Reed Smith Client Alerts

Key takeaways

  • On 10 May 2024, the Securities and Futures (Reporting of Derivatives Contracts) (Amendment) Regulations 2024 were published, effectively amending the Securities and Futures (Reporting of Derivatives Contracts) Regulations (SF(RDC)R).
  • The revised SF(RDC)R will take effect on 21 October 2024.
  • Key changes under the revised SF(RDC)R include: implementation of unique transaction identifier (UTI) reporting, changes to the reportable data fields set out in the First Schedule to the SF(RDC)R and adoption of the ISO 20022 XML standard.

Implementation of UTI reporting

As part of efforts by the Monetary Authority of Singapore (MAS) to facilitate the aggregation of over-the-counter (OTC) derivatives data through standardisation and harmonisation of data elements, reporting entities will have to report the UTI which is uniquely assigned to each reportable OTC derivatives contract1.

Additionally, where an OTC derivatives contract is reported more than once due to requirements under the SF(RDC)R and reporting requirements in a foreign jurisdiction, the same UTI will have to be used for such reporting purpose2.

The UTI should also remain as the identifier of the OTC derivatives contract throughout the life cycle of the contract3.

On 31 May 2024, MAS issued guidelines to the SF(RDC)R and updated the frequently asked questions on the SF(RDC)R to explain and provide further guidance on the revised SF(RDC)R.

Changes to reportable data fields in First Schedule to the SF(RDC)R

Critical OTC derivatives data

To assist MAS in monitoring risks in the OTC derivatives market and to facilitate global reporting as closely as possible, the First Schedule to the SF(RDC)R will be updated. The revisions will align with the definitions and allowable values for common data fields set out under the technical guidance on critical OTC derivatives data elements published by the Committee on Payments and Market Infrastructures and the International Organization of Securities Commissions, as well as with data fields required by other authorities.