Singapore legislation
Regulation 4
of Securities and Futures (Central Depository System) Regulations 2015
Regulation 4
Control of depository agents by Depository
Subregulation 1
No person may be approved as a depository agent by the Depository unless the Depository is satisfied that —
the person has the competence, capability and financial resources to discharge the person’s duties under the Depository Agent Agreement and the person is able to meet any obligation the person might reasonably be expected to incur under that Agreement; and
the person is a fit and proper person to perform those duties and obligations.
Subregulation 2
The Depository may terminate the Depository Agent Agreement —
where the depository agent ceases to meet the requirements in paragraph (1); or
on the occurrence of any of the events that may be specified in the Depository Agent Agreement as terminating the Agreement.