CCCS Clears Singapore Clearing House Association’s Bye-Laws Governing Use of FAST

On 8 December 2022, the Competition and Consumer Commission of Singapore (“CCCS“) issued a decision pursuant to an application by the Singapore Clearing House Association (“SCHA“), holding that a proposed Rule 27.23 of SCHA’s Bye-Laws and its accompanying guidelines (collectively, the “Proposed Rule“) concerning the admission and use of Fast and Secure Transactions by non-financial institutions will not infringe section 34 of Singapore’s Competition Act 2004. In particular, CCCS examined the scope of exclusion under Paragraph 7 of the Third Schedule of the Act (“Paragraph 7 Exclusion“) and concluded that the Proposed Rule falls within the scope of Paragraph 7 Exclusion and therefore, will not infringe section 34 of the Competition Act.