Citation, commencement and extent

1. —(1) These Regulations may be cited as the Central Counterparties (Equivalence) (Singapore) (Monetary Authority of Singapore) Regulations 2023.

(2) These Regulations come into force on 4th December 2023.

(3) These Regulations extend to England and Wales, Scotland and Northern Ireland.

Equivalence

2. —(1) The Treasury specify that—

(a) the legal and supervisory arrangements of Singapore, as implemented by the MAS, ensure that specified CCPs comply on an ongoing basis with legally binding requirements which are equivalent to the requirements laid down in Title IV of of the European Parliament and of the Council of 4 July 2012 Regulation (EU) No 648/2012 on OTC derivatives, central counterparties and trade repositories;

(b) the specified CCPs are subject to effective supervision and enforcement by the MAS on an ongoing basis;

(c) the legal framework of Singapore, as implemented by the MAS, provides for an effective equivalent system for the recognition of CCPs( 2 ) authorised under legal regimes of other countries.

(2) In this regulation—

(a) “ MAS ” means the Monetary Authority of Singapore;

(b) “ specified CCP ” means a CCP established in Singapore which is authorised by the MAS as an approved clearing house.