2.1 Category of Applicants
An applicant to become a Depository Agent must be an entity belonging to one of the following categories:
2.1.1 a Trading Member or a Clearing Member;
2.1.2 a trust company registered under the Trust Companies Act (Cap 336);
2.1.3 a bank licensed under the Banking Act (Cap 19) or merchant bank approved by the MAS under the Monetary Authority of Singapore Act (Cap 186); or
2.1.4 such other institution or person approved by the Depository from time to time.