Rulebooks: Contents

Rulebooks
Mainboard Rules
Catalist Rules
SGX-ST Rules
CDP Clearing Rules
CDP Settlement Rules
DVP Rules [Entire Rulebook has been deleted]
CDP Depository Rules
Futures Trading Rules
SGX-DC Clearing Rules
Chapter 1 Application of Rules
Chapter 2 Clearing Membership
Chapter 3 Committees
Chapter 4 Enforcement of Rules
Chapter 5 Arbitration
Chapter 6 Delivery and Related Matters
Chapter 7 Clearing and Margins
Chapter 7A Suspension and Default
Chapter 7B Payments
Chapter 8 Mutual Offset System
Chapter 9 Definitions and Interpretation
Chapter 10 Transitional Provisions
Directives
Practice Notes
Appendices
Schedules
SIAC DT Arbitration Rules
SIAC DC Arbitration Rules
Archive
Rule Amendments

  Versions
(3 versions)
 

2.11.4 Making of Unsecured Loan or Advance, Payment of Dividend or Director's Fees or Increase in Director's Remuneration

2.11.4.1 Each Clearing Member, except for a Bank Clearing Member or a Remote Clearing Member, shall not, without the prior written approval of the Clearing House, make any unsecured loan or advance, pay any dividend or director's fees or increase any director's remuneration if:—
a. in the case where the Clearing Member is incorporated in Singapore:—
i. the base capital of the Clearing Member is less than the base capital requirement applicable to the Clearing Member under Rule 2.07;
ii. the financial resources of the Clearing Member are less than 150% of its total risk requirement;
iii. the aggregate indebtedness of the Clearing Member exceeds 600% of its aggregate resources; or
iv. such a loan, advance, payment or increase will cause an event in Rules 2.11.4.1.a.i, ii or iii to occur;
or
b. in the case where the Clearing Member is incorporated outside Singapore:—
i. the net head office funds of the Clearing Member are below the net head office funds requirement applicable to the Clearing Member under Rule 2.08;
ii. the adjusted net head office funds of the Clearing Member are less than 150% of its total risk requirement;
iii. the aggregate indebtedness of the Clearing Member exceeds 600% of its aggregate resources; or
iv. such a loan, advance, payment or increase will cause an event in Rules 2.11.4.1.b.i, ii or iii to occur.
2.11.4.1A A Remote Clearing Member shall notify the Clearing House immediately of any action taken that has or may have a financial or capital impact on the Remote Clearing Member and is required to be reported to the Relevant Regulatory Authority, or in relation to the events set out in Rule 2.11.4.1.

Amended on 27 March 2006, 10 August 2007, 29 December 2014 and 22 April 2019.