Rulebooks: Contents

Rulebooks
Mainboard Rules
Catalist Rules
SGX-ST Rules
Chapter 1 General
Chapter 2 Admission and Registration of Trading Members, Chief Executive Officers and Trading Representatives
Chapter 3 Capital and Financial Requirements
Chapter 4 Operational Requirements
Chapter 5 Trading Practices and Conduct
Chapter 6 Designated Market-Makers
Chapter 7 Listing and Quotation
Chapter 8 Trading
Chapter 9 Settlement
Chapter 10 Requirements on Specific Securities and Futures Contracts
Chapter 11 Cancellation of Contracts and Trades
Chapter 12 Supervision and Enforcement
Chapter 13 Definitions and Interpretation
Directives
Regulatory Notices
Practice Notes
Schedule A
Chapter 4 Operational Requirements
CDP Clearing Rules
CDP Settlement Rules
DVP Rules [Entire Rulebook has been deleted]
CDP Depository Rules
Futures Trading Rules
SGX-DC Clearing Rules
SIAC DT Arbitration Rules
SIAC DC Arbitration Rules
Archive
Rule Amendments

Rich text Print
  • Chapter 4 Operational Requirements

    Rule Violation Whether composition may be offered Composition amount that may be offered by SGX-ST, where SGX-ST has determined the Trading Member, Chief Executive Officer and/or Trading Representative to be liable Mandatory minimum penalty imposable by the Disciplinary Committee
    Rule Chapter/Number Brief Description of Rule Trading Members (or Designated Market Maker, where applicable) Chief Executive Officer Trading Representatives (or Market Making Representative, where applicable)
    1st Violation 2nd Violation 3rd Violation 1st Violation 2nd Violation 3rd Violation 1st Violation 2nd Violation 3rd Violation
    Chapter 4 — Operational Requirements
    4.1 Member Systems
    4.1.1 Trading Member to ensure that systems and connections to the Trading System operate properly, and have adequate redundancy and scalable capacity to accommodate current and anticipated trading volume levels; and that it complies with terms and conditions, and any other requirements imposed by SGX-ST, for accessing the Trading System or other management systems Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    4.2 Direct Market Access and Sponsored Access
    4.2.2 Trading Member to maintain a Sponsored Access register Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    Trading Member to produce Sponsored Access register when requested Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
    4.2.3 Trading Member to have measures for legally binding agreement on Direct Market Access Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    4.2.3(a) Trading Member to have measures covering minimum standards for Direct Market Access Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    4.2.3(b) Trading Member to have measures covering procedures on Direct Market Access for relevant persons Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    4.2.3(c) Trading Member to have measures providing information on access and applicable laws for Direct Market Access Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    4.2.3(d) Trading Member to have measures for security arrangements on Direct Market Access Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
    4.2.3(e) Trading Member to assist SGX-ST in any investigation on Direct Market Access in respect of potential violations Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
    4.2.3(f) Trading Member to have measures on specific requirements for Sponsored Access Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    4.2.3(g) Trading Member to have measures to assure status of Sponsored Access customer Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    4.2.3(h) Trading Member to have measures on specific requirements relating to delegation of Sponsored Access Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    4.2.3(i) Trading Member to have conditions restricting who can delegate Direct Market Access Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    4.2.4 Trading Member to provide report by independent reviewer Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    4.3 Suspension and Termination of Direct Market Access
    4.3.1 SGX-ST to direct Trading Member to suspend or terminate Direct Market Access Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
    4.3.2 Trading Member to have ability to suspend or terminate Direct Market Access Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
    4.4 Control of Access
    4.4.1 Trading Member to have security arrangements in place to deny access to unauthorised persons Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
    4.6 Training and Supervision
    4.6.1 Trading Member to ensure that each of its Trading Representatives undergoes adequate education and training Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    4.6.2 Trading Member to supervise Trading Representatives, employees and agents Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    4.6.3(a) Trading Member to establish and maintain procedures and systems to prevent any breach of the Rules by its Directors, Officers, Trading Representatives, employees or agents Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    4.6.3(b) Trading Member to ensure that persons carrying out or enforcing procedures and systems reasonably discharge their duties and obligations Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    4.7 Compliance Review
    4.7.1 Trading Member to carry out checks to ensure compliance with all regulatory requirements Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    4.7.2 Trading Member to carry out checks through stipulated department/person Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    4.8 Good Business Practice
    4.8.1 Trading Member and Trading Representatives to adhere to good business practice Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A.
    4.9 Control of Operations
    4.9.1 Trading Member to establish and maintain adequate internal control systems Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    4.9.2 Trading Member to establish internal policies and procedures to restrict the flow of material non-public information between persons and departments within the Trading Member Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
    4.9.3 Trading Member to separate front and back office functions. Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
    4.10 Risk Management and Financial Controls
    4.10.1(a) Trading Member to monitor credit risks from acceptance of orders at least daily Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    4.10.1(b) Trading Member to have adequate pre-execution checks on orders and appropriate internal controls Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    4.10.1(c) Trading Member to have error prevention alerts on orders Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    4.10.1(d) Trading Member to define and manage sources of liquidity Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    4.10.2 Trading Member to have automated processes and procedures to monitor capital requirements and prudential limits Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    4.11 Outsourcing Conditions
    4.11.1(a) Trading Member to comply with any guidelines or requirements on outsourcing as prescribed by the Relevant Regulatory Authority. Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    Remote Trading Member to inform SGX-ST of any changes to such requirements and comply with additional requirements as SGX-ST may prescribe Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    4.11.1(b) Trading Member to have adequate audit trails of the activities performed by the service provider Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    4.11.1(c) Trading Member to ensure the service provider provides SGX-ST with requested information within the prescribed timeline Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    4.11.1(d) Trading Member to ensure that service provider provide SGX-ST access to all relevant records and systems and that SGX-ST is able to perform on-site inspections of the outsourced operations Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    4.11.1(e) Trading Member to inform SGX promptly of any disciplinary actions taken against the service provider, or any issues raised by internal or external auditors or any authority that regulates the service provider Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    4.11.1(f) Trading Member to ensure that internal audit requirements prescribed by SGX-ST extends to outsourced operations Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    4.11.2 Trading Member to ensure that the service provider is operative whenever SGX-ST is open for trading Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    4.12 Business Continuity Requirements
    4.12.1 Trading Member to assess its business and operational risks and maintain adequate business continuity arrangements Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    Trading Member to document its business continuity arrangements in a business continuity plan, and review and test them regularly Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    4.12.2 Trading Member to demonstrate awareness of risks, mitigating measures and state of readiness by way of attestation to the Board of Directors Compoundable $500 $1,000 $2,000 $250 $500 $1,000 N.A. N.A. N.A. N.A.
    Remote Trading Member to comply with such requirements prescribed by the Relevant Regulatory Authority and principles of good business practice Compoundable $500 $1,000 $2,000 $250 $500 $1,000 N.A. N.A. N.A. N.A.
    4.12.3 Trading Member to appoint emergency contact persons and furnish the contact information to the Exchange Compoundable $500 $1,000 $2,000 $250 $500 $1,000 N.A. N.A. N.A. N.A.
    Trading Member's emergency person must be contactable at all times Compoundable $500 $1,000 $2,000 $250 $500 $1,000 N.A. N.A. N.A. N.A.
    Trading Member to notify the Exchange in the event of emergencies Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    4.13 Records for Compliance
    4.13.1(a) Trading Member and Trading Representative to maintain complete and accurate records in accordance with the SFA, or requirements prescribed by the Relevant Regulatory Authority [Unless otherwise specified in this Schedule]
    Not Compoundable Not Compoundable $10,000
    Trading Member and Trading Representative to maintain complete and accurate records in accordance with the Rules [Unless otherwise specified in this Schedule]
    Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A.
    Remote Trading Member to notify SGX-ST of changes to requirements prescribed by the Relevant Regulatory Authority Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    Remote Trading Member to comply with additional requirements prescribed by SGX-ST Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
    4.13.1(b) Trading Member and Trading Representative not to make false or misleading entries Not Compoundable Not Compoundable $10,000
    4.13.1(c) Trading Member and Trading Representative to make all relevant entries in any Document Not Compoundable Not Compoundable $10,000
    4.13.1(d) Trading Member and Trading Representative not to alter, conceal or destroy any Documents Not Compoundable Not Compoundable $10,000
    4.13.2 Trading Member and Trading Representative to ensure integrity, security and confidentiality in the transmission and storage of records Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A.
    4.13.3 Trading Member to make records available to SGX-ST as required Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
    4.14 Confidentiality of Customer's Information
    4.14.1 Trading Member and Trading Representative to maintain confidentiality of customer's information Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A.
    4.14.2 Failure to ensure that a person to whom customer's information is disclosed maintains confidentiality Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    4.15 Opening of Customer Accounts
    4.15.2(a) Trading Member to obtain the necessary particulars before opening an individual or agency customer account Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    4.15.2(b) Trading Member to verify customer's identity, and in the case of a non-individual customer verified that it is validly constituted and that the person opening the account has the requisite authority to do so, and in the case of an agency customer, verified the identity of the principal and the customer's authority to trade for its principal Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    4.15.2(c) Trading Member to have agreed with the customer procedures for the communication of trading instructions to guard against unauthorised trading (if applicable) Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    4.15.2(d) Trading Member to have understood each customer's risk appetite and investment objectives (if applicable) Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    4.15.3 Trading Member to assess the suitability to trade and disclose the risk of trading to a customer under the age of 21 Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    4.15.4(a) Trading Member to allow customers to open a joint account only if the specified conditions are met Compoundable $500 $1,000 $2,000 $250 $500 $1,000 N.A. N.A. N.A. N.A.
    4.15.4(b) Trading Member not to permit a joint account to be operated by more than two individuals Compoundable $500 $1,000 $2,000 $250 $500 $1,000 N.A. N.A. N.A. N.A.
    4.15.4(c) Trading Member to maintain the necessary information for the operation of a joint account Compoundable $500 $1,000 $2,000 $250 $500 $1,000 N.A. N.A. N.A. N.A.
    4.15.4(d) Trading Member to require each joint account holder to specify whether he/she is jointly and severally liable for debts incurred in the joint account Compoundable $500 $1,000 $2,000 $250 $500 $1,000 N.A. N.A. N.A. N.A.
    4.15.5 Customer accounts to be approved in the stipulated manner Compoundable $500 $1,000 $2,000 $250 $500 $1,000 N.A. N.A. N.A. N.A.
    4.16 Risk Disclosure
    4.16.1 Trading Member to obtain a written risk acknowledgement statement from a customer, and inform the customer whether the Trading Member is acting as a principal or an agent for the customer in accordance with Regulation 47DA of the SFR (Licensing and Conduct of Business), or requirements prescribed by the Relevant Regulatory Authority, as applicable Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
    Remote Trading Member to notify SGX-ST of changes to requirements prescribed by the Relevant Regulatory Authority Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    Remote Trading Member to comply with additional requirements prescribed by SGX-ST Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
    4.17 Separate Trading Accounts and Account Designation
    4.17.1 Trading Member to maintain separate Trading Accounts for each customer or each group of joint customers (as the case may be) whose account is carried on the books of the Trading Member Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    4.17.2 Trading Member to identify and designate each Trading Account by the full name of the customer(s) whose account is carried on the books of the Trading Member and by a unique Trading Account code, which must be reported to SGX-ST prior to any order Compoundable $500 $1,000 $2,000 $250 $500 $1,000 N.A. N.A. N.A. N.A.
    4.18 Customer Education
    4.18.2 Trading Member to provide Internet Trading customers with adequate information on specific areas Compoundable $500 $1,000 $2,000 $250 $500 $1,000 N.A. N.A. N.A. N.A.
    4.19 Trading by Employees and Agents
    4.19.1 Trading Member to put in place procedures to ensure that agents who are privy to confidential information do not use the information to trade for their own benefit Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    4.19.2 Trading Member to put in place procedures to monitor trading activities of Director, Officer, Trading Representative, employees and agents Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    4.20 Arrangements with Remisiers
    4.20.1 Trading Member to inform SGX-ST before a dealer converts to a Remisier and vice versa Compoundable $500 $1,000 $2,000 $250 $500 $1,000 N.A. N.A. N.A. N.A.
    4.20.2 Trading Member to enter into written agency agreement with a Remisier Compoundable $500 $1,000 $2,000 $250 $500 $1,000 N.A. N.A. N.A. N.A.
    4.21 Remisiers Working in Teams
    4.21.2(a) Trading Member to maintain a list of Remisiers working in teams Compoundable $500 $1,000 $2,000 $250 $500 $1,000 N.A. N.A. N.A. N.A.
    4.21.2(b) Trading Member to establish in writing the terms and conditions of each team arrangement with its Remisiers Compoundable $500 $1,000 $2,000 $250 $500 $1,000 N.A. N.A. N.A. N.A.
    4.21.2(c) Trading Member to ensure that Remisiers working in teams will not compromise their compliance with all relevant legislation and regulations Compoundable $500 $1,000 $2,000 $250 $500 $1,000 N.A. N.A. N.A. N.A.
    4.21.2(d) Trading Member to monitor team operations to ensure there is no overtrading, and that irregularities do not occur Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    4.21.3 Trading Member to keep customers informed of team arrangements, and give customers the option not to be serviced by Remisiers working in teams Compoundable $500 $1,000 $2,000 $250 $500 $1,000 N.A. N.A. N.A. N.A.
    Trading Member to keep customers informed of any changes to team compositions $500 $1,000 $2,000 $250 $500 $1,000 N.A. N.A. N.A. N.A.
    4.21.4 Remisier to record details of the customer's order if it is passed along a chain of Remisiers in a team Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A.
    4.22 Trading Authority
    4.22.2 Trading Member to obtain written authorisation from the customer before accepting orders from a third party Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    4.23 Brokerages and Charges
    4.23.1 Commission rate chargeable to comply with specified rates, if so prescribed by SGX-ST Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    4.23.2 Trading Member to disclose charges and expenses to be borne by the customer Compoundable $500 $1,000 $2,000 $250 $500 $1,000 N.A. N.A. N.A. N.A.
    4.24 Contract Notes
    4.24.1 Trading Member to send customer a contract note for purchase and sale of securities or futures contracts Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
    4.24.2 Trading Member to state on the contract note that the contract is subject to the Rules and Directives of SGX-ST Compoundable $500 $1,000 $2,000 $250 $500 $1,000 N.A. N.A. N.A. N.A.
    4.24.3(a) Trading Member to include information in the contract note in accordance with SFR Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
    4.24.3(b) Trading Member to show separately in the contract note, the stipulated fees, tax and charges Compoundable $500 $1,000 $2,000 $250 $500 $1,000 N.A. N.A. N.A. N.A.
    4.24.3(c) Trading Member to obtain customer's consent before issuing contract notes in electronic form Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    4.24.4 Remote Trading Member to comply with such requirements prescribed by the Relevant Regulatory Authority in respect of contract notes Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
    Remote Trading Member to comply with such requirements prescribed by the Relevant Regulatory Authority before sending contract notes in electronic form Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    Remote Trading Member to notify SGX-ST of changes to requirements prescribed by the Relevant Regulatory Authority Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    Remote Trading Member to comply with additional requirements prescribed by SGX-ST Not Compoundable Not Compoundable N.A. N.A. $10,000 $10,000
    4.24.5 Trading Member to produce contract notes to SGX-ST in the same form as when given to customers Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    4.25 Statements of Account to Customers
    4.25.1 Trading Member to send customer statements of account on a regular basis in accordance with Regulation 40 of the SFR (Licensing and Conduct of Business) or such requirements prescribed by the Relevant Regulatory Authority Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
    4.25.1(a) Trading Member to include information in the statement of account in accordance with SFR Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
    4.25.1(b) Remote Trading Member to comply with such requirements prescribed by the Relevant Regulatory Authority in respect of statements of account Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
    Remote Trading Member to notify SGX-ST of changes to requirements prescribed by the Relevant Regulatory Authority Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    Remote Trading Member to comply with additional requirements prescribed by SGX-ST Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
    4.25.2 Trading Member to produce statement of accounts to SGX-ST in the same form and containing the same information as when given to customers Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    4.26 Amendment of Contract
    4.26.2 Amendment of contract to be approved by the specified persons Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    Approval to be given before contract is amended Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    4.27 Communication with Customers
    4.27.2 Trading Member to communicate directly with customers Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    4.27.3 Trading Member to send contract notes and statements to the customer in the indicated manner Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    Trading Member to explain risk of unauthorised trading to customer and obtain written authorisation Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    Trading Member to monitor customer accounts for unauthorised trading activities Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    4.27.4 Trading Member not to allow a third party to collect cash or stipulated documents without written authorisation Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    4.28 Payment to Customers
    4.28.2 All cheques to customers to be crossed unless stipulated conditions are met Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    4.28.3 Trading Member not to accept a house cheque unless the stipulated conditions are met Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    4.29 Segregation of Customer's and Remisier's Monies and Assets
    4.29.1 Trading Member to meet the stipulated fiduciary obligations to its Customers Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
    4.29.3 Remote Trading Member to comply with such requirements prescribed by the Relevant Regulatory Authority in respect of stipulated fiduciary obligations Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
    Remote Trading Member to notify SGX-ST of changes to requirements prescribed by the Relevant Regulatory Authority Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    Remote Trading Member to comply with additional requirements prescribed by SGX-ST Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
    4.30 Segregation of Customer's and Remisier's Monies and Assets — Monies
    4.30.2 Trading Member to comply with the stipulated provisions in the SFR (Licensing and Conduct of Business) Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
    4.30.3 Trading Member to designate the accounts maintained with a financial institution as a trust account, or customer or Remisier account, as the case may be Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
    4.30.4 Trading Member to deposit money received on account of customers (other than Remisiers) in a separate trust account from Remisiers Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
    4.30.5 Trading Member not to commingle money received with Trading Member's own funds Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
    4.30.6 Trading Member not to withdraw Remisier's money from a trust account when the prescribed conditions are not met Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
    4.30.7 Trading Member to notify the Remisier of the withdrawal made by the next business day Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    4.31 Segregation of Customer's and Remisier's Monies and Assets — Assets
    4.31.2 Trading Member to comply with the stipulated provisions in the SFR (Licensing and Conduct of Business) Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
    4.31.3 Trading Member to designate accounts maintained with a financial institution as a trust account, customer, or Remisier account Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
    4.31.4 Trading Member to deposit assets of its customers in a separate custody account from Remisiers Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
    4.31.5 Trading Member not to commingle assets of a customer or Remisier, with Trading Member's own assets Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
    4.31.6 Trading Member not to withdraw Remisier's assets from a custody account when the prescribed conditions are not met Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
    4.31.7 Trading Member to notify the Remisier of the withdrawal of assets by the next business day Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    4.32 Reporting of Delinquent Accounts
    4.32.2 Trading Member to inform SGX-ST of the particulars of delinquent accounts Compoundable $500 $1,000 $2,000 $250 $500 $1,000 N.A. N.A. N.A. N.A.
    4.33 Stock Account
    4.33.2 Trading Member to make trades of securities or futures contracts for the Trading Member's proprietary account under a separate stock account Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    4.33.3 Stock Account to be operated by a person who is licensed to trade Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    Trading Member to ensure that the senior management or delegate staff oversee the operation of the Stock Account by the designate Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    4.34 Position Accounts
    4.34.2 Authorised Trading Member to comply with requirements in Rule 5A.1.2 of the Clearing Rules in respect of each Authorised Account Compoundable $500 $1,000 $2,000 $250 $500 $1,000 N.A N.A N.A N.A.
    Authorised Trading Member to maintain separate Position Accounts for each customer or each group of joint customers whose account is carried on the books of the Authorised Trading Member, pursuant to Rule 5A.1.1 and 5A.2 of the CDP Clearing Rules Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A N.A N.A N.A.
    4.34.2 Authorised Trading Member to comply with requirements in Rule 5A.1.2 of the Clearing Rules in respect of each Authorised Account Compoundable $500 $1,000 $2,000 $250 $500 $1,000 N.A. N.A. N.A. N.A.
    Authorised Trading Member to comply with requirements in Rules 5A.1.1, 5A.2, 5A.3 and 5A.6 of the Clearing Rules in respect of each Authorised Account Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    4.34.3 Trading Member is to identify or make available to SGX-ST the identity of any underlying beneficial owner and/or any controlling party of an Authorised Account, upon request by SGX-ST within such time as SGX-ST may require Not Compoundable Not Compoundable N.A N.A N.A $10,000
    4.34.4(a) Trading Member to instruct its Clearing Member to allocate positions of each trade cleared by the Clearing Member to the Trading Member's Position Account or in accordance with the relevant customer's instructions, as soon as practicable Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A N.A N.A N.A.
    4.34.4(b) Trading Member to ensure conditions set out in Rules 4.34.4(b)(i) and 4.34.4(b)(ii) are satisfied in the case of any sub-allocation of positions from a Position Account to another Position Account Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A N.A N.A N.A.
    4.34.5(a) A Position Account to be used to hold positions for different customers only where the Trading Member has procedures to ensure fair allocation Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A N.A N.A N.A.
    4.34.5(b) Trading Member to ensure that no trades are warehoused for more than one Market Day, unless under exceptional circumstances, where the Trading Member must document the reasons for the extension of time Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A N.A N.A N.A.
    4.35 Broker-linked Balances
    4.35.1 Trading Member linked to a broker-linked balance to have written agreement with the holder of the broker-linked balance, setting out the required matters Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    Trading Member must provide the written agreement to SGX-ST for inspection if requested Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    4.35.2 Trading Member to act in accordance with the written agreement, the Rules and the Act Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    4.35.3 Subject to Rule 4.35.4, Trading Member to approve the release of securities from the broker-linked balance linked to it by the prescribed timelines Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    4.35.5 Trading Member that does not approve a customer's request for release of any securities must (a) inform the customer that the request had been rejected and the securities will not be released; (b) provide the reason(s) for not releasing the securities, including necessary details, if so requested by the customer; and (c) provide the customer with such information as may be prescribed from time to time, within the relevant prescribed timelines Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    4.35.7 Resigning Trading Member must, in respect of each customer that has a broker-linked balance linked to it, release all securities in the broker-linked balance into the customer's main balance by the effective date of resignation Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    4.36 Advertising
    4.36.1 Trading Member to ensure that advertising or publicity adheres to the stipulated requirements Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    4.36.2 Remote Trading Member not to direct advertising or publicity to customers resident in Singapore Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    4.37 Use of Office Premises
    4.37.1 Trading Member not to allow unauthorised persons to use the Trading Member's office premises Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    4.38 Soft Dollar Commissions
    4.38.1 Trading Member and Trading Representatives not to receive goods and services from a broker when the stipulated criteria are not met Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A.
    4.38.2 Trading Member not to pay for goods and services to customers when the stipulated criteria are not met Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    4.39 Research and Corporate Finance Activities
    4.39.2(a) Trading Member to inform SGX-ST before engaging in research or corporate finance activities Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    4.39.2(b) Research department of Trading Member to engage only in the permitted activities Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
    4.39.2(c) Trading Member and corporate finance staff to engage only in permitted activities Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    4.39.2(d) Trading Member and its staff undertaking research or corporate finance activities to obtain and maintain the appropriate licence, prior to engaging in and while undertaking research or corporate finance activities Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
    4.39.2(f) Trading Member to supply SGX-ST with information it requires regarding its research or corporate finance activities Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
    4.39.3(a)(i) Trading Member to supervise its staff undertaking research or corporate finance activities Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    4.39.3(a)(ii) Trading Member to implement written supervisory procedures to ensure that research analysts and corporate finance staff comply with this Rule 4.39 Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    4.39.3(a)(iii) Trading Member to implement any procedure or recommendation by SGX-ST Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    4.39.4(a) Trading Member to separate research activities from dealing, corporate finance and back office operations Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
    4.39.4(b) Trading Member to implement any control or procedure by SGX-ST Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    4.39.5 Trading Member to employ adequate staff with relevant expertise and experience Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    4.39.6 Underwriting commitment limits to be set by appropriate personnel Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    4.39.7(a) Trading Member to have adequate basis, supported by research for making an investment recommendation Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    4.39.7(b) Trading Member to maintain independence and objectivity in producing a research report or making an investment recommendation Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    4.39.7(c) Trading Member not to issue a research report or make an investment recommendation that is not consistent with its relevant staff's views Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    4.39.8 Trading Member to maintain records of research report or investment recommendation for stipulated period Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    4.39.9(a) Trading Member to disclose interest at date of disseminating research report or investment recommendation Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    4.39.9(b) Trading Member to disclose monetary compensation or benefits receivable in respect of research report or investment recommendation Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    4.39.10(a) Trading Member and research analyst not to knowingly trade in a security or futures contract while in possession of non-public material information Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
    4.39.10(b) Trading Member and research analyst not to knowingly trade in a security or futures contract when transaction may create a conflict of interest Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    4.39.10(c) Trading Member and research analyst not to procure a third party to trade when prohibited to do so Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    4.39.10(d) Trading Member and research analyst not to buy or sell a security or futures contract contrary to the most recent research report published by the Trading Member, unless sufficient time has passed since the report's publication for the market to react to the information Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    4.39.11(a) Trading Member to maintain a restricted list of securities Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    4.39.11(b) Security to be moved onto the restricted list no later than the date the deal is mandated Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    4.39.11(c) Restricted list to be circulated only to appropriate personnel Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    4.39.11(d) Staff who are privy to the restricted list not to trade in the restricted securities, or any derivative of such securities Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    4.40 Application of Chapter 4 to Remote Trading Member
    4.40.1 Remote Trading Member to comply with such requirements prescribed by the Relevant Regulatory Authority and principles of good business practice in respect of the stipulated requirements in relation to Rules 4.15.2, 4.15.3, 4.21.2, 4.21.4, 4.22, 4.26, 4.27, 4.28, 4.30, 4.31, 4.33 and 4.39 Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
    Remote Trading Member to comply with such requirements prescribed by the Relevant Regulatory Authority and principles of good business practice in respect of the stipulated requirements in relation to Rules 4.15.4, 4.15.5, 4.18, 4.21.3 and 4.32 Compoundable $500 $1,000 $2,000 $250 $500 $1,000 N.A. N.A. N.A. N.A.

    Added on 3 June 2019.