Explanatory note

These Regulations set out the Treasury’s equivalence determination with respect to Singapore, that is, they provide that its legal and supervisory framework has equivalent effect to the United Kingdom’s. These Regulations replace Commission Implementing Decision (EU) 2019/541 of 1 April 2019 on the equivalence of the legal and supervisory framework applicable to approved exchanges and recognised market operators in Singapore, which has been revoked from 31 December 2024 by section 1 of and Schedule 1 to the Financial Services and Markets Act 2023 and the Financial Services and Markets Act 2023 (Commencement No. 8) Regulations 2024 (2024/1071).

These Regulations are made in exercise of the powers conferred by Article 28(4) of Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments (“MiFIR”). Article 28 of MiFIR sets out the requirements for trading venues in which certain specified classes of derivatives may be traded. Paragraph 4 allows the Treasury to specify when the requirements that apply to overseas trading venues are equivalent.

Regulation 2 sets out the Treasury’s determination that the regulatory framework applying to the trading venues listed in the Schedule is equivalent to the United Kingdom’s framework and the listed venues are subject to effective supervision and enforcement in Singapore.

A full impact assessment has not been produced for this instrument as no, or no significant, impact on the private, voluntary or public sector is foreseen. A de minimis impact assessment is available from HM Treasury, 1 Horse Guards Road, London, SW1A 2HQ and is published with the Explanatory Memorandum alongside this instrument at www.legislation.gov.uk.