Singapore legislation
Regulation 37
of Securities and Futures (Licensing and Conduct of Business) Regulations
Regulation 37
Computation for trust accounts and custody accounts
Subregulation 1
For the purposes of Division 2, a holder of a capital markets services licence to carry on business in any regulated activity must, no later than noon of every business day, complete a computation of —
the total amount of moneys deposited in its customers’ trust accounts;
the total amount of its customers’ moneys required under Part 5 of the Act and these Regulations to be deposited in trust accounts; and
the amounts of the holder’s residual interest in the trust accounts,as at the end of the previous business day.
Subregulation 2
For the purposes of Division 3, a holder of a capital markets services licence to carry on business in dealing in capital markets products that are futures contracts, FX OTC derivatives contracts or spot foreign exchange contracts for purposes of leveraged foreign exchange trading must, no later than noon of every business day, complete a computation of —
the total amount of assets deposited in its customers’ custody accounts; and
the total amount of its customers’ assets required under Part 5 of the Act and these Regulations to be deposited in custody accounts,as at the end of the previous business day.
Subregulation 3
For the purposes of Division 3, a holder of a capital markets services licence to carry on business in any regulated activity (other than dealing in capital markets products that are futures contracts, FX OTC derivatives contracts or spot foreign exchange contracts for purposes of leveraged foreign exchange trading) who is a member of the Central Depository System must —
in respect of assets deposited with the Central Depository System, no later than noon of every business day, complete a computation of —
the total amount of assets deposited in its customers’ custody accounts; and
the total amount of its customers’ assets required under Part 5 of the Act and these Regulations to be deposited in custody accounts,as at the end of the previous business day; and
in respect of assets that are not deposited with the Central Depository System, no later than noon of the first business day after the last day of each month, complete a computation of —
the total amount of assets deposited in its customers’ custody accounts; and
the total amount of its customers’ assets required under Part 5 of the Act and these Regulations to be deposited in custody accounts,as at the end of that month.
Subregulation 4
For the purposes of Division 3, a holder of a capital markets services licence to carry on business in any regulated activity (other than dealing in capital markets products that are futures contracts, FX OTC derivatives contracts or spot foreign exchange contracts for purposes of leveraged foreign exchange trading) who is not a member of the Central Depository System must, no later than noon of the first business day after the last day of each month, complete a computation of —
the total amount of assets deposited in its customers’ custody accounts; and
the total amount of its customers’ assets required under Part 5 of the Act and these Regulations to be deposited in custody accounts,as at the end of that month.
Subregulation 5
The holder must keep the result of each computation required under paragraph (1), (2), (3)(a) or (b) or (4), and all data that supports each such computation, for the period specified in section 102(3) of the Act.
Subregulation 6
Despite paragraphs (3)(b) and (4), if a holder is unable to obtain information on the total amount of assets deposited in its customers’ custody accounts before noon of the first business day after the last day of any month, the holder need not compute the amounts required to be computed under paragraph (3)(b) or (4) (as the case may be) before that time, but must compute those amounts no later than noon of the business day after the day on which the information is obtained by the holder.
Subregulation 6A
Despite paragraphs (1), (2), (3), (4), (5) and (6) and regulation 64(1) of the Securities and Futures (Licensing and Conduct of Business) (Amendment No. 2) Regulations 2018, this regulation as in force immediately before 8 October 2018 continues to apply to a person who —
was, immediately before 8 October 2018, a holder of a capital markets services licence to carry on business in any regulated activity other than dealing in capital markets products that are specified OTC derivatives contracts; and
is a holder of a capital markets services licence to carry on business in any regulated activity other than dealing in capital markets products that are specified OTC derivatives contracts,until 8 October 2021.
Subregulation 7
In this regulation, “Central Depository System” has the meaning given in section 81SF of the Act.