(6)The legally binding requirements of Singapore for CCPs authorised therein consist of Chapter 289 of the Securities and Futures Act (‘SFA’) and the Securities and Futures (Clearing Facilities) Regulations 2013 (‘SFA Regulations’). The SFA aims at promoting safe and efficient clearing facilities and reducing systemic risk. The SFA Regulations develop and implement the SFA requirements. The SFA introduces an authorisation regime for all systemically important clearing facilities performing the role of CCPs, which have to be authorised by the Monetary Authority of Singapore (‘MAS’) as Approved Clearing Houses (‘ACHs’). Other clearing facilities, including overseas CCPs, are authorised by MAS as Recognised Clearing Houses (‘RCHs’).