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Exemption for subsidiary of bank incorporated in Singapore, or insurer licensed under Insurance Act 1966

Securities and Futures (Reporting of Derivatives Contracts) Regulations 2013

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—(1) 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.(2) 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.(3) 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.(4) 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.(5) 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.(6) 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.

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