Advanced format ruling
Royal Magical Library

Card effect (current official text)Each time a Spell Card is activated, place 1 Spell Counter on this card when that Spell resolves (max. 3). You can remove 3 Spell Counters from this card; draw 1 card.
Current rulings for this card are maintained by Konami.
Rulings data courtesy of Format Library — formatlibrary.com. Spotted an inaccuracy? Flag it in the Advanced forum — sourced change requests get reviewed.