RegAlert2022-01-05 | CFTC Staff Letter 22-02Added · Updated
CFTC No-Action Relief for Morgan Stanley and J. Aron Singapore SDs to File Annual Financial Reports Under SFRS
The Market Participants Division will not recommend enforcement action if Morgan Stanley Capital Group (Singapore) Pte. and J. ARON & COMPANY (SINGAPORE) PTE. file annual audited financial reports prepared in accordance with Singapore Financial Reporting Standards (SFRS) instead of U.S. GAAP or IFRS. This relief is conditioned on preparing the regulatory capital compliance statement and the statement of changes in liabilities subordinated to general creditors in accordance with U.S. GAAP. The entities must also file a reconciliation between the annual SFRS statements and the December monthly U.S. GAAP reports, and notify the Commission of any substantial differences between SFRS and IFRS that would cause material differences in reporting.
CFTC published 6 documents in the last 30 days — get each new one by email the day it lands.
CFTC LETTER NO. 22-02 NO-ACTION JANUARY 05, 2022
Market Participants
Division
Amanda L. Olear
Acting Director
Ms. Angie Ng, Executive Director
Morgan Stanley Capital Group (Singapore) Pte.
16-01 Capital Square
23 Church Street,
Singapore 049481
Mr. Brian Doyle, Managing Director
Goldman Sachs & Co. LLC
200 West Street
New York, NY 10282
Re: No-Action Relief for Morgan Stanley Capital Group (Singapore) Pte. and J. ARON & COMPANY (SINGAPORE) PTE. to File Annual Financial Reports in Accordance with Singapore Financial Reporting Standards Dear Ms. Ng and Mr. Doyle:
This is in response to your joint letter dated December 15, 2021, to the Market Participants Division (“Division”) of the Commodity Futures Trading Commission (“Commission”). You request on behalf of Morgan Stanley Capital Group (Singapore) Pte. and J. ARON & COMPANY (SINGAPORE) PTE. (collectively the “Singapore Swap Dealers”), both provisionally registered swap dealers (“SDs”), relief for the Singapore Swap Dealers to prepare their annual audited financial reports required by Regulation 23.105(e) in accordance with Singapore Financial Reporting Standards (“SFRS”) in lieu of generally accepted accounting principles as adopted in the U.S. (“U.S. GAAP”). Regulatory Background
Read the rest free, and get an email when CFTC publishes again
Lineage: In force
Source: Commodity Futures Trading Commission — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
More like this from CFTC
CFTC published 6 documents in the last 30 days. We email you each new one the day it's published.