4.3 Automatic De-Registration
An Approved Executive Director shall automatically cease to be registered as an Approved Executive Director if he or she:—
(1) becomes of unsound mind;
(2) is made bankrupt, whether in or out of Singapore;
(3) is disqualified from holding office as a director under the SFA or the Companies Act (Chapter 50), or in the case of a Bank Clearing Member, if he or she is no longer in the direct employment of, or acting for or by arrangement with, the Bank Clearing Member or is no longer principally responsible for the management and conduct of the Bank Clearing Member's business;
(4) ceases to be an Approved Executive Director of the Clearing Member;
(5) is subject to a compromise or scheme of arrangement with his or her creditors, whether in or out of Singapore;
(6) has execution in respect of a judgment debt returned unsatisfied in whole or in part; or;
(7) breaches any provision involving fraud or dishonesty, whether in or out of Singapore.
Amended on 1 July 2008.