2 MAS received extensive feedback from consumers and the industry, which we have carefully considered and reviewed. MAS thanks all respondents for their useful comments. In view of the broad ranging proposals raised in the consultation, MAS will release our response to feedback in phases. The first phase addresses feedback received on:
(i) Extending the current regulatory regime for clearing facilities to OTC derivatives; (ii) Introducing a new regulatory regime for trade repositories.
3 Most respondents were supportive of MAS’ proposal to extend the “clearing facility” definition to derivatives contracts and the introduction of a new authorisation regime for clearing facilities and trade repositories. Some also highlighted the importance of protecting customers’ money and assets handled by a clearing facility, while others had some concerns over confidentiality of information reported to trade repositories. MAS agrees that both are important issues to be addressed. We expect trade repositories to maintain high standards of data integrity and confidentiality, and will establish an appropriate framework for regional and global regulators to request trade repository data based on internationally agreed principles. MAS will proceed to implement all the proposals pertaining to the clearing facility and trade repository regimes.
Consultation on Draft Amendments to the Securities and Futures Act on Proposed Regulation of OTC Derivatives