Singapore legislation
Regulation 53
of Securities and Futures (Clearing Facilities) Regulations 2013
Regulation 53
Non-applicability of section 339(2) of Act
For the purposes of section 339(3) of the Act, section 339(2) of the Act shall not apply to a person operating a clearing facility outside of Singapore whose clearing facility (referred to in this regulation as the foreign clearing facility) is linked to a clearing facility in Singapore operated by an approved clearing house or a recognised clearing house (referred to in this regulation as the Singapore clearing facility), where —
the clearing systems of the linked clearing facilities are not significantly integrated;
the positions of members of the Singapore clearing facility or their customers held at the foreign clearing facility by virtue of the clearing linkage are not significant; and
that person —
is willing and able to co-operate with the Authority by providing information and such other assistance to the Authority as may be required by the Authority for the performance of its functions and duties under the Act;
has its head office in a jurisdiction where the Authority has entered into adequate arrangements for mutual co-operation with the financial services regulatory authority responsible for the supervision of that person;
has its head office in a jurisdiction where the regulatory regime is comparable, in the degree to which the objectives specified in section 47 of the Act are achieved, to the requirements and supervision to which clearing facilities are subject under the Act; and
has in place adequate arrangements with the approved clearing house or recognised clearing house operating the Singapore clearing facility for the supervision of corporations that clear or settle transactions on both linked clearing facilities.