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CFTC and Monetary Authority of Singapore Issue Joint Statement Regarding the Mutual Recognition of Certain Derivatives Trading Venues in the United States and Singapore

On March 13, the Commodity Futures Trading Commission and the Monetary Authority of Singapore (MAS) issued a joint statement announcing their mutual recognition of certain derivatives trading venues in the United States and Singapore. The CFTC issued an order exempting certain derivatives trading facilities regulated by the MAS from the registration requirements for swap execution facilities (SEFs). Similarly, the MAS issued regulations exempting certain CFTC-regulated derivatives trading venues from the requirement that such trading venues be a MAS-authorized approved exchange or recognized market operator before establishing or operating an organized market. The approval of the exemption requests was the result of the CFTC and MAS jointly determining that these platform categories meet the comparability standards under their respective laws and regulations.

The CFTC order does not affect other requirements under the Commodity Exchange Act and CFTC regulations. Similarly, the exemption granted pursuant to the MAS Regulations does not affect other requirements under Singapore’s Securities and Futures Act and MAS’ regulations.

The statement is available here.

The CFTC order is available here.

The MAS regulations are available here.

©2020 Katten Muchin Rosenman LLP


About this Author

Christian B. Hennion, Finance Attorney, Katten Muchin Law Firm

Christian B. Hennion concentrates his practice in financial services and asset management matters, including counseling fund managers, registered investment advisers and commodity trading advisors on both transactional and regulatory matters. Chris has advised a wide range of US and international managers, from start-ups to large institutions, regarding a variety of matters, including private fund launches and reorganizations, advisory engagements, Investment Advisers Act and Commodity Exchange Act compliance obligations, Securities and Exchange Commission (SEC) and Commodity Futures...

Stanley V. Polit, Katten Muchin, Financial Services lawyer, Corporate Regulatory Matters Attorney

Stanley Polit concentrates his practice in transactional, corporate and regulatory aspects of financial services matters. Stan is able to provide legal services to a wide variety of clients including proprietary trading firms, hedge funds, broker-dealers, registered investment advisers, commodity trading advisers, financial institutions and general corporate clients.

Prior to joining Katten, Stan served as a council member for a national crisis management firm, where he specialized in crisis communication and merged media strategies. He has lectured extensively and conducted trainings related to these topics at numerous national and international conferences, including the National Communication Association's National Convention, the International Crisis and Risk Communication Conference and the Disaster Recovery Journal's World Business Continuity Conference.