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Clifford Chance

Clifford Chance


MAS consults on proposed regulatory framework for OTC Derivatives Intermediaries

12 June 2015

On 3 June 2015, the Monetary Authority of Singapore (MAS) issued a policy consultation paper in respect of the proposed regulatory framework for intermediaries dealing in OTC derivative contracts.

This follows the February 2015 consultation paper proposing amendments to the Securities and Futures Act (SFA) to expand the scope of the SFA to regulate derivative contracts and to introduce the requirement for intermediaries dealing in OTC derivative contracts (OTC Intermediaries) to hold a Capital Markets Services (CMS) licence. The MAS has also taken the opportunity in the June 2015 consultation paper to propose changes to refine the rules governing execution-related advice and the marketing of collective investment schemes (CIS) under the Financial Advisers Act (FAA). These proposed changes are discussed in more detail below.

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