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 Securities and Futures Act .

Who Needs to Apply

A 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.

Admission Criteria

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 Apply

An ACH or RCH licence is granted only to a corporation.

How to Apply

To apply for a licence, submit the Form 1 - Application for Approval or Recognition as a Clearing Facility.

Paying the Application Fee

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

Processing Time

It 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.