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Author: Admin | 2025-04-28
The Insurance Act subject to exemption.This is covered at Section 124 of the Act and Section 6 of the Regulations, Who is not required to report? The following are exempt from reporting under MAS Rewrite:an approved trustee (under s.289 of the Securities Futures Act 2001);a licensed trust company that entered into the relevant OTC as a trustee;the following, if they either have carried on its business or operations for less than 4 consecutive quarters; or if the conditions in regulation 10C(4) (for (i) and (ii) below) or regulation 10A(4) (for (iii) below) of the Regulations are met (i.e. refers to the bookings of trades with aggregate gross notional amounts being less than SGD 5 billion*):(i) a subsidiary of a bank incorporated in Singapore,(ii) a licensed insurer; and(iii) a holder of a CMSL.persons listed in the Fourth Schedule to the Regulations e.g. Singaporean Government central banks, multilateral development agencies and international organisations.*The SGD 5 billion threshold refers to the aggregate gross notional amount of relevant derivatives contracts for past 4 calendar quarters not exceeding SGD 5 billion. The gross notional amount for each quarter is be assessed on the last day of that quarter.Specifically in the case of a CMSL, the calculation of the aggregate gross notional amount: excludes derivatives contracts where a party to the contract is not an accredited investor or institutional investor; andincludes both derivatives contracts to which the CMSL is a party and to which the CMSL has entered into on behalf of another person. Other exclusions from reporting Derivative contracts entered into between a CMSL and a person who is not an accredited investor or institutional investor are exempt from reporting. This effectively means derivative contracts between CMSLs and expert investors need to be reported. [References:Regulations 10 and 10A of the SF(RDC)R Fourth Schedule to the
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