Who needs to apply?
A company will need an LTR or LFTR licence if it wishes to operate a trade repository as defined under Part 2A of the SFA .
What are the admission criteria and applicable requirements?
When assessing an application for an LTR or LFTR licence, MAS takes into account factors such as:
- Risk management in accordance with international standards and best practices.
- 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.
- Compliance with confidentiality requirements.
What are the applicable financial requirements?
The minimum base capital requirement for an LTR is $10,000,000.
How do I apply for an LTR or LFTR licence?
An LTR or LFTR licence is granted only to a corporation. To apply for a licence, submit the Form 1 - Application for Trade Repository Licence or Foreign Trade Repository Licence.
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 6 months to process and approve an 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 a LTR or LFTR licence?
Please refer to the Second Schedule to the Securities and Futures (Trade Repository) Regulations 2013 .
What is the validity of the LTR or LFTR licence?
An LTR or LFTR 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 46H of the SFA.
What if a LTR or LFTR 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).