Singapore faces double-oversight confusion

No Singaporean entity has applied to register with the CFTC either as a swap dealer or a major swap participant, leaving the treatment of local branches of US firms unclear and raising the prospect of conflicting oversight between the CFTC and MAS


Singapore's absence from the list of jurisdictions currently being examined for substituted compliance purposes by the Commodity Futures Trading Commission (CFTC) in its cross-border guidelines for the application of Dodd-Frank regulation issued on July 12 has left the possibility that branches of US banks in the city-state will be regulated by both the Monetary Authority of Singapore and the CFTC.

The CFTC clarified some long-standing points of debate in areas such as substituted compliance

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