A locally incorporated entity that seeks to offer trade reporting services to allow participants to fulfil their obligations under MAS’ reporting mandate must be authorised by MAS as an LTR.

Foreign entities offering trade reporting services to allow participants to fulfil their obligations under MAS’ reporting mandate are subject to licensing as an LFTR. A key consideration for licensing a foreign entity as an LFTR is that the regulatory regime of the home jurisdiction of the foreign entity should be comparable to the SFA, of which an important criterion is the application of the Principles for Financial Market Infrastructures standards by the home jurisdiction.

The definitions for the above regulated activity can be found in Part 2A of the SFA .

LTRs and LFTRs are obliged to ensure that access for participation in the trade repository is subject to criteria that are fair and objective, are designed to ensure the safe and efficient functioning of its facility and to protect the interests of the investing public. These criteria should also be publicly disclosed.

The following notices and guidelines are also relevant to LTRs and/or LFTRs:

• Securities and Futures (Reporting of Derivatives Contracts) Regulations 2013
• Notice on Financial Market Infrastructure Standards (SFA 02A/03-N01) (For LTRs only)
• Notice on Technology Risk Management (CMG-N02) (For LTRs only)
• Notice on Cyber Hygiene (CMG-N03) (For LTRs only)
• Notice on Reporting of Suspicious Activities & Incidents of Fraud (CMG-N01)
• Guidelines on Business Continuity Management
• Guidelines on Technology Risk Management
• Guidelines on Fit and Proper Criteria
• Guidelines on Outsourcing