This problem is compounded by recent developments such as Brexit, which has allowed companies to restructure some of their European-based operations, and Singapore`s move to regulate OTC derivatives, which has made it possible to include cross-border agreements on OTC derivatives activities in the area of Singapore`s licensing. In this customer alert, we assess the significant changes to the framework and what this means for new and existing agreements. If you are a bank, a licensee for capital market services or a financial advisor, these developments will significantly affect the way you manage your cross-border agreements. Do not hesitate to contact us if you have any questions. When the new framework enters into force, existing trade agreements will have to fulfil the marginal conditions set out in the new framework, after a transitional period to be defined by MAS. . . .