Monetary Authority Of Singapore (MAS) Assumes Regulatory Role For SICOM

With effect from 27 February 2008, the Singapore Commodity Exchange will be regulated by the Monetary Authority Of Singapore (MAS). The transfer of regulatory oversight of commodity futures from IE Singapore under the Commodity Trading Act (CTA) to MAS under the Securities and Futures Act (SFA) and the Financial Advisers Act (FAA) has been completed. This would subject commodity futures to the same regulatory framework as other types of futures contracts (such as financial futures contracts) currently regulated by MAS.

The objective of the transfer is to facilitate Singapore’s growth as a hub for commodity futures trading. A single regulator for all futures related activities would streamline licensing and compliance requirements, as entities broking both commodity futures and financial futures (regulated by MAS) would now only need a single licence from MAS.