Q1. What TSW-related services must a VASP provide?
A VASP must provide the following services within its approved tier and scope of services:
- after obtaining authorisation, transmit on behalf of traders, through the TSW system, specified information that it is approved to handle, and follow up on related matters;
- provide ETAS where required, by converting traders’ non-electronic submissions into electronic form for transmission; and
- if it is a Tier-II VASP and payment services are within its approved scope, pay the relevant government charges, levies or fees on behalf of traders after obtaining authorisation.
All services must be provided in accordance with the applicable Practice Guidelines and Terms and Conditions.
Q2. What specified information may a VASP transmit on behalf of its clients?
The specified information that a VASP may transmit depends on its tier, approved scope of services and the effective date for the relevant class of information.
| Tier-I VASP | Tier-II VASP |
|---|---|
Eligible to transmit specified information that does not involve the collection or payment of government charges, levies or fees, namely:
| Eligible to transmit a broader range of specified information, including specified information involving the collection or payment of government charges, levies or fees, namely:
|
A VASP may transmit only the classes of specified information that it has selected and is approved to handle. The classes available for transmission are subject to their respective effective dates and the latest Practice Guidelines and Terms and Conditions.
Q3. Must a VASP provide transmission services for every class of specified information?
No. An applicant need only select at least one class of specified information listed in the Practice Guidelines for inclusion in its scope of services.
After approval, a VASP may apply through the TSW system to add or remove classes of specified information, provided that at least one class remains in its scope at all times. If there is a material change to the scope, the Commissioner may, having regard to the nature and risks of the services, require a fresh application for approval or a variation of the existing approval.
Q4. When may a VASP start transmitting specified information on behalf of its clients?
An approved VASP may begin transmitting a particular class of specified information on behalf of clients only after:
- the class becomes “specified information” from the effective date designated by the Commissioner; and
- the corresponding system functions and operational arrangements have commenced. C&ED will announce the relevant effective dates and arrangements separately.