Securities and Futures Act 2001 · 2020 Revised Edition · Part 3 · Clearing Facilities
52. General criteria to be taken into account by Authority
Feedback & supportLast amended by an amending law of 2012.
The Authority may prescribe the criteria which it may take into account for the purposes of deciding —
whether a Singapore corporation referred to in section 50(1) or 54(1) should be approved as an approved clearing house or recognised as a recognised clearing house;
whether a foreign corporation referred to in section 50(2) should be recognised as a recognised clearing house; and
whether an approved clearing house or a recognised clearing house that is subject to a review by the Authority under section 54(4) should be approved as an approved clearing house or recognised as a recognised clearing house.
Without affecting section 51 and subsection (1), the Authority may, for the purposes of deciding whether to recognise a foreign corporation as a recognised clearing house under section 51(2), have regard, in addition to any requirements prescribed under section 51(7) and any criteria prescribed under subsection (1), to —
foreign corporation
“foreign corporation” means a corporation that is formed or incorporated outside Singapore;
whether adequate arrangements exist for co‑operation between the Authority and the primary financial services regulatory authority responsible for the supervision of the foreign corporation in the country or territory in which the head office or principal place of business of the foreign corporation is situated; and
whether the foreign corporation is, in the country or territory in which the head office or principal place of business of the foreign corporation is situated, subject to requirements and supervision comparable, in the degree to which the objectives specified in section 47 are achieved, to the requirements and supervision to which approved clearing houses and recognised clearing houses are subject under this Act.
In considering whether a foreign corporation has met the requirements mentioned in subsection (2)(b), the Authority may have regard to —
the relevant laws and practices of the country or territory in which the head office or principal place of business of the foreign corporation is situated; and
the rules and practices of the foreign corporation.