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Criteria for deciding whether applicant should be approved as approved clearing house or recognised as recognised clearing house

Securities and Futures (Clearing Facilities) Regulations 2013

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—(1) Without prejudice to section 51(10) of the Act, for the purposes of section 52(1)(a) of the Act, the Authority may approve a Singapore corporation as an approved clearing house under section 51(1)(a) of the Act if —(a)the Authority is satisfied that a disruption in the operations of a clearing facility to be operated by the corporation could —(i)trigger, cause or transmit further systemic disruptions to the capital markets or financial system of Singapore; or(ii)affect public confidence in the capital markets, financial institutions or financial system of Singapore; or(b)where sub-paragraph (a) does not apply —(i)the corporation has applied to be an approved clearing house under section 50(1)(a) of the Act; and(ii)the Authority is satisfied that the corporation is able to meet the obligations of, and comply with the requirements imposed on, an approved clearing house under the Act.(2) Without prejudice to section 51(10) of the Act, for the purposes of section 52(1)(a) of the Act, the Authority may recognise a Singapore corporation as a recognised clearing house under section 51(1)(b) of the Act if, and only if, both sub-paragraphs (a) and (b) of paragraph (1) do not apply.(3) The Authority may have regard to the following matters in determining whether the criteria referred to in paragraph (1)(a) have been satisfied:(a)the size and structure, or proposed size and structure, of the clearing facility to be operated by the corporation;(b)the nature of the services provided, or to be provided, by the clearing facility to be operated by the corporation;(c)the nature of the capital markets products cleared or settled, or to be cleared or settled, on the clearing facility to be operated by the corporation;(d)the nature of the investors or participants, or proposed investors or participants, who may use or have an interest in the clearing facility to be operated by the corporation;(e)whether the corporation is regulated by the Authority under the Act or any other written law;(f)the persons who may be affected in the event that the corporation, or the clearing facility to be operated by the corporation, runs into difficulties;(g)the interests of the public; and(h)any other circumstances that the Authority may consider relevant.

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