2.2 Conditions

A Depository Agent (or applicant to become a Depository Agent) shall furnish to the Depository information sufficient to demonstrate to the satisfaction of the Depository that it satisfies the requirements of this Rule and such other conditions the Depository may impose, including but not limited to the following requirements:

2.2.1 it has the competence, physical capacity and financial resources to discharge its duties under the Depository Agent Agreement and it is able to meet any obligation it might reasonably be expected to incur thereunder;
2.2.2 it is a fit and proper person to perform its duties under the Depository Agent Terms; and
2.2.3 it holds a valid capital market services licence for providing custodial services for securities or is excluded or exempted from such requirement by the MAS or pursuant to the Securities and Futures Act.