2.2 Application for Participation in DVP Settlement by Principals:
The following persons are Eligible Persons:(a) A Bank;(b) A merchant bank approved as such under Section 28 of the Monetary Authority of Singapore Act, Cap 186;(c) A finance company that is licensed under the Finance Companies Act Cap 108 to carry on financing business;(d) A trust company that is registered under the Trust Companies Act Cap 336;(e) A Clearing Member; and(f) Such other persons or entities that the CDP may from time to time declare to be Eligible Persons under this Rule.
An Eligible Person who meets the payment and settlement facility requirements in Rule 2.3 shall be eligible to apply for admission as a Principal in DVP Settlement.
An Eligible Person may apply to CDP for admission as a Principal in DVP Settlement in accordance with the procedures found in the DVP Procedures Handbook.
Notwithstanding that an Eligible Person is eligible to apply for admission as a Principal in DVP Settlement, admission as a Principal shall be subject to the absolute discretion of CDP and shall be subject to such additional requirements, undertakings, terms and conditions as CDP may, in its absolute discretion, deem fit.
Where CDP decides not to admit any person as Principal, it shall not be under any obligation to give any reason for its decision.