Statute Details
- Title: Securities and Futures (Reporting of Derivatives Contracts) Regulations 2013
- Act Code: SFA2001-S668-2013
- Type: Subsidiary legislation (SL)
- Authorising Act: Securities and Futures Act (Cap. 289)
- Enacting formula (key powers): sections 129, 129A, 337(1) and 341 of the Securities and Futures Act
- Citation: S 668/2013
- Commencement: 31 October 2013
- Status: Current version as at 27 March 2026
- Key Parts: Part I (Preliminary); Part II (Reporting of specified derivatives contracts); Part IIA (Deferred reporting of counterparty information); Part III (Miscellaneous)
- Key provisions (from extract): s 2 (definitions); s 3 (forms); s 4 (keeping of books and other information); ss 5–10E (specified derivatives contracts, significant derivatives holder, reporting and exemptions); ss 11–11C (deferred reporting / consent where prohibited)
- Schedules: First Schedule (derivatives information to be reported); Second Schedule (repealed); Third/Fourth Schedules (exempted persons); Fifth Schedule (specified jurisdictions); Sixth Schedule (specified currencies)
What Is This Legislation About?
The Securities and Futures (Reporting of Derivatives Contracts) Regulations 2013 (“SF Reporting Regulations”) implement a derivatives reporting regime in Singapore. In plain terms, the Regulations require certain market participants to report details of “specified derivatives contracts” to the relevant authority (or in the manner prescribed by the Regulations), so that regulators can monitor systemic risk, market integrity, and exposures across the derivatives market.
The Regulations sit within the broader framework of the Securities and Futures Act (SFA). They operationalise reporting obligations under Part 6A of the SFA by prescribing: (i) which contracts are “specified”; (ii) who is a “significant derivatives holder” (and therefore within scope); (iii) what information must be reported; (iv) when and how reporting must be done; and (v) when reporting may be exempted or deferred—particularly where foreign legal constraints prevent immediate disclosure of counterparty information.
Practically, the Regulations are designed to ensure that derivatives activity is not “invisible” to regulators. Derivatives are often traded over-the-counter (OTC), where transparency is otherwise limited. By requiring structured reporting (including counterparty data in many cases), the regime supports supervisory analysis, regulatory reporting consistency, and cross-border comparability.
What Are the Key Provisions?
1. Preliminary framework: citation, commencement, and definitions (Part I). The Regulations commence on 31 October 2013. Section 2 provides definitions that determine the scope of the reporting regime. The extract shows that the Regulations define key derivatives categories—such as commodity derivatives contract, credit derivatives contract, and equity derivatives contract—by reference to the underlying reference items (commodities, credit instruments/credit-linked instruments, stocks/shares/indices, etc.). These definitions also contain important exclusions (for example, exchange-traded derivatives contracts and certain collective investment scheme units, and in some cases debentures).
These definitional boundaries matter because the reporting obligation is triggered only if the contract falls within the “specified derivatives contract” concept in section 5 (not fully reproduced in the extract). A practitioner should treat the definitions as the first gatekeeping step: misclassification can lead to either unnecessary reporting (if a contract is wrongly treated as specified) or non-compliance (if a contract is wrongly treated as outside scope).
2. Forms and record-keeping (ss 3 and 4). Section 3 requires that the “forms to be used for the purposes of Part 6A of the Act and these Regulations are those …” (the extract truncates the remainder). This indicates that reporting is not purely ad hoc; it is structured through prescribed forms. Section 4 requires keeping of books and other information. This is a compliance-critical provision: even where reporting is delegated or automated, firms must retain the underlying data needed to complete the prescribed reports and to demonstrate compliance during regulatory review or investigations.
3. Reporting of specified derivatives contracts (Part II). Part II contains the core operational obligations. Section 5 identifies what constitutes a specified derivatives contract. Section 6 introduces the concept of a significant derivatives holder, which is the category of person likely to bear the reporting duty. Section 7 then sets out information to be reported and the form of report, with the First Schedule specifying the derivatives information to be reported. Section 9 addresses time and manner of reporting, meaning that compliance is not only about “what” is reported but also “when” and “how” (for example, timing relative to execution, booking, or other events, and the reporting channel/format).
4. Exemptions and targeted relief (ss 10–10E). Part II also provides multiple exemption pathways. Section 10 contains general exemptions. The Regulations then include specific exemptions for particular categories of persons or circumstances, including:
- s 10A: exemption for a holder of a capital markets services licence (subject to conditions);
- s 10C: exemption for a subsidiary of a bank incorporated in Singapore, or an insurer licensed under the Insurance Act 1966;
- s 10D: exemption for specified persons acting as agents (relevant where reporting is performed on behalf of others);
- s 10E: transitional exemptions for specified derivatives contracts entered into before 21 October 2024 where the specified person had no reporting obligations under the “old Regulations”.
For practitioners, these provisions are often where compliance strategies are built: whether a firm can rely on an exemption depends on its regulatory status (licensing), corporate structure (subsidiaries), role in the transaction (agent vs principal), and the contract’s execution date relative to regulatory changes.
5. Deferred reporting of counterparty information (Part IIA: ss 11–11C). Part IIA is a particularly important feature for cross-border derivatives. It addresses situations where a specified person is prohibited—by the laws or requirements of another jurisdiction—from reporting counterparty information for certain specified derivatives contracts. The mechanism is not a blanket waiver; it is a structured “deferred reporting” regime tied to consent and jurisdictional lists.
Section 11 covers cases where the specified person is prohibited unless certain consent is obtained, for contracts entered into before 1 January 2019. Sections 11A and 11B deal with prohibitions under laws or requirements of jurisdictions specified in the Fifth Schedule, including scenarios where the prohibition is current or previously applied. Section 11C similarly provides a consent-based pathway for specified jurisdictions. The Fifth Schedule therefore functions as a compliance map: it identifies which foreign jurisdictions trigger the deferred reporting framework.
In practice, this part is likely to be invoked by firms with counterparties in jurisdictions with strict data disclosure or bank secrecy regimes. A lawyer should focus on: (i) whether the prohibition is truly “counterparty information” (as opposed to other fields); (ii) whether the contract date falls within the relevant temporal scope; and (iii) whether the firm can obtain the “certain consent” required to proceed with reporting.
6. Offences (s 12). Part III includes offences. While the extract does not reproduce the offence wording, the presence of an offences section signals that failure to report, failure to keep required records, or breach of exemption/deferment conditions can attract regulatory and/or criminal consequences. For compliance planning, s 12 should be treated as the enforcement backstop: it informs the risk assessment for reporting system failures, incorrect classification, and missed deadlines.
How Is This Legislation Structured?
The Regulations are organised into four main layers:
- Part I (Preliminary): sets out citation/commencement (s 1), definitions (s 2), prescribed forms (s 3), and record-keeping (s 4).
- Part II (Reporting of specified derivatives contracts): defines the relevant contract and reporting persons (ss 5–6), specifies the reporting content and reporting format (s 7 and First Schedule), sets timing/manner (s 9), and provides exemptions (ss 10–10E).
- Part IIA (Deferred reporting of counterparty information): creates a consent-based and jurisdiction-based framework for deferring counterparty reporting where foreign law prohibits disclosure (ss 11–11C, linked to Fifth Schedule).
- Part III (Miscellaneous): includes offences (s 12).
Supporting schedules provide the detailed lists and data structures: the First Schedule for reportable derivatives information; Fifth Schedule for specified jurisdictions relevant to deferred counterparty reporting; and Sixth Schedule for specified currencies (relevant to the scope of certain derivatives or reporting fields).
Who Does This Legislation Apply To?
The Regulations apply to persons who fall within the definitions of “specified person” and who are required to report under Part 6A of the SFA. The extract highlights the role of a significant derivatives holder (s 6), suggesting that not every market participant is automatically in scope; rather, the regime targets those with material derivatives activity or regulatory relevance.
In addition, the exemptions indicate that the scope is nuanced. Licensed entities (including capital markets services licence holders), certain bank/insurance subsidiaries, and specified agents may be exempted under ss 10A, 10C, and 10D respectively. Separately, Part IIA applies to specified persons who face legal prohibitions in particular foreign jurisdictions (Fifth Schedule) that prevent reporting counterparty information, subject to consent requirements and contract-date thresholds.
Why Is This Legislation Important?
For practitioners, the SF Reporting Regulations are important because they translate high-level derivatives transparency policy into concrete compliance duties: classification of contracts, identification of reporting persons, completion of prescribed reporting fields, and adherence to timing and record-keeping requirements.
From a risk perspective, the Regulations create potential exposure in three common failure modes: (1) misclassification of derivatives (e.g., treating a contract as outside scope when it is within the defined categories); (2) data and reporting gaps (missing required fields in the First Schedule, or failing to report in the required manner); and (3) deadline and governance failures (inadequate record-keeping under s 4, or inability to evidence compliance). The offences provision (s 12) underscores that these are not merely administrative issues.
Finally, Part IIA is practically significant for cross-border dealing. Many firms operate with counterparties in multiple jurisdictions and must reconcile Singapore reporting expectations with foreign confidentiality or disclosure restrictions. The consent-based, jurisdiction-specific deferred reporting framework provides a structured path to manage that tension—while still maintaining a regulatory expectation of eventual reporting where legally feasible.
Related Legislation
- Securities and Futures Act (Cap. 289) (Part 6A and related provisions enabling these Regulations)
- Futures Act
- Income Tax Act 1947
- Insurance Act 1966 (relevant to exemptions for licensed insurers)
Source Documents
This article provides an overview of the Securities and Futures (Reporting of Derivatives Contracts) Regulations 2013 for legal research and educational purposes. It does not constitute legal advice. Readers should consult the official text for authoritative provisions.