As part of the Securities and Futures Act, the Monetary Authority of Singapore (MAS), created the Securities and Futures Reporting of Derivative Contracts Regulation. To help companies comply with the regulation, Cappitech provides compliance technology for banks, asset managers and other financial firms automate the daily process of reporting.
About MAS (Singapore) Derivative Reporting
Written in 2013, the regulation has a rolling effective date of products and companies under scope. Data field requirements were updated on October 2018 to include all six items of Part IA of the First Schedule of the Regulation. The regulation covers Interest Rate, Credit, Foreign Exchange, Equity and Commodity contracts. Commencement dates as per table below:
Definitions (as of Section 124 of the Securities and Futures Act)
Bank – licensed under the Banking Act
Merchant Bank – merchant bank approved as a financial institution under the Monetary Authority of Singapore Act with trades above SGD$ 5 billion over past 12 months.
Subsidiary Bank – subsidiary of a bank incorporated in Singapore with trades above SGD$ 5 billion over past 12 months
Finance Company – company licensed under the Finance Companies Act
Insurer – licensed under the Insurance Act with trades above SGD$ 5 billion over past 12 months.
Capital Markets licensee – Licensee with trades with accredited investors and institutions are more than SGD$5 billion over the past 12 months or is Fund or Real Estate Management and AUM is above $8 billion.
Significant Derivative Holder – as per the Securities and Futures Act
CAPPITECH CAN HELP YOU WITH YOUR MAS REPORTING
To help investment firms handle the compliance and data complexities of MAS Derivative Reporting, Cappitech created Capptivate™. A Software as a Service (SaaS) product, Capptivate is a cloud-based MAS reporting and validation solution. It easily connects with derivative trade data to create MAS compliant formatted files to automate the reporting process for our customers.
HOW IT WORKS
Capptivate™ connects to customer trade records, enriches the data, reformats the file, validates trades and reports directly to a Trade Repository (TR) on our client’s behalf. Information on trades is then made available via daily email updates and a web-based dashboard.
HOW YOU CAN BENEFIT
SaaS & Automation: Significantly cuts the initial IT and HR costs to begin reporting and the ongoing work required to keep the reporting compliant as laws are updated regularly.
Operational excellence: Our Client Services team monitors client trades on an ongoing basis, alerts and helps fix any reporting exceptions.
Reporting fees: Cappitech benefits from trade volume discounts as a result of reporting on behalf of many firms, and passes these on to our clients. A result is significant cost improvement for customers.