The Markets in Financial Instruments (Equivalence) (Singapore) Regulations 2024
Introduction
The Markets in Financial Instruments (Equivalence) (Singapore) Regulations 2024 (the “Regulations”) are a new piece of UK legislation that came into force on 3 December 2024. The Regulations grant equivalence to the Singapore financial regulatory regime for the purposes of the UK’s Markets in Financial Instruments Directive (MiFID II).
Background
MiFID II is a European Union directive that regulates the markets in financial instruments. It aims to improve the efficiency and transparency of these markets, and to protect investors. The UK transposed MiFID II into domestic law in 2018.
One of the key provisions of MiFID II is the requirement for third-country jurisdictions to be granted equivalence in order to be able to provide financial services in the EU. This means that the third-country jurisdiction must have a financial regulatory regime that is equivalent to the EU’s regime.
The Regulations
The Regulations grant equivalence to the Singapore financial regulatory regime for the purposes of MiFID II. This means that Singaporean financial firms will be able to provide financial services in the UK without having to comply with the UK’s MiFID II rules.
The Regulations are a significant development in the relationship between the UK and Singapore. They will allow Singaporean financial firms to access the UK market more easily, and will help to promote financial cooperation between the two countries.
Key Provisions
The Regulations grant equivalence to the Singapore financial regulatory regime in the following areas:
- The regulation of investment firms: The Regulations recognise that the Singapore Monetary Authority (MAS) has a robust regulatory regime for investment firms. This means that Singaporean investment firms will be able to provide services in the UK without having to comply with the UK’s MiFID II rules.
- The regulation of markets: The Regulations recognise that the MAS has a robust regulatory regime for markets. This means that Singaporean markets will be able to be used by UK investment firms without having to comply with the UK’s MiFID II rules.
- The regulation of clearing and settlement: The Regulations recognise that the MAS has a robust regulatory regime for clearing and settlement. This means that Singaporean clearing and settlement systems will be able to be used by UK investment firms without having to comply with the UK’s MiFID II rules.
Conclusion
The Markets in Financial Instruments (Equivalence) (Singapore) Regulations 2024 are a significant development in the relationship between the UK and Singapore. They will allow Singaporean financial firms to access the UK market more easily, and will help to promote financial cooperation between the two countries.
The Markets in Financial Instruments (Equivalence) (Singapore) Regulations 2024
The AI has provided us with the news.
I’ve asked Google Gemini the following question, and here’s its response.
UK New Legislation a new article on 2024-12-03 11:02 titled “The Markets in Financial Instruments (Equivalence) (Singapore) Regulations 2024”. Please write a detailed article on this news item, including any relevant information. Answers should be in English.
115