MAS and IE Singapore Invite Comments on the Proposed Transfer of Regulatory Oversight of Commodity Futures
Singapore, 29 November 2006...The Monetary Authority of Singapore (MAS) and International Enterprise Singapore (IE Singapore) issued a consultation paper that proposes the transfer of regulatory oversight of commodity futures from IE Singapore to MAS. Commodity futures are currently regulated under the Commodity Trading Act (CTA) administered by IE Singapore.
2 The proposed changes are as follows:
To subject commodity futures to the same regulatory framework as the other types of futures contracts under the Securities and Futures Act (SFA) and the Financial Advisers Act (FAA) administered by MAS.
To provide transitional measures for entities and representatives affected by the proposed transfer of regulatory oversight of commodity futures.
3 The proposed changes will streamline the licensing and compliance framework for entities broking both commodity and financial futures as they will only need a single licence from MAS. This will help to facilitate Singapore's growth as a hub for commodity futures trading.
4 Interested parties should forward their comments on the proposals in the consultation paper to MAS by 15 Jan 2007. The consultation paper is available on the MAS website > Publications > MAS Consultation Papers and IE Singapore website (www.iesingapore.gov.sg).