The MAS reporting regime, overseen by the Monetary Authority of Singapore, plays a pivotal role in ensuring transparency and stability in Singapore's over-the-counter (OTC) derivatives market. This framework requires specific financial institutions to report detailed information about their OTC derivative transactions to a designated trade repository.

Who Does This Affect?

The regime affects a diverse group of financial institutions in Singapore, including banks, merchant banks, finance companies, insurers, and any entity holding a capital markets services licence. Notably, the reporting obligation is double-sided – i.e. if either counterparty has a reporting obligation, both parties must report the transaction to MAS.

Reporting Requirements and Deadlines

The institutions that are tasked with reporting obligations and their counterparties must report their OTC interest rates, credit, foreign exchanges, commodities, and equities derivative transactions to MAS (exchange-traded derivatives are excluded from this mandate.) within two business days following the trade execution.

Outlook: The MAS Rewrite

Anticipating changes, the MAS Rewrite, which is set to launch on 21 October 2024, aims to align Singapore’s reporting standards with global practices. This includes adopting the ISO 20022 XML message format, reducing reporting fields from 162 fields to 136 fields and introducing new requirements for reporting the Unique Transaction Identifier (UTI), Unique Product Identifier (UPI), etc.