Regtech Showcase: Managing MAS reporting rules

With MAS reporting rules now fully implemented, the challenge for those in scope will be ensuring reports remain complete and accurate.

Like other G20 members, Singapore has complex rules that require market participants to report details of their over-the-counter derivative transactions to a Trade Repository. The rules, finalised in 2013 have been subject to a phased roll out, with the final tranche coming into scope last year. Although the MAS is yet to take action for reporting failures, examples in other jurisdictions suggest the penalties for incomplete or inaccurate reporting could be significant.

In our RegTech showcase we looked at what the regulator expects to see when it comes to transaction reporting. Our friends at the Depository Trust & Clearing Corporation (DTCC) provided an update on common reporting challenges faced by reporting entities in Singapore and touched on forthcoming changes to the regime. We were also joined by Qomply, who showed us how technology can help when it comes to tracking the effectiveness of your reporting framework.

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