Approved Exchange (AE) or Recognised Market Operator (RMO) Licence

Markets are licensed by MAS as approved exchanges (AEs) or recognised market operators (RMOs) under the Securities and Futures Act 2001 .

Who Needs to Apply?

A company will need an AE or RMO licence if it wishes to operate an “organised market” as defined under Part 1 of the First Schedule to the Securities and Futures Act 2001 (SFA) .

What are the admission criteria and applicable requirements?

When assessing an application for an AE or RMO licence, MAS takes into account factors such as:

  • Market structure and operations in accordance with international standards and best practises.
  • Track record, management expertise and financial soundness of the applicant.
  • Ability to meet the minimum financial requirements prescribed under the SFA.
  • Strength of risk management and accompanying internal controls and systems.
  • Business plans and projections.
  • Corporate governance, fitness and propriety.

What are the applicable financial requirements?

The minimum base capital requirement for an AE is $10,000,000.

For RMO applicants – Please refer to the Notice on Capital Requirements for Recognised Market Operators that are Formed or Incorporated in Singapore (SFA 02-N04).

How do I apply for an AE or RMO licence?

An AE or RMO licence is granted only to a corporation. To apply for a licence, submit either Form 1A or Form 1B as applicable.

How much is the application fee and how do I make payment?

A non-refundable application fee of $4,000 is required. Please refer to payment instructions contained within the application form. 

What is the processing time required?

It will take approximately 9 months to process and approve a RMO application where the applicant meets all relevant admission criteria, has a straightforward business model, and the submission is complete and clear. MAS will require a longer time for complex cases, or where the submission is assessed to be incomplete or inaccurate.

Ensure that your application is complete, accurate, and accompanied by the requisite supporting documents.

What is the annual fee to be paid by a holder of an AE or RMO licence?

What is the validity of the AE or RMO licence?

An AE or RMO licence does not need to be renewed.

The licence is valid until:

  • The holder applies for cancellation of the licence.
  • The licence is revoked by MAS in accordance with section 14 of the SFA.

What if an AE or RMO licencee wants to conduct other regulated activities under the SFA?

The entity should:

  • inform its MAS liaison officer of its intention to conduct other regulated activities
  • assess if it will require additional licence(s), or be eligible for any exemptions, to conduct other regulated activities and submit the relevant application(s).