Securities and Futures Act 2001 · 2020 Revised Edition · Part 3 · Clearing Facilities
54. Change in status
Feedback & supportLast amended by an amending law of 2012.
A Singapore corporation which is an approved clearing house or a recognised clearing house may apply to the Authority to change its status in the manner referred to in subsection (5).
Singapore corporation
“Singapore corporation” means a corporation that is formed or incorporated in Singapore.
An application under subsection (1) must be —
made in such form and manner as the Authority may prescribe; and
accompanied by a non‑refundable prescribed application fee, which must be paid in the manner specified by the Authority.
The Authority may require an applicant to provide the Authority with such information or documents as the Authority considers necessary in relation to the application.
The Authority may, on its own initiative, review the status of a Singapore corporation that is an approved clearing house or a recognised clearing house in accordance with the requirements prescribed under section 51(7) and the criteria prescribed under section 52(1).
approved clearing house
“approved clearing house” means a corporation that is approved by the Authority under section 51(1)(a) as an approved clearing house;
Where an application is made by a Singapore corporation under subsection (1), or where a review of the status of a Singapore corporation is conducted by the Authority under subsection (4), the Authority may —
if the corporation is an approved clearing house, withdraw the approval as such and recognise the corporation as a recognised clearing house under section 51(1)(b);
if the corporation is a recognised clearing house, withdraw the recognition as such and approve the corporation as an approved clearing house under section 51(1)(a); or
make no change to the status of the corporation as an approved clearing house or a recognised clearing house.
Where an application is made under subsection (1), the Authority must not exercise its power under subsection (5)(c) without giving the Singapore corporation an opportunity to be heard.
Where a review of the status of a Singapore corporation is conducted by the Authority on its own initiative under subsection (4), the Authority must not exercise its powers under subsection (5)(a) or (b) without giving the corporation an opportunity to be heard.
corporation
“corporation” has the meaning given by section 4(1) of the Companies Act 1967;
Any Singapore corporation which is aggrieved by a decision of the Authority made in relation to the corporation after a review under subsection (4) may, within 30 days after the corporation is notified of the decision, appeal to the Minister, whose decision is final.