Singapore legislation
Regulation 10
of Securities and Futures (Reporting of Derivatives Contracts) Regulations 2013
Regulation 10
Exemptions
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 —
he is a person specified in the Fourth Schedule; or
the counterparty to the specified derivatives contract is a person specified in the Fourth Schedule.
Subregulation 2
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 —
the party is a person specified in the Fourth Schedule; or
the counterparty to the specified derivatives contract is a person specified in the Fourth Schedule.
Subregulation 2A
A specified person who —
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 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
For the purpose of paragraph (2A), the persons are —
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:
a subsidiary of a bank incorporated in Singapore;
an insurer licensed under the Insurance Act 1966;
a holder of a capital markets services licence;
an approved trustee mentioned in section 289 of the Act; and
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).