Singapore legislation
Regulation 25
of Securities and Futures (Central Depository System) Regulations 2015
Regulation 25
Approval of depository fee by Authority
Subregulation 1
The Depository must not, without the prior approval of the Authority —
impose any depository fee; or
modify, restructure or otherwise change any existing depository fee.
Subregulation 2
An application to the Authority for approval under paragraph (1) must be made in the relevant form.
Subregulation 3
The Authority may require the Depository to furnish it with such information or document as the Authority considers necessary in relation to the application under paragraph (2) and the Depository must furnish such information or document as the Authority may require.
Subregulation 4
The Authority must, within 20 business days of receipt of a completed application under paragraph (2), by notice in writing to the Depository, either grant the approval or notify the Depository of its intention to refuse to grant the approval.
Subregulation 5
The Authority may, by notice in writing to the Depository, extend the period referred to in paragraph (4) —
to a maximum of 35 business days after the day of receipt of a completed application under paragraph (2); or
for a further period of such duration as the Authority thinks fit upon the expiry of the 35 business days referred to in sub‑paragraph (a).
Subregulation 6
Where the Authority extends the period referred to in paragraph (4) under paragraph (5)(b), the Authority must, prior to extending the period, give the Depository an opportunity to be heard.
Subregulation 7
The Authority may have regard to the following matters for the purposes of deciding whether to grant or refuse to grant its approval:
the effect of the proposed imposition of, or change in, the depository fee on —
competition in the financial services industry of Singapore; and
access to depository services in Singapore;
the cost of providing the service for which the imposition of, or change in, depository fee is proposed;
the effect of such proposed imposition of, or change in, depository fee on the cost and efficiency of trading, clearing and settlement and custody of book‑entry securities in Singapore;
the effect of such proposed imposition of, or change in, depository fee on the objective of the Authority as specified in section 4(1)(b) of the Monetary Authority of Singapore Act (Cap. 186).
Subregulation 8
The Authority may grant its approval subject to such conditions or restrictions as the Authority may think fit to impose by notice in writing to the Depository, including conditions or restrictions relating to —
the period for which the approval of a depository fee is to be in force;
the circumstances under which, or the date by which, the Depository is required to submit another application for approval of the depository fee under paragraph (2) upon the expiry of the period referred to in sub‑paragraph (a); and
the circumstances under which, or the changes in the depository fee for which, the Depository is not required to submit another application for approval of a change in the depository fee under paragraph (2) upon the expiry of the period referred to in sub‑paragraph (a).
Subregulation 9
The Authority must not refuse to grant its approval without giving the Depository an opportunity to be heard.
Subregulation 10
The Depository may only charge the depository fee approved by the Authority under paragraph (1) for the service or services in respect of which it was approved.
Subregulation 11
A Depository which contravenes paragraph (1), (3) or (10) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $150,000 and, in the case of a continuing offence, to a further fine not exceeding $15,000 for every day or part of a day during which the offence continues after conviction.