Approved Clearing House (ACH) or Recognised Clearing House (RCH) Licence
Clearing houses are licensed by MAS as approved clearing houses (ACHs) or recognised clearing houses (RCHs) under the .
Who Needs to ApplyA company will need an ACH or RCH licence if it wishes to operate a clearing facility as defined under Part II of the First Schedule to the Securities and Futures Act.
When assessing an application for a ACH or RCH licence, MAS takes into account factors such as:
- Risk management in accordance to 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 internal controls and systems.
- Business plans and projections.
- Corporate governance, fitness and propriety.
Who Can ApplyAn ACH or RCH licence is granted only to a corporation.
How to ApplyTo apply for a licence, submit the .
Paying the Application FeeA non-refundable application fee of $4,000 is required. Please refer to payment instructions contained within the application form.
Processing TimeIt will take approximately 6 months to process and approve an application. As each application will be evaluated on a case-by-case basis, processing time depends on the circumstances of each application and the completeness of the information submitted.
Ensure that your application is complete, correct and accompanied by the requisite supporting documents.
Validity of the Licence
An ACH or RCH 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 56 of the SFA.