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Adapt to MAS Changes with IVP Regulatory Reporting Solution

The Monetary Authority of Singapore (MAS) is poised to implement significant changes in 2024, likely establishing new regulatory reporting and compliance standards for financial institutions. These impending changes will require adjustments in reporting processes to enhance data management and improve overall quality. Failure to adapt to these changes will raise serious risks of non-compliance penalties, which means institutions need to invest in robust technology solutions sooner than later.

The forthcoming MAS changes mandated for 2024 include:

  • UTI generation: Unique transaction identifiers (UTIs) must be generated and reported for each OTC derivative contract, following the CPMI-IOSCO Waterfall approach
  • Changes to reportable fields: New fields like “package identifier” will be introduced to group transactions negotiated as a package, while “asset class” and “contract type” will become common fields, leading to a total of 134 reportable fields
  • FX swap reporting: Specific product types like FX swaps must be reported as two separate contracts linked through the “FX swap link ID” field
  • UPI generation: Unique product identifiers (UPIs) must be used to identify OTC derivatives products, with a possible removal of certain elements
  • XML adoption: The ISO 20022 XML format will be mandated for inbound messages

Financial institutions must meet these new regulatory requirements with accuracy and efficiency. This is only possible with the right technology. The IVP Regulatory Reporting Solution, for example, is a comprehensive platform designed to meet evolving regulatory needs, including those posed by the MAS 2024 changes. Here’s how the solution can assist financial institutions:

  1. Enhanced data management: The solution includes robust data management capabilities that help ensure accuracy, completeness, and consistency in regulatory submissions, which will help meet the need for increased data granularity in MAS 2024 requirements.
  2. Agile reporting framework: The solution’s reporting framework enables swift customization of reporting templates to make sure they align with new regulatory standards and can be submitted in a timely, accurate manner.
  3. Regulatory intelligence: Integration of real-time regulatory updates keeps institutions informed of important changes, enabling proactive adjustments to reporting processes in line with the latest requirements.
  4. Workflow automation: Automation minimizes manual effort and reduces the risk of errors in data reconciliation, validation, and submission, allowing faster and easier compliance with reporting deadlines.
  5. Scalability and flexibility: Built to accommodate future regulatory changes, the IVP Regulatory Reporting Solution has the scalability and flexibility required for seamless adaptation and customization without disrupting operations.

As financial institutions gear up for the MAS 2024 changes, advanced technology like the IVP Regulatory Reporting Solution is becoming indispensable. By leveraging its capabilities, institutions can proactively address these challenges and ensure compliance while optimizing regulatory reporting quality.

Learn more about all the capabilities of the IVP Regulatory Reporting Solution.

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