On 13 November 2023, HM Treasury (HMT) published Statutory Instrument 2023 No.1198: The Central Counterparties (CCPs) (Equivalence) (Singapore) (Monetary Authority of Singapore (MAS)) Regulations 2023, along with an explanatory memorandum.
The Regulations have been made to specify that the legal and supervisory arrangements that apply to certain CCPs, authorised by the MAS, Singapore’s central bank and integrated regulator of Singapore’s financial sector, are equivalent to the UK’s corresponding regime.
The determination of equivalence conferred by the Regulations will fulfil one of the conditions for certain CCPs authorised by the MAS to receive recognition from the Bank of England (theBoE). Upon being recognised by the BoE, overseas CCPs are able to provide clearing services to UK clearing members and trading venues.
The Regulations will come into force on 4 December 2023.