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CFTC and Singapore- you show ours, we’ll show you yours

The CFTC and the Monetary Authority of Singapore (MAS) have signed a Memorandum of Understanding concerning cooperation and exchange of information. The 12 page document is a statement of intent between the two supervisory agencies, promising mutual assistance in facilitating their respective mandates, covering: CCP’s, trade repositories, intermediaries, trading platforms and other market participants. Notable points follow:

  • The MoU does not create legally binding obligations
  • The agencies “anticipate that cooperation primarily will be achieved through ongoing informal consultations”
  • Each agency may need to conduct “On-Site Visits” in each other’s jurisdictions. Such visits may include “obtaining information from directors and senior management”, the respective agency will enable such visits

The MoU promises the MAS full and frank access to information on US dealer’s activities in Singapore and vice versa. It would seem that given the likely flow of business, the CFTC will be providing more information on US dealers, than it receives on the activities of Singaporean dealers in the U.S. Nevertheless, this is the first instance of such an agreement and it is likely that it will serve as model for other jurisdictions. It is wide-ranging, and to such extent necessarily vague; its a recipe for cooperation, as always the proof will be in the actual pudding.

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