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14-237MR ASIC and MAS sign world-first memorandum of understanding on authorities' access to OTC derivatives trade repository data
ASIC and the Monetary Authority of Singapore (MAS) have entered into a Memorandum of Understanding (MOU) to allow trade repositories licensed in one jurisdiction to provide relevant data to the authority in the other jurisdiction.
Through this MOU, ASIC and MAS express their intent to cooperate with each other in the interest of fulfilling their respective responsibilities and mandates by facilitating each authority’s access to relevant trade repository data, while ensuring the confidentiality of the information is appropriately protected.
The MOU follows the licensing by ASIC of DTCC Data Repository (Singapore) Pte Ltd, a trade repository established and licensed in Singapore (refer: 14-230MR).
In a joint statement, ASIC Chairman Greg Medcraft and MAS Deputy Managing Director (Financial Supervision) Ong Chong Tee said the signing of the MOU between ASIC and the MAS is a world first for this type of arrangement and embodied the ongoing close cooperation between ASIC and MAS on financial market issues, including the implementation of the Group of Twenty (G20) over-the-counter (OTC) derivatives reforms.
Mr Medcraft said, ‘ASIC is committed to ensuring these important reforms are implemented in a way that minimises cost to Australian business and promotes the role of Australia as a financial centre, by making use of international infrastructure where possible.’
Mr Ong added, ‘This MOU is an important framework for ensuring that both MAS and ASIC would have appropriate access to relevant data in their respective licensed trade repositories, whether such trade repositories are located in Singapore or Australia. This reflects MAS’ strong support for the effective implementation of OTC derivatives trade reporting reforms in Singapore and other jurisdictions in the region, including Australia, as part of ongoing global efforts to enhance transparency and to reduce systemic risk in the OTC derivatives markets.’