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Regulation of reporting fees of specified licensed trade repository

Securities and Futures (Trade Repositories) Regulations 2013

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—(1) A licensed trade repository specified in Part I of the Third Schedule shall not, without the prior approval of the Authority under paragraph (4) —(a)impose any reporting fee on its participants in respect of any service or services provided by the licensed trade repository; or(b)modify, restructure or otherwise change any existing reporting fee imposed on its participants.(2) An application to the Authority for approval under paragraph (4) shall be made in Form 4.(3) Where a licensed trade repository has made an application under paragraph (2), the Authority may require the licensed trade repository to furnish the Authority with such information or documents as the Authority considers necessary in relation to the application, and the licensed trade repository shall comply with that requirement.(4) The Authority shall, within 20 business days after receiving a completed application under paragraph (2), by notice in writing to the licensed trade repository, either grant the approval or notify the licensed trade repository of the Authority’s intention to refuse to grant the approval.(5) The Authority may, by notice in writing to the licensed trade repository, extend the period referred to in paragraph (4) —(a)in the first instance, to a period of up to 35 business days after receiving the completed application under paragraph (2); or(b)upon the expiry of the period referred to in sub‑paragraph (a), for such further period as the Authority thinks fit.(6) Before the Authority extends under paragraph (5)(b) the period referred to in paragraph (4), the Authority shall give the licensed trade repository an opportunity to be heard.(7) In deciding whether to grant or refuse approval under paragraph (4), the Authority may have regard to the following matters:(a)the effect of the proposed imposition of or change in the reporting fee on —(i)competition in the financial services industry of Singapore; and(ii)access to reporting services in Singapore;(b)the cost of providing the service to which the proposed imposition or change applies;(c)the effect of the proposed imposition or change on the cost and efficiency of trading, clearing, settlement and reporting in Singapore of the capital markets products specified in Part II of the Third Schedule; and(d)the effect of the proposed imposition or change on the objectives of the Authority as specified in section 4(1)(b) of the Monetary Authority of Singapore Act (Cap. 186).(8) The Authority may grant its approval under paragraph (4) subject to such conditions or restrictions as the Authority may think fit to impose by notice in writing to the licensed trade repository, including conditions or restrictions relating to —(a)the period for which the approval of a reporting fee will be in force;(b)the circumstances under which, or date by which, upon the expiry of the period referred to in sub-paragraph (a), the licensed trade repository will be required to submit another application under paragraph (2) for approval of the reporting fee; and(c)the circumstances under which, or the changes in the reporting fee for which, upon the expiry of the period referred to in sub-paragraph (a), the licensed trade repository will not be required to submit another application under paragraph (2) for approval of a change in the reporting fee.(9) The Authority shall not refuse to grant its approval under paragraph (4) without giving the licensed trade repository an opportunity to be heard.(10) A licensed trade repository may only charge a reporting fee approved by the Authority under paragraph (4) for the service or services in respect of which that fee was approved.(11) In this regulation, “reporting fee” means any fee, tariff or compensation for reporting of transactions in the capital markets products specified in Part II of the Third Schedule.

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