MAS updates FAQ ahead of October ReWrite of transaction reporting rules
The Singapore financial regulator, MAS, has published a revision to its FAQ on Reporting of Derivatives Contracts. The latest revision contains some timely guidance aimed to provide clarity around certain aspects of the MAS reporting ReWrite which will be implemented on 21 October this year alongside ASIC’s similar ReWrite of the Australian reporting rules.
The new questions can be identified by the tag “[With effect from 21 Oct 2024]” and include guidance on:
- Reporting CFDs at position level
- Whether previously reported trades need updating with a UTI that meets the latest standards
- Reporting collateralisation category when the counterparty has a sub-agreement that differs with the main credit support annex
- When reporting firms should populate the FX swap link ID and package identifier fields
- When updating previously reported trades does the reporting firm need to report information that was not previously captured or reported.
While the latest guidance is timely and will hopefully provide firms with additional clarity around certain aspects of the MAS ReWrite, the industry is still awaiting final rules from MAS.
Many firms are actively working towards the 21 October deadline implementation based on the message specifications published by the trade repositories. Publishing the final rules would provide much needed clarity for all the firms involved. We hope the publication of these final MAS rules follow soon after this FAQ.
- The revised FAQ can be found on MAS’ website
- For a free health check of your MAS reporting ahead of the ReWrite, please contact us.
