CFCL General information – Singapore
Reference
CFCL eligible fund types
Register market
Investment funds in Singapore can be categorised in various manners, including but not limited to:
- Collective Investment Schemes (CIS) and funds excluded from the CIS regime, where the former must be “authorised” or “recognised” by Monetary Authority of Singapore (MAS) before they could be sold to non-institutional investors;
- Open-ended or closed-ended funds;
- Funds classified based on the investor categories, namely:
- Funds offered to retail investors;
- Funds offered to accredited investors and other relevant persons;
- Funds offered to institutional investors.
Investment funds that are established in the following forms are eligible in CFCL:
- A unit trust established by a trust deed;
- Business trusts registered under the Business Trusts Act (Cap. 31A);
- Variable capital company (VCC) incorporated under the Variable Capital Companies Act 2010 (VCC Act);
- Private Equity funds constituted as:
- Limited partnerships under the Limited Partnerships Act (Cap 163B) (LPA);
- Private limited companies incorporated under the Companies Act (Cap. 50).
CSD link
Please refer to the Market Link Guide – Singapore for more information.
Eligible funds
The CSD link only exists for ETFs in the Singapore market.
Exchange Traded Funds (ETFs)
Exchange-Traded Funds (ETFs) are permitted and can be traded within the Singapore market.
Custody chain and depository
Type of link | Indirect |
CSD | Custodian | CBL (as CFCL’s depository) | |
Name | CDP | Standard Chartered Bank (Singapore) Ltd. | Clearstream Banking S.A. |
FATCA GIIN | Not available | T04M9Y.00165.ME.702 | N1V1GJ.00000.LE.442 |
LEI | 549300CMH3J8ASUM8N29 | 549300MDYVVHJ8D1DW28 | 549300OL514RA0SXJJ44 |
Country of incorporation | Singapore | Singapore | Luxembourg |
Account type | Omnibus | Omnibus | Segregated |
Legal Account name/holder | Raffles Nominees (Pte) Ltd. | Clearstream Fund Centre S.A. | Clearstream Fund Centre S.A. |
Depository
Depository | CSD/Local custodian/Agent |
CBL | Standard Chartered Bank (Singapore) Ltd. 8 Marina Boulevard 27-01 Depository Code: 4S |
Operational arrangements
This section describes the operational arrangements of the Singapore market.
Domestic market For CFCL clients | Register market | Remarks | |
Settlement free of payment | Yes | Yes | |
Settlement against payment | Yes | Yes | Eligible settlement currencies: Singapore Dollar (SGD) and U.S. Dollar (USD) |
Settlement against payment in central bank money | Yes | N/A | CBL, acting as a sub-custodian for CFCL holds a cash account at the depository. Against payment settlement in CDP takes place on the cash account of SCBSG at the settlement banks. Against payment settlement in SGD in MAS takes place on the SCBSG cash account in MEPS+ system of the MAS. |
Short selling of entitlement | No | N/A | |
Settlement penalty fees | Yes | N/A | Refer to the Market Profile. |
Partial settlement | Yes | N/A | |
Recycling | No | N/A | |
Settlement with Euroclear | Yes | N/A | |
Hold and Release | No | N/A | |
Allegements | Yes | N/A | |
Transaction Linking | No | N/A | |
Bilateral Cancellation | Yes | N/A | |
Registered securities | Yes | N/A | Registration takes place automatically upon settlement |
Transaction Management | No | N/A | |
Proxy voting | Yes | N/A | |
Liquidity Hub Connect | Yes | N/A | |
Sale and purchase of rights | Yes | N/A | |
Repo services | No | N/A | |
Market restrictions | Yes | N/A | |
FTT | No | N/A | |
Daily reconciliation | Yes | N/A | |
Moments of entry of instructions | The moment of entry for transfer orders (instructions for the transfer of money and securities in settlement of trades) submitted by participants is when the transfer orders are received in the pre-settlement matching system for DVP Settlement. The settlement system will only act on the transfer orders when they are matched and validated. | ||
Irrevocability of instructions | Bilateral cancellation is mandatory before the settlement date’s settlement cut-off time of 12:00 SGT for matched instructions. | ||
Finality of instructions | Finality takes place after the night and real time upon confirmation of securities and cash movement. | ||
Legal arrangements
The below section is valid on the date of the legal opinions that were issued and might be subject to change.
The information is provided for guidance only and should not be considered in isolation or as constituting a complete or definitive legal advice on any specific matter.
As CBL is our sub-custodian, please refer to the Market link guide - Singapore for the complete information about Legal arrangements.
Cash correspondent details
Currency: | Singapore Dollar (SGD) | U.S. Dollar (USD) |
CCB name: | DBS Bank Ltd, Singapore | JPMorgan Chase Bank N.Y. |
CBL account: | 037-003451-7 | 001-1-573714 |
Swift address: | DBSSSGSG | CHASUS33 |
Currency: | Singapore Dollar (SGD) |
CCB name: | Standard Chartered Bank (Singapore) Limited |
CBL account: | 0107073714 |
Swift address: | SCBLSG22XXX |