The European Securities and Markets Authority (ESMA) and the Monetary Authority of Singapore (MAS) signed a Memorandum of Understanding (MoU), finishing the process of allowing the use of Singapore’s financial benchmarks in the European Union. ESMA and MAS agree to share information and supervisory activities on Singapore-regulated financial benchmarks.
The European Commission implemented the equivalence decision recognising Singapore’s regulatory framework on financial benchmarks as equivalent to the requirements under the EU’s Benchmarks Regulation earlier this month. The equivalence decision and the MoU will allow financial institutions in the EU to continue using Singapore Interbank Offered Rates (SIBOR) and the Singapore Dollar Swap Offer Rate (SOR), which are financial benchmarks regulated in Singapore.
