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CDP Depository Rules

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 licensed under the Trust Companies Act 2005;
2.1.3 a bank licensed under the Banking Act 1970 or merchant bank approved by MAS under the Monetary Authority of Singapore Act 1970; or
2.1.4 such other institution or person approved by the Depository from time to time.

Amended on 18 January 2022 and 15 July 2026.

2.2 Discretion to Approve/Reject Application and Conditions

An applicant to become a Depository Agent shall furnish to the Depository such information as the Depository may in its discretion require in connection with the application.

The Depository may, in its absolute discretion, without giving any reason, approve or reject an application for registration as a Depository Agent having due regard to factors including the following:

2.2.1 whether the applicant has the competence, capability, physical capacity (including staff and back-office functions) and financial resources to discharge its duties under the Depository Agent Terms and it is able to meet any obligation it might reasonably be expected to incur thereunder;
2.2.2 whether the applicant, its chief executive officer and its directors are fit and proper persons for the purpose of performing a Depository Agent’s duties under the Depository Agent Terms;
2.2.3 whether the applicant holds a valid capital market services licence for providing custodial services for securities or is excluded or exempted from such requirement by MAS or pursuant to the Securities and Futures Act.

The Depository may approve an application subject to such conditions or restrictions as it may in its absolute discretion deem appropriate. The Depository shall inform the applicant of the imposition or withdrawal of any such condition or restriction. A breach of any such condition or restriction shall constitute a breach of these CDP Rules.

Amended on 15 July 2026.

2.3 General Duties

An applicant whose application to become a Depository Agent has been approved by the Depository:

2.3.1 shall perform services as a Depository Agent for Sub-Account Holders in accordance with the Depository Agent Terms; and
2.3.2 may deposit book-entry securities with the Depository on behalf of the Sub-Account Holders.

Amended on 15 July 2026.

2.4 Nominee Company Applicant

Where an applicant to be a Depository Agent is a nominee company:

2.4.1 the entity that the applicant provides custodial services to must be an entity regulated by MAS ("the Regulated Entity");

2.4.1A the applicant must not provide custodial services other than those to facilitate the provision of custodial services by that Regulated Entity, in respect of Deposited Securities that the Regulated Entity holds on trust for the Regulated Entity’s customers;

2.4.2 the applicant must furnish a banker's guarantee from a bank unrelated to the applicant, and acceptable to the Depository, to guarantee the due performance of its obligations under the Depository Agent Terms, and indemnify the Depository against all claims, losses, damages, costs, and expenses that may be incurred as a result of the breach, failure or inability of the applicant to perform any of its obligations; and

2.4.3 the Regulated Entity must provide a letter of undertaking in a form satisfactory to the Depository to be liable for any amount owing by the applicant.

Amended on 15 July 2026.

2.5 Applicant's Agreement

An applicant whose application to become a Depository Agent has been approved by the Depository shall:

2.5.1 abide by and be bound by the Depository Agent Terms as amended from time to time;
2.5.2 pay to the Depository fees and charges, as reviewed from time to time, for providing operations, facilities and services, based on the Depository's fee schedule, and any charges or penalties as may be set out for any failure to comply with the Depository Agent Terms;
2.5.3 upon request by the Depository, furnish all such information, or render all such assistance in respect of its operations, facilities and services or those that are provided to it as may be required by the Depository (including giving access to its premises, systems and employees). Any information furnished shall be in the form certified by external auditors of the Depository Agent, or certified by a senior officer of the Depository Agent or by a person acceptable to the Depository, and verified by the external auditors of the Depository Agent. The Depository's right to be furnished with information under this provision shall extend to information relating to operations, facilities and services provided by the Depository under the Depository Agent Terms and the discharge of the Depository Agent's obligations thereunder, and include information relating to the services provided to and the holdings for Sub-Account Holders in such form and manner as determined by the Depository, but shall not include information concerning individual or named but shall not include information concerning its Sub-Account Holders unless disclosure of such information is required under the circumstances described in Rule 6.3; and
2.5.4 comply with any other conditions that the Depository may from time to time prescribe for Depository Agents (whether generally or specific to any person).
Amended on 15 July 2026.

2.6 [Rule has been deleted.]

Deleted on 15 July 2026.