SINGAPORE: MAS Proposes Regulatory Framework for CSD

Friday March 20 2026

On 19^th March 2026, Monetary Authority of Singapore (MAS) Proposed Regulatory Framework for Central Securities Depositories (CSD).

MAS intends to align the regulatory framework for CSDs with the approach taken for operators of clearing facilities that perform the function of a Central Counterparty (CCP) or a Securities Settlement System (SSS). As CSDs and operators of these clearing facilities are systemically-important financial market infrastructures providing post-trade services, MAS is of the view that they should operate under comparable regulatory regimes. Further, since some post-trade services may be provided by the same entity, implementing a harmonised regulatory framework will enhance both regulatory certainty and operational efficiency.

Accordingly, MAS proposes a two-tier regulatory regime for CSDs as follows:

(a) Approval Regime

MAS considers a CSD to be systemically important and proposes that locally-incorporated CSDs be regulated under a similar approval regime as that applicable to locally-incorporated operators of clearing facilities performing the role of a CCP or SSS, which are regulated as approved clearing houses (ACHs) under the Securities and Futures Act 2001 (SFA). Locally-incorporated CSDs approved by MAS will be subject to similar rigorous standards as applied to such ACHs.

(b) Recognition Regime

MAS proposes that foreign-incorporated CSDs be regulated under a similar recognition regime as that applicable to foreign-incorporated operators of clearing facilities performing the role of a CCP or SSS, which are regulated as recognised clearing houses (RCHs) under the SFA. Foreignincorporated CSDs recognised by MAS will be subject to a similar baseline level of general obligations applied to such RCHs.

The regulatory framework for CSDs will include:

(a) Admission Criteria

(b) Ongoing Regulatory Obligations

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