MEMORANDUM OF UNDERSTANDING 

United States Commodity Futures Trading 

Commission 

• 

Monetary Authority of Singapore 

COOPERATION AND THE EXCHANGE OF INFORMATION 

RELATED TO THE SUPERVISION OF CROSS-BORDER COVERED ENTITIES 

December 27, 2013 
MEMORANDUM OF UNDERSTANDING CONCERNING COOPERATION 

AND THE EXCHANGE OF INFORMATION RELATED TO THE SUPERVISION 

OF CROSS-BORDER COVERED ENTITIES 

In view of the growing globalization of the world's financial markets and the increase in crossborder operations and activities of regulated entities, the United States Commodity Futures Trading 

Commission and the Monetary Authority of Singapore (jointly, the "Authorities") have reached this 

Memorandum of Understanding ("MOU") regarding cooperation and the exchange of information 

in the supervision and oversight of regulated entities that operate on a cross-border basis in both the 

United States and Singapore. The Authorities express, through this MOU, their willingness to 

cooperate with each other in the interest of fulfilling their respective regulatory mandates regarding 

derivatives markets particularly in the areas of protecting investors and customers; fostering the 

integrity of and maintaining confidence in financial markets; and reducing systemic risk. 

ARTICLE ONE: DEFINITIONS 

For purposes of this MOU: 

1. "Authmity" means: 

a. In the United States, the Commodity Futures Trading Commission ("CFTC"); or 

b. In Singapore, the Monetary Authority of Singapore ("MAS''). 

2. "Requesting Authority" means the Authority making a request under this MOU. 

3. "Requested Authority" means the Authority to whom a request is made under this MOU. 

4. "Laws and Regulations" means the Commodity Exchange Act, Dodd-Frank Wall Street 

Reform and Consumer Protection Act, CFTC regulations, and other relevant 

requirements in the United States, and the Securities and Futures Act (Cap 289) 

("SF A"), and regulations and other regulatory requirements issued pursuant to the SF A 

in Singapore. 

5. "Person" means a natural person, unincorporated association, partnership, trust, 

investment company, or corporation, and may be a Covered Entity or Cross-Border 

Covered Entity. 

6. "Covered Entity" means a Person that is, or that has applied to be, authorized, approved, 

designated, recognized, qualified, registered, supervised, or overseen by one or more of 

the Authorities pursuant to Laws and Regulations and may include regulated markets 

and organized trading platforms, central counterpmties, trade repositories, and 

intermediaries, dealers, or other market participants. 

7. "Cross-Border Covered Entity" means: 

a. A Covered Entity of both the CFTC and the MAS; 
b. A Covered Entity in one jurisdiction that has been exempted from authorization, 

approval, designation, recognition, qualification, or registration by an Authority in 

the other jmisdiction; 

c. A Covered Entity in one jurisdiction that controls or is controlled by a Covered 

Entity located in the other jurisdiction; or 

d. A Covered Entity in one jurisdiction that is physically located in the other 

jurisdiction. 

For purposes of this MOU, references to jmisdiction will be determined as either the 

jurisdiction of the CFfC or the jurisdiction of the MAS. 

8. "Books and Records" means documents, electronic media, and books and records within 

the possession, custody, and control of, and other information about, a Cross-Border 

Covered Entity. 

9. "Emergency Situation" means the occurrence of an event that could materially impair 

the financial or operational condition of a Cross-Border Covered Entity. 

10. "On-Site Visit" means any regulatory visit to the premises of a Cross-Border Covered 

Entity for the purposes of ongoing supervision and oversight, including the inspection of 

Books and Records. 

11. "Local Authority" means the Authority in whose jurisdiction a Cross-Border Covered 

Entity that is the subject of an On-Site Visit is physically located. 

12. "Visiting Authority" means the Authority conducting an On-Site Visit. 

13. "Governmental Entity" means: 

a. If the Requesting Authority is the CFTC, the U.S. Department of the Treasury or the 

U.S. Board of Governors of the Federal Reserve System; and 

b. If the Requesting Authority is the MAS, the Singapore Ministry of Finance. 

ARTICLE TWO: GENERAL PROVISIONS 

14. This MOU is a statement of intent to consult, cooperate and exchange information in 

connection with the supervision and oversight of Cross-Border Covered Entities. The 

cooperation and information sharing arrangements under this MOU should be 

interpreted and implemented in a manner that is permitted by, and consistent with, the 

laws and other legal or regulatory requirements applicable to each Authority. With 

respect to cooperation pursuant to this MOU, no domestic secrecy or blocking laws or 

regulations should prevent an Authority from providing assistance to the other 

Authority. The Authorities anticipate that cooperation primarily will be achieved 

through ongoing informal consultations, supplemented as needed by more formal 

cooperation, including through mutual assistance in obtaining information related to 

2 
Cross-Border Covered Entities. The provisions of this MOU are intended to support 

both informal consultations and formal cooperation, as well as to facilitate the written 

exchange of non-public information in accordance with applicable laws. 

15. This MOU does not create any legally binding obligations, confer any rights, or 

supersede domestic laws. This MOU does not confer upon any Person the right or 

ability directly or indirectly to obtain, suppress, or exclude any information or to 

challenge the execution of a request for assistance under this MOU. 

16. This MOU is not intended to limit or condition the discretion of an Authority in any way 

in the discharge of its regulatory responsibilities or to prejudice the individual 

responsibilities or autonomy of any Authmity. This MOU does not limit an Authority to 

taking solely those measures described herein in fulfillment of its supervisory functions 

or preclude Authorities from sharing information or documents with respect to Persons 

that are not Cross-Border Covered Entities but may be subject to regulatory 

requirements in the United States or in Singapore. In particular, this MOU does not 

affect any right of any Authority to communicate with, conduct an On-Site Visit of 

(subject to the procedures described in Article Five), or obtain information or documents 

from, any Person subject to its jutisdiction that is physically located in the jurisdiction of 

the other Authority. 

17. This MOU is intended to complement, but does not alter except where explicitly noted, 

the terms and conditions of the following existing arrangements: 

a. The Memorandum of Understanding between the United States Securities and 

Exchange Commission and Commodity Futures Trading Commission and the 

Monetmy Authority of Singapore Concerning Consultation and Cooperation and the 

Exchange of Information (May 16, 2000) ("First MOU"). The term "Futures 

Processing Business" within the meaning of Paragraph 7 of the First MOU shall 

include the business of clearing "swaps" as defined in Section 1a(47) ofthe 

Commodity Exchange Act. 

b. The IOSCO Multilateral Memorandum of Understanding Concerning Consultation 

and Cooperation and the Exchange of Information (revised May 2012) ("IOSCO 

MMOU") to which the CFTC and the MAS are signatories, which covers primarily 

information sharing in the context of enforcement matters. 

c. The Declaration on Cooperation and Supervision of International Futures Markets 

and Clearing Organizations (as amended March 1998), to which the CFTC and the 

MAS are signatories. 

18. To facilitate cooperation under this MOU, the Authorities hereby designate contact 

persons as set forth in Appendix A, which may be amended from time to time by an 

Authmity transmitting revised contact information to the other Authority. 

3 
ARTICLE THREE: SCOPE OF SUPERVISORY CONSULTATION, 

COOPERATION, AND EXCHANGE OF INFORMATION 

General 

19. The Authorities recognize the importance of close communication concerning CrossBorder Covered Entities and intend to consult regularly, as appropriate, regarding: 

a. General supervisory issues, including regulatory, oversight, or other related 

developments; 

b. Issues relevant to the operations, activities, and regulation of Cross-Border Covered 

Entities; and 

c. Any other areas of mutual supervisory interest. 

20. The Authorities recognize in particular the importance of close cooperation in the event 

that a Cross-Border Covered Entity, particularly one whose failure likely would be 

systemically important to an Authority, experiences, or is threatened by, a potential 

financial crisis or other Emergency Situation. 

21. Cooperation will be most useful in, but is not limited to, the following circumstances 

where issues of common regulatmy concern may arise: 

a. The initial application with the CFTC or the MAS for authorization, approval, 

designation, recognition, qualification, or registration, or exemption therefrom, by a 

Covered Entity that is authmized, approved, designated, recognized, qualified, or 

registered by an Authority in the other jurisdiction; 

b. The ongoing supervision and oversight of a Cross-Border Covered Entity, including 

compliance with statutory and regulatory requirements in either jurisdiction or with 

international standards; 

c. Regulatory or supervisory actions or approvals taken in relation to a Cross-Border 

Covered Entity by the CFTC or the MAS that may impact the operations of the entity 

in the jurisdiction of the other Authority; and 

d. The provision and maintenance of direct access to infmmation and data stored in 

Covered Entities that are trade repositories, where such information and data is 

provided by a Covered Entity and maintained pursuant to Laws and Regulations. 

Event-Triggered Notification 

22. As appropriate in the particular circumstances, each Authority will endeavor to inform 

the other Authority promptly, and where practicable in advance, of: 

a. Pending material regulatory changes that may have a significant impact on the 

operations, activities, or reputation of a Cross-Border Covered Entity, including 

those that may affect the rules or procedures of a Cross-Border Covered Entity; 

b. Any material event of which the Authority is aware that could adversely impact the 

financial or operational stability of a Cross-Border Covered Entity. Such events 

4 
include any known adverse mate1ial change in the ownership, operating 

environment, operations, fmancial resources, management, or systems and controls 

of a Cross-Border Covered Entity, and the failure of a Cross-Border Covered Entity 

to satisfy any of its requirements for continued authorization, approval, designation, 

recognition, qualification, or registration, or exemption therefrom, where that failure 

could have a material adverse effect in the jurisdiction of the other Authority. For a 

Cross-Border Covered Entity that is a central counterparty, such events also include 

a default or potential default of a cleating member or clearing participant and market 

or settlement bank difficulties that might adversely impact the central counterparty; 

c. The status of efforts to address any material financial or operational difficulties 

experienced by a Cross-Border Covered Entity as described in Subparagraph b; and 

d. Enforcement actions or sanctions or significant regulatory actions, including the 

revocation, suspension, or modification of relevant authorization, approval, 

designation, recognition, qualification, or registration, or exemption therefrom, 

conceming a Cross-Border Covered Entity. 

23. The determination of what constitutes "significant impact", "material event", "adversely 

impact", "adverse material change", "material adverse effect", "market or settlement 

bank difficulties", "adversely affect", "material financial or operating difficulties", or 

"significant regulatory actions" for the purposes of Paragraph 22 shall be left to the 

reasonable discretion of the relevant Authority that determines to notify the other 

Authority. 

Request-Based Information Sharing 

24. To the extent appropriate to supplement informal consultations, upon written request, the 

Requested Authority intends to provide to the Requesting Authority the fullest possible 

cooperation subject to the terms in this MOU in assisting the Requesting Authority's 

supervision and oversight of a Cross-Border Covered Entity, including assistance in 

obtaining and interpreting information that is relevant to ensuring compliance with the 

Laws and Regulations of the Requesting Authmity and that is not otherwise readily 

available to the Requesting Authority. Such requests shall be made pursuant to Article 

Four of this MOU, and the Authorities anticipate that such requests will be made in a 

manner that is consistent with the goal of minimizing administrative burdens. 

25. The assistance covered by Paragraph 24 includes: 

a. Information relevant to the financial and operational condition of a Cross-Border 

Covered Entity including, for example, financial resources, risk management, and 

intemal control procedures; 

b. Relevant regulatory information and filings that a Cross-Border Covered Entity is 

required to submit to an Authority including, for example, interim and annual 

financial statements and early warning notices; and 

c. Regulatory reports (including examination reports) and assessments, or findings or 

information contained therein, regarding Cross-Border Covered Entities. 

5 
Periodic Meetings 

26. Representatives of the Authorities intend to meet periodically, as appropriate, to update 

each other on their respective functions and regulatmy oversight programs and to discuss 

issues of common interest relating to the supervision of Cross-Border Covered Entities, 

including: contingency planning and crisis management, systemic risk concerns, default 

procedures, the adequacy of existing cooperative arrangements, and the possible 

improvement of cooperation and coordination between the Authorities. Such meetings 

may be conducted by conference call or on a face-to-face basis, as appropriate. 

ARTICLE FOUR: EXECUTION OF REQUESTS FOR INFORMATION 

27. To the extent possible, a request for information pursuant to Article Three should be 

made in writing (which may be transmitted electronically), and addressed to the relevant 

contact person in Appendix A. A request generally should specify the following: 

a. The information sought by the Requesting Authority; 

b. A general description of the matter that is the subject of the request; 

c. The general purpose for which the information is sought; and 

d. The desired time period for reply and, where appropriate, the urgency thereof. 

Information responsive to the request, as well as any subsequent communication among 

the Authorities, may be transmitted electronically. Any electronic transmission should 

use means that are appropriately secure in light of the confidentiality of the information 

being transmitted. 

28. In an Emergency Situation, the Authorities will endeavor to notify each other as soon as 

possible of the Emergency Situation and communicate information to the other as 

appropriate in the patticular circumstances, taking into account all relevant factors, 

including the status of efforts to address the Emergency Situation. During an 

Emergency Situation, requests for information may be made in any form, including 

orally, provided such communication is confitmed in writing as promptly as possible 

following such notification. 

ARTICLE FIVE: ON-SITE VISITS 

29. In fulfilling its supervision and oversight responsibilities pursuant to, and to ensure 

compliance with, its Laws and Regulations, an Authority may need to conduct On-Site 

Visits to a Cross-Border Covered Entity physically located in the jurisdiction of the other 

Authority. Each Authority will consult and work collaboratively with the other 

Authority in conducting an On-Site Visit. 

6 
30. An On-Site Visit by an Authority will be conducted in accordance with the following 

procedure: 

a. The Visiting Authority will provide advance notice to the Local Authority of its 

intent to conduct an On-Site Visit and the intended time frame for, and the purpose 

and scope of, the On-Site Visit. 

b. The Local Authority will endeavor to share any relevant reports, or information 

contained therein, related to examinations it may have undetiaken of the CrossBorder Covered Entity. 

c. The Authorities intend to assist each other regarding On-Site Visits, including 

providing information that the Visiting Authority may request and that is available 

prior to the On-Site Visit; cooperating and consulting in reviewing, interpreting, and 

analyzing the contents of public and non-public Books and Records; and obtaining 

information from directors and senior management of a Cross-Border Covered 

Entity. 

d. The Authorities will consult with each other, and the Local Authority may, in its 

discretion, accompany or assist the Visiting Authority during the On-Site Visit, or 

the Authorities may conduct joint visits where appropriate. 

ARTICLE SIX: PERMISSIBLE USES OF INFORMATION 

31 . The Requesting Authority may use non-public information obtained under this MOU 

solely for the supervision and oversight of Cross-Border Covered Entities pursuant to, 

and to ensure compliance with, the Laws and Regulations of the Requesting Authority. 

32. The Authorities recognize that, while this MOU is not intended to gather information for 

enforcement purposes, the Authorities subsequently may want to use the non-public 

infmmation provided pursuant to this MOU for enforcement purposes. In cases where a 

Requesting Authority seeks to use non-public information obtained pursuant to the MOU 

for enforcement purposes, including in conducting investigations or taking enforcement 

action, use of the non-public information will be in accordance with the terms and 

conditions in Paragraph 19 of the First MOU and Paragraph 10 of the IOSCO MMOU. 

33. Before using non-public information furnished under this MOU for any purpose other 

than those stated in Paragraphs 31 and 32, the Requesting Authority must modify its 

request and obtain the approval of the Requested Authority for the intended use. If 

consent is denied by the Requested Authority, the Authorities will consult to discuss the 

reasons for withholding approval of such use and the circumstances, if any, under which 

the intended use by the Requesting Authority might be allowed. 1 

34. If an Authority receives, via a party that is not a signatory to this MOU, non-public 

information provided by the other Authority that is related to the first Authority's 

supervision and oversight of a Cross-Border Covered Entity, the first Authority will use 

and treat the information in accordance with the tenns of this MOU. 

7 
35. The restrictions in this Atticle do not apply to an Authority's use of information it 

obtains directly from a Cross-Border Covered Entity, whether during an On-Site Visit or 

otherwise. However, where non-public information is provided to the Requesting 

Authority pursuant to an information-sharing request pursuant to Article Four of this 

MOU, the restrictions in this MOU apply to the use of the information by that 

Requesting Authority. 

ARTICLE SEVEN: CONFIDENTIALITY OF INFORMATION AND ONWARD SHARING 

36. Except as provided in Paragraphs 37 and 38, each Authority will keep confidential, to 

the extent permitted by law, non-public information shared under this MOU, requests 

made under this MOU, the contents of such requests, and any other matters arising under 

this MOU. 

37. As required by law, it may become necessary for a Requesting Authority to share nonpublic inf01mation obtained under this MOU with a Governmental Entity in its 

jurisdiction. In such circumstances and to the extent permitted by law: 

a. The Requesting Authority intends to notify the Requested Authority; and 

b. Prior to the Requesting Authority sharing the non-public information, the Requesting 

Authority will provide adequate assurances to the Requested Authority concerning 

the Governmental Entity's use and confidential treatment of the inf01mation, 

including, as necessary, assurances that: 

1. The Governmental Entity has confirmed that it requires the ·information for a 

purpose within the scope of its jurisdiction; and 

ii. The information will not be shared by the Governmental Entity with other 

parties without getting the p1ior w1itten consent of the Requested Authority. 

38. Except as provided in Paragraph 37, the Requesting Authority must obtain the prior 

written consent of the Requested Authority before disclosing non-public information 

received under this MOU to any non-signatory to this MOU. The Requested Authority 

will take into account the level of urgency of the request and respond in a timely manner. 

During an Emergency Situation, consent may be obtained in any form, including orally, 

provided such communication is confirmed in writing as promptly as possible following 

such notification. If consent is denied by the Requested Auth01ity, the Requesting and 

Requested Authorities will consult to discuss the reasons for withholding approval of 

such disclosure and the circumstances, if any, under which the intended disclosure by the 

Requesting Authority might be allowed. 

39. To the extent possible, the Requesting Authority intends to notify the Requested 

Authority of any legally enforceable demand for non-public information furnished under 

this MOU. When complying with the demand, the Requesting Authority intends to 

assert all appropriate legal exemptions or privileges with respect to such information as 

may be available. 

8 
40. The Authorities intend that the sharing or the disclosure of non-public infonnation, 

including deliberative and consultative materials, such as written analysis, opinions, or 

recommendations relating to non-public information that is prepared by or on behalf of 

an Authority, pursuant to the tem1s ofthis MOU, will not constitute a waiver of privilege 

or confidentiality of such information. 

ARTICLE EIGHT: AMENDMENTS 

41. The Authorities intend periodically to review the functioning and effectiveness of 

cooperation aJTangements between the CFTC and the MAS with a view, inter alia, to 

expanding or altering the scope or operation of this MOU should that be judged 

necessary. This MOU may be amended with the written consent of the Authorities 

refened to in Paragraph 1. 

ARTICLE NINE: EXECUTION OF MOU 

42. Cooperation in accordance with this MOU will become effective on the date this MOU 

is signed by the Authorities. 

ARTICLE TEN: TERMINATION 

43. Cooperation in accordance with this MOU will continue until the expiration of 30 days 

after either Authority gives written notice to the other Authority of its intention to 

terminate the MOU. If either Authority gives such notice, the parties will consult 

concerning the disposition of any pending requests. If an agreement cannot be reached 

through consultation, cooperation will continue with respect to all requests for assistance 

that were made under the MOU before the expiration of the 30-day period until all 

requests are fulfilled or the Requesting Authority withdraws such request(s) for 

assistance. In the event of termination of tllis MOU, infotmation obtained under this 

MOU will continue to be treated in the mmmer described under Atiicles Six and Seven. 

This MOU is executed in duplicate, this 21~ day of DecevV~kr- 2013. 

<-YT et ISlet 

mnan 

.S. Commodity Futures Trading Commission 

9 

Ong Chong Tee 

Deputy Managing Director 

(Financial Supervision) 

Monetary Authority of Singapore 
APPENDIX A 

CONTACT PERSONS 

In addition to the following contact information, the CFTC and the MAS will exchange confidential 

eme1gency contact telephone information. 

CFTC 

Ananda Radhakrishnan 

Director, Division of Clearing and Risk 

Commodity Futures Trading Commission 

1155 21st Street, N.W. 

Washington, DC 20581 

Phone:202-418-5188 

Fax: 202-418-5547 

Email: aradhakrishnan@cftc.gov 

GatyBamett 

Director, Division of Swap Dealer and Intermediary Oversight 

Commodity Futures Trading Commission 

I I55 21st Street, N.W. 

Washington, DC 20581 

Phone: 202-4 I 8-5977 

Fax: 202-4 I 8-5407 

Email: gbamett@cftc.gov 

Vince McGonagle 

Director, Division of Market Oversight 

Commodity Futures Trading Commission 

1155 21st Street, N.W. 

Washington, DC 20581 

Phone:202-418-5387 

Fax: 202-4 I 8-5507 

Email: vmcgonagle@cftc.gov 

10 
MAS 

TanBengHwa 

Director & Head (Markets & Infrastructure Supervision Division) 

Markets Policy & Infrastructure Department 

Monetary Authority of Singapore 

10 Shenton Way MAS Building 

Singapore 079117 

Phone: 65-6229 9004 

Fax: 65-6225 1350 

Email: bhtan@mas.gov.sg 

Merlyn Ee 

Executive Director (Capital Markets Intermediaries) 

Monetary Authority of Singapore 

10 Shenton Way MAS Building 

Singapore 079117 

Phone: 65-6229 9295 

Fax: 65-6225 9766 

Email: merlynee@mas.gov.sg 

11