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MAS and ASIC Implement New OTC Derivatives Reporting Rules

Compliance and Regulatory Technology

MAS, Derivatives, Regulation, financial markets

Business Honor
06 January, 2025

New reporting regulations in Singapore and Australia enhance transparency in global derivatives markets.

New OTC (Over-the-Counter) derivatives reporting requirements have come into force between the Monetary Authority of Singapore (MAS) and the Australian Securities and Investments Commission (ASIC), with effect from 21st October. Such a move by updating the regulation for OTC derivatives is an improvement in their overall transparency and supervision, bringing into the ambit significant steps globally on regulatory improvements of financial markets.

This move follows the extension of the International Swaps and Derivatives Association’s (ISDA) Digital Regulatory Reporting (DRR) initiative to more jurisdictions earlier in April. The DRR initiative facilitates streamlined, digital reporting for financial institutions, ensuring they meet the required compliance standards.

The United Kingdom implemented the DRR under the European Market Infrastructure Regulation (EMIR) on September 30. Now, with the implementation of similar reporting rules in Australia and Singapore, financial institutions in these regions are now subject to new regulations aimed at increasing the transparency of derivatives transactions. Broadridge Financial Solutions, a leading financial services firm, has confirmed that its platform is ready to support the latest reporting requirements.

Broadridge is also ready for future regulatory updates: the Canadian rewrite scheduled for July 2025 and the Hong Kong rewrite set for September 2025. It is part of a global move to standardize and improve consistency in derivatives reporting, in keeping with the already seen changes across the US, Japan, and Europe.

According to Ben Cooling, general manager of regulatory trade and transaction reporting at Broadridge, the company is proactive in helping clients meet their compliance needs. The firm is also ready for the significant updates of European and UK MiFID regulations between 2025 and 2027 as well as CFTC's Dodd-Frank Reporting updates.