21/10/2024
A specified person who —
(a)
executes or causes to be executed a specified derivatives contract as an agent of a party to the specified derivatives contract before 1 January 2019;
(b)
is bound by a requirement of the law of any jurisdiction, or a requirement of any authority of any jurisdiction, to report the counterparty information set out in Part 1 of the First Schedule in respect of the derivatives contract only with the consent of —
(i)
the counterparty to the derivatives contract;
(ii)
the party for whom the specified person has entered into the specified derivatives contract; or
(iii)
both the persons mentioned in sub-paragraphs (i) and (ii);
(c)
has made reasonable efforts but is unable to obtain such consent; and
(d)
continues to make reasonable efforts to obtain the requisite consent of the person or persons mentioned in sub-paragraph (b)(i), (ii) or (iii), as the case may be,need not report the counterparty information at such time or times and in the form and manner specified in regulations 7 and 9, but must report the counterparty information in accordance with paragraph (5).
Subregulation 5
Amended byS 410/2024 wef 21/10/2024
Subject to paragraph (6), a specified person to whom paragraph (4) applies must report, in the form and manner specified in regulations 7 and 9, the counterparty information set out in Part 1 of the First Schedule in respect of the specified derivatives contract not later than the last day of the one-month period after the occurrence of either of the following events, whichever occurs first:
(a)
the requisite consent is obtained;
(b)
the requirement of the law or of the authority for consent is revoked.
Subregulation 6
Amended byS 874/2018 wef 01/01/2019S 410/2024 wef 21/10/2024
A specified person need not comply with paragraph (5) if the specified derivatives contract ceases to be in force before the date mentioned in that paragraph.
Regulation 11A
Cases where specified person is prohibited under laws or requirements of jurisdiction specified in Fifth Schedule from reporting counterparty information on specified derivatives contract
Amended byS 643/2019 wef 01/10/2019S 410/2024 wef 21/10/2024S 410/2024 wef 21/10/2024S 410/2024 wef 21/10/2024S 874/2018 wef 01/01/2019
Subregulation 1
Amended byS 643/2019 wef 01/10/2019S 410/2024 wef 21/10/2024S 410/2024 wef 21/10/2024
A specified person who —
(a)
is a party to a specified derivatives contract, or executes or causes to be executed a specified derivatives contract as an agent of a party to the specified derivatives contract; and
(b)
is completely prohibited by a requirement of the law of any jurisdiction specified in the Fifth Schedule or a requirement of any authority of any jurisdiction specified in the Fifth Schedule, from reporting any counterparty information set out in Part 1 of the First Schedule in respect of the specified derivatives contract,need not report the counterparty information at such time or times and in the form and manner specified in regulations 7 and 9, but must report the counterparty information in accordance with paragraph (2).
Subregulation 2
Amended byS 410/2024 wef 21/10/2024
Subject to paragraph (3), the specified person to whom paragraph (1) applies must report the counterparty information set out in Part 1 of the First Schedule in respect of the specified derivatives contract not later than 1 July of the year immediately following the date on which the requirement of the law or of the authority mentioned in paragraph (1)(b) is revoked (called in this regulation the specified date).
Subregulation 3
Amended byS 874/2018 wef 01/01/2019
A specified person need not comply with paragraph (2) if the specified derivatives contract ceases to be in force before the specified date.
Regulation 11B
Cases where specified person was previously prohibited under laws or requirements of jurisdiction specified in Fifth Schedule from reporting counterparty information on specified derivatives contract
Amended byS 643/2019 wef 01/10/2019S 410/2024 wef 21/10/2024S 410/2024 wef 21/10/2024S 410/2024 wef 21/10/2024S 874/2018 wef 01/01/2019
Subregulation 1
Amended byS 643/2019 wef 01/10/2019S 410/2024 wef 21/10/2024
A specified person who is a party to a specified derivatives contract that is entered into, or executes or causes to be executed a specified derivatives contract as an agent of a party to the specified derivatives contract, before the specified date need not report any counterparty information on the specified derivatives contract at such time or times and in the form and manner specified in regulations 7 and 9, but must report the counterparty information in accordance with paragraph (2).
Subregulation 2
Amended byS 410/2024 wef 21/10/2024
Subject to paragraph (3), the specified person to whom paragraph (1) applies must report the counterparty information set out in Part 1 of the First Schedule in respect of the specified derivatives contract not later than the specified date.
Subregulation 3
A specified person need not comply with paragraph (2) if the specified derivatives contract ceases to be in force before the specified date.
Subregulation 4
Amended byS 410/2024 wef 21/10/2024S 874/2018 wef 01/01/2019
In this regulation —
Definition
“date of change” means the date on which there is a change in a requirement of the law of any jurisdiction specified in the Fifth Schedule or a requirement of any authority of any jurisdiction specified in the Fifth Schedule, whether such change occurred before, on or after 1 January 2019, where had the change not come into force, the specified person mentioned in paragraph (1) would have been completely prohibited from reporting any counterparty information set out in Part 1 of the First Schedule in respect of the specified derivatives contract mentioned in that paragraph;
Amended byS 410/2024 wef 21/10/2024
Definition
“specified date” is 1 July of the year immediately following the date of change.
Amended byS 874/2018 wef 01/01/2019
Regulation 11C
Cases where specified person is prohibited unless certain consent is obtained, from reporting counterparty information on specified derivatives contract under laws or requirements of jurisdiction specified in Fifth Schedule
Amended byS 410/2024 wef 21/10/2024S 410/2024 wef 21/10/2024S 410/2024 wef 21/10/2024S 643/2019 wef 01/10/2019S 410/2024 wef 21/10/2024S 410/2024 wef 21/10/2024S 410/2024 wef 21/10/2024S 874/2018 wef 01/01/2019
Subregulation 1
Amended byS 410/2024 wef 21/10/2024S 410/2024 wef 21/10/2024
A specified person who —
(a)
is a party to a specified derivatives contract that is entered into before the specified date A;
(b)
is bound by a requirement of the law of any jurisdiction specified in the Fifth Schedule, or a requirement of any authority of any jurisdiction specified in the Fifth Schedule, to report any counterparty information set out in Part 1 of the First Schedule in respect of the specified derivatives contract only with the consent of the counterparty to the specified derivatives contract; and
(c)
had the requirement of the law or of the authority mentioned in sub-paragraph (b) not come into force, would have been completely prohibited under a requirement of a law or of an authority of the jurisdiction mentioned in sub-paragraph (b) from reporting the counterparty information,need not report the counterparty information at such time or times and in the form and manner specified in regulations 7 and 9, but must report the counterparty information in accordance with paragraph (2).
Subregulation 2
Amended byS 410/2024 wef 21/10/2024
Subject to paragraph (3), a specified person to whom paragraph (1) applies must report the counterparty information set out in Part 1 of the First Schedule in respect of the specified derivatives contract not later than —
(a)
the specified date A; or
(b)
if the specified person has been making reasonable efforts to obtain the requisite consent of the counterparty, the later of the following dates:
(i)
the specified date A;
(ii)
the last day of the one-month period after the occurrence of either of the following events, whichever occurs first:
(A)
the requisite consent is obtained;
(B)
the requirement of the law or of the authority for consent is revoked.
Subregulation 3
A specified person need not comply with paragraph (2) if the specified derivatives contract ceases to be in force before the date mentioned in paragraph (2)(a) or (b)(i) or (ii), as the case may be.
Subregulation 4
Amended byS 643/2019 wef 01/10/2019S 410/2024 wef 21/10/2024S 410/2024 wef 21/10/2024
A specified person who —
(a)
executes or causes to be executed a specified derivatives contract as an agent of a party to the specified derivatives contract before the specified date B;
(b)
is bound by a requirement of the law of any jurisdiction specified in the Fifth Schedule, or a requirement of any authority of any jurisdiction specified in the Fifth Schedule, to report any counterparty information set out in Part 1 of the First Schedule in respect of the specified derivatives contract only with the consent of —
(i)
the counterparty to the specified derivatives contract;
(ii)
the party for whom the specified person has entered into the specified derivatives contract; or
(iii)
both the persons mentioned in sub-paragraphs (i) and (ii); and
(c)
had the requirement of the law or of the authority mentioned in sub-paragraph (b) not come into force, would have been completely prohibited under a requirement of a law or of an authority of the jurisdiction mentioned in sub-paragraph (b) from reporting the counterparty information,need not report the counterparty information at such time or times and in the form and manner specified in regulations 7 and 9, but must report the counterparty information in accordance with paragraph (5).
Subregulation 5
Amended byS 410/2024 wef 21/10/2024
Subject to paragraph (6), a specified person to whom paragraph (4) applies must report the counterparty information set out in Part 1 of the First Schedule in respect of the specified derivatives contract not later than —
(a)
the specified date B; or
(b)
if the specified person has been making reasonable efforts to obtain the requisite consent of the person or persons mentioned in paragraph (4)(b)(i), (ii) or (iii), as the case may be, the later of the following dates:
(i)
the specified date B;
(ii)
the last day of the one-month period after the occurrence of either of the following events, whichever occurs first:
(A)
the requisite consent is obtained;
(B)
the requirement of the law or of the authority for consent is revoked.
Subregulation 6
A specified person need not comply with paragraph (5) if the specified derivatives contract ceases to be in force before the date mentioned in paragraph (5)(a) or (b)(i) or (ii), as the case may be.
Subregulation 7
Amended byS 874/2018 wef 01/01/2019
In this regulation —
Definition
“specified date A” means 1 July of the year immediately following the date on which the requirement of the law or of the authority mentioned in paragraph (1)(b) came into force;
Definition
“specified date B” means 1 July of the year immediately following the date on which the requirement of the law or of the authority mentioned in paragraph (4)(b) came into force.
Amended byS 874/2018 wef 01/01/2019
Regulation 12
Offences
Subregulation 1
Any person who contravenes regulation 4 or 6(5) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 and, in the case of a continuing offence, to a further fine not exceeding $5,000 for every day or part thereof during which the offence continues after conviction.
Subregulation 2
Section 333(1) of the Act shall not apply to any offence referred to in paragraph (1).
Schedule 4
Exempted persons
FOURTH SCHEDULERegulation 10(1), (2) and (3)Exempted persons1.The Government2.Any statutory board established under any written law3.Any central bank in a jurisdiction other than Singapore4.Any central government in a jurisdiction other than Singapore5.Any agency (of a central government in a jurisdiction other than Singapore) that is incorporated or established, in a jurisdiction other than Singapore, for non‑commercial purposes6.Any of the following multilateral agencies, organisations or entities:
(a)
the African Development Bank(b)the Asian Development Bank(c)the Bank for International Settlements(d)the European Bank for Reconstruction and Development(e)the European Economic Community(f)the European Investment Bank(g)the Inter‑American Development Bank(h)the International Monetary Fund[S 153/2018 wef 01/04/2018](i)the Asian Infrastructure Investment Bank[S 153/2018 wef 01/04/2018](j)the Caribbean Development Bank[S 153/2018 wef 01/04/2018](k)the Council of Europe Development Bank[S 153/2018 wef 01/04/2018](l)the European Investment Fund[S 153/2018 wef 01/04/2018](m)the Islamic Development Bank[S 153/2018 wef 01/04/2018](n)the Nordic Investment Bank[S 153/2018 wef 01/04/2018](o)the International Finance Facility for Immunisation[S 153/2018 wef 01/04/2018](p)the World Bank Group, including the International Bank for Reconstruction and Development, the International Finance Corporation and the Multilateral Investment Guarantee Agency[S 153/2018 wef 01/04/2018]
Schedule 5
Specified jurisdictions
FIFTH SCHEDULERegulations 11A(1)(b), 11B(4) and 11C(1)(b) and (4)(b)Specified jurisdictions1.Algeria2.Argentina3.Austria4.Bahrain5.Belgium6.France7.Hungary8.India9.Luxembourg10.Pakistan11.People’s Republic of China12.Republic of Korea13.Samoa14.Singapore15.Switzerland16.Taiwan[S 874/2018 wef 01/01/2019]
Schedule 6
Specified currencies
SIXTH SCHEDULERegulation 2(1)Specified currencies1.Euro2.US Dollar3.Japanese Yen4.Australian Dollar5.Swiss Franc6.Hong Kong Dollar7.New Zealand Dollar8.Singapore Dollar9.Norwegian Krone10.Mexican Peso[S 727/2014 wef 01/11/2014]
Common questions
- What is Securities and Futures (Reporting of Derivatives Contracts) Regulations 2013?
- Securities and Futures (Reporting of Derivatives Contracts) Regulations 2013 is Singapore Subsidiary Legislation, cited as Subsidiary Legislation SFA-S668-2013 2001, currently marked in force and first recorded in 2001.
- Is Securities and Futures (Reporting of Derivatives Contracts) Regulations 2013 still in force?
- Yes — Securities and Futures (Reporting of Derivatives Contracts) Regulations 2013 is currently in force.
- When did Securities and Futures (Reporting of Derivatives Contracts) Regulations 2013 take effect?
- Securities and Futures (Reporting of Derivatives Contracts) Regulations 2013 was first recorded in 2001.
- How many regulations does Securities and Futures (Reporting of Derivatives Contracts) Regulations 2013 have?
- Securities and Futures (Reporting of Derivatives Contracts) Regulations 2013 contains 19 regulations.
- Where can I read the official version of Securities and Futures (Reporting of Derivatives Contracts) Regulations 2013?
- The official text of Securities and Futures (Reporting of Derivatives Contracts) Regulations 2013 is published at sso.agc.gov.sg.