Rulebooks: Contents

Rulebooks
Mainboard Rules
Catalist Rules
SGX-ST Rules
CDP Clearing Rules
DVP Rules
CDP Depository Rules
Futures Trading Rules
SGX-DC Clearing Rules
Chapter 1 Application of Rules
Chapter 2 Clearing Membership
2.17 Limit on Lending to Directors, Officers or Employees of General Clearing Members
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
Rule Amendments

  Versions
(2 versions)
 
Up to Dec 30 2013Dec 31 2013 onwards

2.17 Limit on Lending to Directors, Officers or Employees of General Clearing Members
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2.17.1.1 A General Clearing Member or Remote Clearing Member must not grant, whether directly or indirectly, any unsecured advance, unsecured loan or unsecured credit facility as defined in the SFR (Licensing and Conduct of Business) to any of its directors (other than a director who is also its employee) or to a person who to its knowledge, is a connected person as defined in the SFA of such director.
2.17.1.2 Subject to Rule 2.17.1.1 and section 162 of the Act, a General Clearing Member or Remote Clearing Member must not grant, whether directly or indirectly, any unsecured advance, unsecured loan or unsecured credit facility to its officers (other than a director who is not its employee) or its employees (a "relevant person") which in the aggregate and outstanding at any one time exceeds one year's emoluments of such relevant person.
2.17.1.3 For the purpose of Rule 2.17.1.2, any unsecured advance, unsecured loan or unsecured credit facility granted by a General Clearing Member or Remote Clearing Member to any person to purchase, subscribe for or trade in any capital markets product for:—
a. the account of a relevant person of the General Clearing Member or Remote Clearing Member;
b. an account in which a relevant person of the General Clearing Member or Remote Clearing Member has an interest;
c. an account of any person who acts jointly with, under the control of, or in accordance with, the direction of a relevant person of the General Clearing Member or Remote Clearing Member; or
d. an account of any connected person (as defined in the SFA) of a relevant person of the General Clearing Member or Remote Clearing Member, where the connected person is not himself a relevant person of the General Clearing Member or Remote Clearing Member,
shall be deemed to be an unsecured advance, unsecured loan or unsecured credit facility granted by the General Clearing Member or Remote Clearing Member to that relevant person.

Amended on 27 March 2006, 10 August 2007 and 31 December 2013.