(5)The legal, supervisory and enforcement arrangements applicable in Singapore for non-centrally cleared derivative contracts are laid out in the Securities and Futures (licensing and conduct of business) Regulations, as well as in the Guidelines on risk mitigation requirements for non-centrally cleared over-the-counter derivative contracts (‘Guidelines on risk mitigation requirements’) and in the Guidelines on margin requirements for non-centrally cleared derivative contracts (‘Guidelines on margins’) of the Monetary Authority of Singapore (‘MAS’). The Guidelines on margins entered into force on 1 March 2017 while those on risk mitigation requirements were published in April 2019. The MAS is Singapore’s central bank and financial regulator and exercises prudential supervision over all financial institutions in Singapore, which include banks, merchant banks, insurance companies, capital market intermediaries, financial advisors and financial market infrastructures. It has jurisdiction over OTC derivatives within the meaning of Article 2(7) of Regulation (EU) No 648/2012.