Singapore legislation
Regulation 27
of Securities and Futures (Licensing and Conduct of Business) Regulations
Regulation 27
Maintenance of custody account with specified custodians
Subregulation 1
Subject to regulation 30, the holder of a capital markets services licence shall maintain a custody account in which it deposits a customer’s assets with —
a bank that holds a licence under section 7 or 79 of the Banking Act 1970;
a merchant bank that holds a merchant bank licence, or is treated as having been granted a merchant bank licence, under the Banking Act 1970;
a finance company licensed under the Finance Companies Act 1967;
a depository agent within the meaning of section 81SF of the Act for the custody of capital markets products listed for quotation or quoted on the Singapore Exchange Securities Trading Limited or deposited with the Central Depository (Pte) Ltd;
an approved trustee for a collective investment scheme within the meaning of section 289 of the Act; or
any person licensed under the Act to provide custodial services.
Subregulation 2
Without prejudice to paragraph (1), the holder may maintain the custody account itself where it is licensed under the Act to provide custodial services.
Subregulation 3
Without prejudice to paragraph (1) and subject to the customer’s prior written consent, the holder may, for the purpose of the safe custody of the customer’s assets denominated in a foreign currency, maintain the custody account with a custodian outside Singapore which is licensed, registered or authorised to act as a custodian in the country or territory where the account is maintained.