Singapore legislation

Regulation 6

of Securities and Futures (Reporting of Derivatives Contracts) Regulations 2013

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]

Read in full context — Securities and Futures (Reporting of Derivatives Contracts) Regulations 2013 →