Rulebooks: Contents

Rulebooks
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Catalist Rules
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DVP Rules [Entire Rulebook has been deleted]
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SIAC DT Arbitration Rules
SIAC DC Arbitration Rules
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  • Schedule A

    • Chapter 2 — Administration

      Rule Violation Whether composition may be offered Composition Amount which may be Offered by SGX-ST, where SGX-ST has Determined the Trading Member, Approved Executive Director 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) Approved Executive Directors 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 2 — Administration
      2.5 Indemnity to SGX-ST
      2.5.2 Trading Member to reimburse SGX-ST for such expenses and payments as specified 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.
      2.6 Supply of Information to SGX-ST
      2.6.1 Information or records provided not to contain untrue statements or be misleaing or omit material statements 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
      2.6.2 Failure to provide information or records specified by SGX-ST. Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000

      Added on 16 May 2011.

    • Chapter 3 — Listing and Quotation

      Rule Violation Whether composition may be offered Composition Amount which may be Offered by SGX-ST, where SGX-ST has Determined the Trading Member, Approved Executive Director 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) Approved Executive Directors 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 3 — Listing and Quotation
      3.2 Non-Listed Securities
      3.2.6 Failure to state in the contract note that Non-Listed Security is not listed on SGX-ST and is not subject to SGX-ST's listing requirements. Compoundable $500 $1,000 $2,000 $250 $500 $1,000 N.A. N.A. N.A. N.A.

      Added on 16 May 2011.

    • Chapter 4 — Trading Members

      Rule Violation Whether composition may be offered Composition Amount which may be Offered by SGX-ST, where SGX-ST has Determined the Trading Member, Approved Executive Director 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) Approved Executive Directors 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 — Trading Members
      4.5 Trading Rights
      4.5.4 Trading Member that holds a licence specified in Rule 4.1.1(1)(b) not to execute Agency Trades for Customers domiciled 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.
      4.5A Direct Market Access
      4.5A.2(1)(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.
      4.5A.2(1)(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.
      4.5A.2(1)(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.
      4.5A.2(1)(d) 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.
      4.5A.2(1)(e) Trading Member to have measures for security arrangements on Direct Market Access Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
      4.5A.2(1)(f) 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
      4.5A.2(2) Trading Member to have conditions restricting who can delegate Direct Market Access and to have conditions passed to other persons via legally binding agreement 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.
      4.5A.2(3) Trading Member to provide report by independent reviewer Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 N.A. N.A. N.A. N.A. N.A. N.A. N.A.
      4.5A.3(1)(a) Trading Member to keep a Sponsored Access record 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.
      4.5A.3(1)(b) Trading Member to show Sponsored Access record when requested Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
      4.5A.3(1)(c) 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.
      4.5A.3(2)(a) 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.
      4.5A.3(2)(b) 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.
      4.5A.4(1) SGX-ST to direct Trading Member to suspend or terminate Direct Market Access Not Compoundable Not Compoundable N.A. N.A. N.A. N.A. N.A. N.A. $10,000
      4.5A.4(2) Trading Member to have ability to suspend or terminate Direct Market Access Not Compoundable Not Compoundable N.A. N.A. N.A. N.A. N.A. N.A. $10,000
      4.5B Controlling Access
      4.5B.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 Obligations of a Trading Member
      4.6.1(1) Trading Member to comply with the Rules, and any Directives SGX-ST prescribes [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 N.A. N.A. N.A. N.A.
      4.6.1(2) Failure to continue to satisfy the admission criteria. 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(2) Trading Member to honour all contracts. Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
      4.6.4 Trading Member 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 N.A. N.A. N.A. N.A.
      4.6.6 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.
      4.6.7(1) Trading Member to establish procedures and systems to prevent any breach of the Rules and Directives 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.
      4.6.7(2) Trading Member to establish and maintain adequate internal control system. 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.
      4.6.7(3) 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.
      4.6.7A(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.
      4.6.7A(1)(b) Trading Member to have automated 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.
      4.6.7A(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.
      4.6.7A(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.
      4.6.7A(2) [deleted] [deleted] [deleted] [deleted] [deleted] [deleted] [deleted] [deleted] [deleted] [deleted] [deleted] [deleted]
      4.6.7A(2) Trading Member to have automated processes 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.
      4.6.8(1) Trading Member to inform SGX-ST of transaction that will result in a change in control. 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.
      4.6.8(2) Trading Member to comply with such restrictions as SGX-ST may impose in the event of a change in control Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
      4.6.9 Trading Member to report breaches by its Directors, Officers, TRs, 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.
      4.6.10 Trading Member to pay all fees, levies and charges. Compoundable $500 $1,000 $2,000 $250 $500 $1,000 N.A. N.A. N.A. N.A.
      4.6.11 Trading Member to notify SGX-ST if AED ceases to act Compoundable $500 $1,000 $2,000 $250 $500 $1,000 N.A. N.A. N.A. N.A.
      4.6.12 Trading Member to notify SGX-ST of change in composition of Board of Directors. 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.
      4.6.13(1) Trading Member to register Trading Representatives with 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.
      4.6.13(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.
      4.6.13(3) 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.
      4.6.13(6) Trading Member to inform SGX-ST before a Trading Representative ceases to act. Compoundable $500 $1,000 $2,000 $250 $500 $1,000 N.A. N.A. N.A. N.A.
      4.6.14 Trading Member to inform SGX-ST before any change to its Memorandum and Articles of Association takes effect. 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.
      4.6.15(1) Trading Member to inform SGX-ST before engaging in or holding any substantial shareholding in any other businesses. 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.
      4.6.15(2) Engagement or shareholding not to breach the law, Rules, Directives or any regulations 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.
      4.6.15(3) Trading Member to supply SGX-ST with any information SGX-ST requires regarding engagement or acquisition of shareholding. 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.
      4.6.15(4) Trading Member not to proceed with engagement or acquisition of shareholding when SGX-ST objects, or before expiry of time period stipulated by SGX-ST Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
      4.6.15(5) Trading Member to end any engagement or shareholding if required to do so by SGX-ST Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
      4.6.16(1) Trading Member to maintain a register of securities in accordance with the SFA Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
      4.6.16(2) Trading Member to produce Register when requested by SGX-ST Not Compoundable Not Compoundable N.A. N.A. N.A. N.A.
      4.6.16(3) Trading Member to permit SGX-ST to take extracts of the Register. Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
      4.6.17 Trading Member to inform SGX-ST before effecting any change in business name or contact details. 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.
      4.6.18 Trading Member not to issue or allot partly paid shares. 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.
      4.6.19 Trading Member not to commence voluntary liquidation without prior written approval of SGX-ST. Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
      4.6.20(1) Trading Member to recommence business upon expiry of permitted period of cessation specified 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.
      4.6.20(2) Trading Member not to hold itself out as an active TM during period of cessation of business. Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
      4.6.21(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.
      4.6.21(2) Trading Member to document its business continuity arrangements in a business continuity plan 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.
      4.6.21(3) 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.
      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.
      4.6.21(4) Trading Member to review and test its business continuity plan 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.
      4.6.21(5) 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.
      4.6.22 Trading Member to ensure that systems and connections to SGX-ST operate properly 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 Qualification by a Clearing Member
      4.7.1(1) Trading Member not to execute a contract on SGX-ST while not qualified by a Clearing Member. Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
      4.7.1(2) Trading Member not to be qualified by more than 1 Clearing 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.
      4.7.1(3)(a) Trading Member to inform SGX-ST when it is not qualified by a Clearing 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.
      4.7.1(3)(b) Trading Member to inform SGX-ST when its qualifying Clearing Member is replaced by another Clearing 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.
      4.7.2 Trading Member to ensure that all contracts concluded on SGX-ST are submitted to its qualifying Clearing Member for clearing 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 Resignation
      4.8.1(1) Trading Member to give necessary written notice 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.
      4.8.1(2) Trading Member not to enter into a contract 7 Market Days from date of notice of resignation without written approval of 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.

      Added on 16 May 2011 and amended on 18 September 2012, 15 March 2013 and 19 May 2014.

    • Chapter 5 — Designated Market Maker ("DMM")

      Rule Violation Whether composition may be offered Composition Amount which may be Offered by SGX-ST, where SGX-ST has Determined the Trading Member, Approved Executive Director 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) Approved Executive Directors 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 5 — Designated Market Maker ("DMM")
      5.5 Obligations of a Designated Market-Maker
      5.5.1(1) DMM to comply with this Chapter and any other Directives SGX-ST prescribes [Unless otherwise specified in this Schedule]
      Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 N.A. N.A. N.A. N.A. N.A. N.A. N.A.
      5.5.1(2) DMM to continue to satisfy the registration criteria. Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 N.A. N.A. N.A. N.A. N.A. N.A. N.A.
      5.5.3 DMM to publish on the Trading System competitive bid and offer quotations in the prescribed manner. Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 N.A. N.A. N.A. N.A. N.A. N.A. N.A.
      5.5.4 DMM to route trades through a Trading Member, if it is not a Trading Member Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 N.A. N.A. N.A. N.A. N.A. N.A. N.A.
      5.5.5 DMM to appoint and register with SGX-ST at least 1 person as a market-making representative Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 N.A. N.A. N.A. N.A. N.A. N.A. N.A.
      5.5.6 DMM to submit periodic returns as SGX-ST requires. Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 N.A. N.A. N.A. N.A. N.A. N.A. N.A.
      5.5.7 DMM to provide an independent auditors' report, upon request by SGX-ST. Not Compoundable Not Compoundable N.A. N.A. N.A. N.A. N.A. N.A. N.A.
      5.5.8 DMM to pay all fees, levies and charges prescribed by SGX-ST. Compoundable $500 $1,000 $2,000 N.A. N.A. N.A. N.A. N.A. N.A. N.A.
      5.6 Suspension or Restriction of Trades in Specified Security
      5.6.3 DMM not to make a market in a Specified Security which was suspended or in which trading was halted, without SGX-ST's approval. Not Compoundable Not Compoundable N.A. N.A. N.A. N.A. N.A. N.A. $10,000
      5.6.4 DMM not to make a market in Specified Securities that will breach any restrictions on trades imposed by SGX-ST. Not Compoundable Not Compoundable N.A. N.A. N.A. N.A. N.A. N.A. $10,000
      5.10 Disiplinary Proceedings
      5.10.2 DMM and market-making representative to comply with disciplinary decisions Not Compoundable Not Compoundable N.A. N.A. N.A. Not Compoundable $10,000
      5.11 Resignation
      5.11.1(1) DMM to give necessary notice of resignation Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 N.A. N.A. N.A. N.A. N.A. N.A. N.A.

      Added on 16 May 2011.

    • Chapter 6 — Approved Executive Director ("AED")

      Rule Violation Whether composition may be offered Composition Amount which may be Offered by SGX-ST, where SGX-ST has Determined the Trading Member, Approved Executive Director 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) Approved Executive Directors 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 6 — Approved Executive Director ("AED")
      6.1 Appointment and Registration
      6.1.1 Trading Member to appoint an AED to be registered with 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.
      6.2 Obligations of an Approved Executive Director
      6.2.1 AED to comply with the Rules and any Directives SGX-ST prescribes [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 N.A. N.A. N.A. N.A.
      6.2.2 AED to pay SGX-ST all fees, levies and charges. Compoundable $500 $1,000 $2,000 $250 $500 $1,000 N.A. N.A. N.A. N.A.
      6.2.3(1) AED to give SGX-ST necessary notice before engaging in or holding substantial shareholdings in any other business that might potentially conflict with being an AED. 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.
      AED to ensure that his Trading Member agrees to the engagement or shareholding 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.
      6.2.3(2) Engagement and shareholding not to breach the law, Rules, Directives or any regulations 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.
      6.2.3(3) AED to supply SGX-ST with information required regarding the engagement or acquisition of shareholding 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.
      6.2.3(4) AED not to proceed with engagement or acquisition of shareholding if SGX-ST objects, or before expiration of period stipulated by SGX-ST. Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
      6.2.3(5) AED to end an engagement or shareholding if required to do so by SGX-ST Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000

      Added on 16 May 2011 and amended on 19 May 2014.

    • Chapter 7 — Obligations of a Trading Representative

      Rule Violation Whether composition may be offered Composition Amount which may be Offered by SGX-ST, where SGX-ST has Determined the Trading Member, Approved Executive Director 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) Approved Executive Directors 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 7 — Trading Representative
      7.5 Obligations of a Trading Representative
      7.5.1 Trading Representative to comply with the Rules and any Directives SGX-ST prescribes [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.
      7.5.2 Trading Representative to act for only 1 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 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A.
      7.5.3 Trading Representative to adhere to principles of 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.
      7.5.4 Trading Representative to pay SGX-ST all fees, levies and charges. Compoundable $500 $1,000 $2,000 $250 $500 $1,000 $250 $500 $1,000 N.A.
      7.5.5(1) Trading Representative to maintain a register of securities in accordance with SFA. Not Compoundable Not Compoundable $10,000
      7.5.5(2) Trading Representative to produce the register for inspection if requested by SGX-ST Not Compoundable Not Compoundable $10,000
      7.5.5(3) Trading Representative to permit SGX-ST to take extracts of the register Not Compoundable Not Compoundable $10,000
      7.5.6(1) Trading Representative to give SGX-ST necessary notice before engaging in or holding substantial shareholdings in any other business that might potentially conflict with being a Trading Representative. 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.
      Trading Representative to ensure that his Trading Member agrees to the engagement or shareholding 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.
      7.5.6(2) Engagement or shareholding not to breach the law, Rules, Directives or any regulations. 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.
      7.5.6(3) Trading Representative to supply SGX-ST with information required regarding the engagement or acquisition of shareholding 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.
      7.5.6(4) Trading Representative not to proceed with engagement or acquisition of shareholding if SGX-ST objects, or before expiration of period stipulated by SGX-ST. Not Compoundable Not Compoundable $10,000
      7.5.6(5) Trading Representative to end engagement or shareholding if required to do so by SGX-ST Not Compoundable Not Compoundable $10,000
      7.5.7 Trading Representative to inform SGX-ST in writing of any change in his/her contact details. Compoundable $500 $1,000 $2,000 $250 $500 $1,000 $250 $500 $1,000 N.A.
      7.6 Remisier's Deposit
      7.6.1 Remisier to give a deposit of at least $30,000 to TM. 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.

      Added on 16 May 2011.

    • Chapter 8 — Trading

      Rule Violation Whether composition may be offered Composition Amount which may be Offered by SGX-ST, where SGX-ST has Determined the Trading Member, Approved Executive Director 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) Approved Executive Directors 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 8 — Trading
      8.1 Trading
      8.1.1 Securities and futures contracts to be traded through the Trading System or as otherwise permitted in this 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 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A.
      8.3 Orders
      8.3.4 Trading Member to specify the Position Account code, Trading Account code and the price and quantity of the security or futures contract for each order entered into the Trading System. Compoundable $500 $1,000 $2,000 $250 $500 $1,000 $250 $500 $1,000 N.A.
      8.6 Errors
      8.6.2(1) Trading Member who made the error to contact counterparty Trading Member immediately to seek agreement to cancel an error 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.
      8.6.2(2) Both Trading Members to take necessary action to minimise any potentail market impact caused by the error 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.
      8.6.2(3) Both Trading Members to notify SGX-ST of the error in accordance with the specified 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.
      8.6.7 Requesting Trading Member to pay the trade review fee Compoundable $500 $1,000 $2,000 $250 $500 $1,000 N.A. N.A. N.A. N.A.
      8.7 Direct Business
      8.7.1 Direct Business to be transacted in accordance with 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 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A.
      8.7.5 Direct Business to be reported within the stipulated 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 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A.
      8.7.6 Compliance with the suspension of Direct Business imposed 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 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A.
      8.8 Designated Instruments
      8.8.2 Compliance with any conditions imposed by the Board on dealings or trades in a Designated Instrument. Not Compoundable Not Compoundable $30,000
      8.8.3 Trading Member to provide SGX-ST with the particulars of all its dealings or trades in Designated Instruments and its customers involved within the stipulated timeline. Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
      8.9 Corner
      8.9.2 Compliance with any conditions imposed by the Board on dealing in a cornered security, or a futures contract on a cornered security Not Compoundable Not Compoundable $10,000
      8.10 Suspension of Trading
      8.10.3 Trading Member not to execute transactions in a suspended security or futures contracts without SGX-ST's approval. Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
      8.11 Trading Halts
      8.11.7 Trading Member not to execute transactions in a security or futures contract subject to a trading halt without SGX-ST's approval. Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
      8.13 Open Interface Applications
      8.13.1 Trading Member to comply with the requirements SGX-ST prescribes. 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.

      Added on 16 May 2011 and amended on 1 July 2016 and 8 October 2018.

    • Chapter 8A — Marking of Sell Orders

      Rule Violation Whether composition may be offered Composition Amount which may be Offered by SGX-ST, where SGX-ST has Determined the Trading Member, Approved Executive Director 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) Approved Executive Directors 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 8A — Marking of Sell Orders
      8A.3 Marking Of Sell Orders
      8A.3.1A Trading Member or Trading Representative not to enter a sell order in the Trading System if a customer has not indicated whether the sell order is a Short Sell Order or a normal sell order and /or has not indicated the required information. Compoundable $500 $1,000 $2,000 N.A. N.A. N.A. $250 $500 $1,000 N.A.
      8A.3.2 Trading Member or Trading Representative not to report Direct Business through the married trade reporting system in the Trading System if a customer has not indicated whether the Direct Business sell order is a Short Sell Order or a normal sell order. Compoundable $500 $1,000 $2,000 N.A. N.A. N.A. $250 $500 $1,000 N.A.
      8A.3.3 Trading Member to ensure that the necessary procedures and systems are implemented to facilitate compliance with the obligations set out in Rule 8A.3. Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 N.A. N.A. N.A. N.A. N.A. N.A N.A
      8A.6 Reporting of erroneously marked sell orders
      8A.6.2 Trading Member to ensure that report submitted adheres to the requirements set out by SGX-ST and is complete and accurate. Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 N.A. N.A. N.A. N.A. N.A. N.A N.A

      Added on 11 March 2013 and amended on 1 October 2018.

    • Chapter 9 — Settlement

      Rule Violation Whether composition may be offered Composition Amount which may be Offered by SGX-ST, where SGX-ST has Determined the Trading Member, Approved Executive Director 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) Approved Executive Directors 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 9 — Settlement
      9.2 Relationship Between Trading Member and Selling Customer
      9.2.2A Trading Member must make payment of sale proceeds to the selling customer within 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.
      9.3 Relationship Between Trading Member and Clearing Member
      9.3.4 Buying Trading Member must, where relevant, submit delivery-versus-payment settlement instructions within prescribed timelines, and/or make payment for its trade within 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.
      9.4 Relationship Between Trading Member and Buying Customer
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      9.4.2B Trading Member, if informed by CDP or its Clearing Member that a right to receive securities pursuant to an Exchange Trade is to be replaced with a right to receive a monetary sum ("Cash Settlement Amount") pursuant to the Clearing Rules, to immediately inform the relevant buying 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.
      9.4.3 Trading Member to deliver securities to the buying customer within prescribed timelines; and/or make payment of any Cash Settlement Amount, corporate action entitlements or compensation for corporate action entitlements pursuant to the Clearing Rules, to the buying customer, within 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.
      9.4.3B Subject to Rules 9.4.4, if a buying customer fails to meet any of the timelines in Rule 9.4.3A, Trading Member to force-sell the securities of the buying customer within 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.
      9.4.5 Trading Member not to engage in imprudent credit practices when exercising discretion with regards to deferment of force-sale. 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.
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      Added on 16 May 2011 and amended on 10 December 2018.

    • Chapter 10 — Foreign Market Linkages

      Rule Violation Whether composition may be offered Composition Amount which may be Offered by SGX-ST, where SGX-ST has Determined the Trading Member, Approved Executive Director 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) Approved Executive Directors 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 10 — Foreign Market Linkages
      10.3 Access to Foreign Markets
      10.3.3 Trading Member and Trading Representative to act on a direction of SGX-ST with regards to access to foreign markets. Not Compoundable Not Compoundable $10,000
      10.6.3 Core Trading Principles
      10.6.3(1) Trading Member and Trading Representative not to enter bids or offers in Selected Foreign Securities on a Foreign Market via the Exchange Link that may result in a disorderly market in those securities. Not Compoundable Not Compoundable $10,000
      10.6.3(2)(a) Trading Member and Trading Representative to ensure that an authorised person is available at all times to communicate with SGXSPV, when accessing a Foreign Market. Compoundable $500 $1,000 $2,000 $250 $500 $1,000 $250 $500 $1,000 N.A.
      10.6.3(2)(b) Trading Member and Trading Representative not to Intentionally or deliberately taking advantage of any situation resulting from a breakdown, error or malfunction of systems or procedures of Exchange Link. 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.
      10.6.3(2)(c) Trading Member and Trading Representative to comply with instructions or directions of SGX-ST. Not Compoundable Not Compoundable $10,000
      10.6.4 Market Manipulation and False Market
      10.6.4(1) Trading Member and Trading Representative not to engage in an act that will create a false or misleading appearance of active trading in any Selected Foreign Securities or lead to a false market on a Foreign Market. Not Compoundable Not Compoundable $30,000
      10.6.4(2) Trading Member to inform SGX-ST of suspected or known market manipulation in a Selected Foreign Security Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
      Trading Member not to participate or knowingly assist in manipulating the market Not Compoundable Not Compoundable N.A. N.A. N.A. $30,000
      10.6.5 Trading Member and Trading Representative not to trade or make a market in a suspended Selected Foreign Security without agreement by the Foreign Exchange concerned Not Compoundable Not Compoundable $30,000
      10.6.6(2) Trading Member to meet costs incurred in connection with the cancellation of contracts 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.
      10.6.7 Trading Member not to corner a security on a Foreign Market Not Compoundable Not Compoundable N.A. N.A. N.A. $30,000
      10.6.8 Trading Member not to short sell a Selected Foreign Security on a Foreign Market without permission by the Foreign Exchange concerned Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
      10.6.9 Trading Member to comply with conditions on dealing imposed in a Foreign Market in relation to securities which have been subject to manipulation or excessive speculation. Not Compoundable Not Compoundable N.A. N.A. N.A. $30,000

      Added on 16 May 2011.

    • Chapter 11 — Capital and Financial Requirements

      Rule Violation Whether composition may be offered Composition Amount which may be Offered by SGX-ST, where SGX-ST has Determined the Trading Member, Approved Executive Director 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) Approved Executive Directors 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 11 — Capital and Financial Requirements
      11.2 Base Capital Requirement
      11.2.1 Trading Member not to cause or permit its base capital or net head office funds to fall below the base capital requirement. 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.
      11.2.3 Trading Member to notify SGX-ST in the case of failure to comply or awareness of impending failure to comply with the base capital requirement. 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.
      11.2.4 Trading Member to comply with SGX-ST's requirements when base capital or net head office funds fall below the base capital requirement. Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
      11.2A Net Liquid Capital
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      11.3 Financial Resources Requirement
      11.3.1 Trading Member not to cause or permit its financial resources or adjusted net head office funds to fall below its total risk requirement. 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.
      11.3.5 Trading Member to notify SGX-ST in the case of failure to comply or awareness of impending failure to comply with the financial resources requirement. 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.
      11.3.6 Trading Member to comply with SGX-ST's requirements when the financial resources of adjusted net head office funds fall below the total risk requirement. Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
      11.3.7 Trading Member to notify SGX-ST when financial resources or adjusted net head office funds fall below 120% of its total risk requirement. 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.
      11.3.8 Trading Member to comply with SGX-ST's requirements when financial resources or adjusted net head office funds fall below 120% of total risk requirement. Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
      11.3.9 Trading Member to notify SGX-ST when financial resources or adjust head office funds falls below 150% of its total risk requirement. 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.
      11.3.10 Trading Member to comply with SGX-ST's requirements, when financial resources or adjusted net head office funds fall below 150% of its total risk requirement Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
      11.4 Aggregate Indebtedness Requirement
      11.4.1 Trading Member not to cause or permit the aggregate indebtedness to exceed 1200% of aggregate resources. 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.
      11.4.2 Trading Member to notify SGX-ST of failure to comply or awareness of impending failure to comply with the aggregate indebtedness requirement. 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.
      11.4.3 Trading Member to comply with SGX-ST's requirements when aggregate indebtedness exceeds 1200% of the aggregate resources. Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
      11.4.4 Trading Member to notify SGX-ST if aggregate indebtedness exceeds 600% of aggregate resources. 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.
      11.4.5 Trading Member to comply with SGX-ST's requirements when aggregate indebtedness exceeds 600% of aggregate resources. Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
      11.5 Powers to Impose Other Requirement
      11.5.1 Trading Member to comply with additional requirements 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.
      11.7 Exposure to Single Customer
      11.7.1 Trading Member to notify SGX-ST if TM's exposure to a single customer exceeds 20% of its average aggregate resources. 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 comply with SGX-ST's direction to reduce risk exposure to single customer. Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
      11.7A10 Other Requirements for Exposure to Single Customer
      11.7A.1 Trading Member to have in place adequate tools and procedures to monitor exposure to a single 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.
      Trading Member to comply with SGX-ST's direction to demonstrate adequacy of tools and procedures. 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.
      11.7A.2 Trading Member to notify SGX-ST if TM's exposure to a single customer exceeds its internal threshold. 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.
      11.8 Exposure to Single Security
      11.8.1 Trading Member to notify SGX-ST if the TM's exposure exceeds the stipulated 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.
      11.8.2 Trading Member to comply with risk management requirements imposed by SGX-ST to reduce risk exposure to a single security. Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
      11.8.8 Trading Member not to permit exposure to a suspended security quoted on SGX-ST or recognised group A securities exchange above the stipulated limit. 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.
      11.8A Other Requirements for Exposure to Single Security
      11.8A.1 Trading Member to have in place adequate tools and procedures to monitor exposure to a single security. 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 comply with SGX-ST's direction to demonstrate adequacy of tools and procedures. 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.
      11.8A.2 Trading Member to notify SGX-ST if TM's exposure to a single security exceeds its internal threshold. 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.
      11.9 Margin Rules
      11.9.1A(2) Trading Member to comply with such 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.
      Trading Member to notify SGX-ST of changes to requirement 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.
      11.9.2 Trading Member to obtain written agreement for margin account 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.
      11.9.3 Trading Member to obtain the specified authorisation and discretion from its 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.
      11.9.4 Trading Member not to cause or permit a new transaction in the customer's margin account when equity limit stipulated is 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.
      11.9.5 Margins deposited by the customer to a Trading Member to be in the acceptable 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.
      11.9.6 Trading Member not to cause or permit the equity in a customer's margin account to fall to or below the stipulated limit, and had not required the customer to provide additional margin 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.
      11.9.8 Trading Member to conduct daily review of all margin accounts in the prescribed 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.
      11.9.10 Trading Member not to allow customers to withdraw cash or Specified Products from their accounts when the equity is below 140%. 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.
      11.9.11(1) Trading Member not to cause or permit the the aggregate of the margin exposures of all customers to exceed the stipulated limit 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.
      11.9.11(2) Trading Member not to cause or permit the aggregate of the margin exposures of all customers in respect of Specified Products, other than Specified Products quoted on SGX-ST, to exceed the stipulated limit 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.
      11.9.11(3) Trading Member not to cause or permit the debit balance in each customer's margin account to exceed the stipulated limit. 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.
      11.9.13 Transactions in a margin account to be on an immediate or ready basis. 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.
      11.9.14 Trading Member to apply discounts prescribed by SGX-ST in computing the market value of Specified Products 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.
      11.9.15 Trading Member to comply with SGX-ST's requirements for margin financing transactions. 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.
      11.11 Annual Financial Audit
      11.11.1 Trading Member to obtain SGX-ST's prior approval for any change of its existing external auditors, or to notify SGX-ST by the prescribed time, as applicable. Compoundable $500 $1,000 $2,000 $250 $500 $1,000 N.A. N.A. N.A. N.A.
      11.11.1A Trading Member to comply with SGX-ST's direction for the removal and appointment of another external auditor. Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
      11.12 Provision in annual accounts
      11.12.1 Trading Member to make provisions in its annual accounts as required 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.
      11.13 Other financial requirements
      11.13.1 Trading Member not to reduce its paid-up ordinary share capital without prior written approval of 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.
      11.13.2(1) Trading Member to notify SGX-ST prior to the issue of any preference share. 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.
      11.13.2(2) Trading Member not to redeem any redeemable preference shares when the necessary conditions 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.
      11.13.3(1) Trading Member to obtain prior approval of SGX-ST if it enters a subordinated loan agreement in a format other than prescribed format 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.
      11.13.3(2) Trading Member to notify SGX-ST of the drawing down of a qualifying subordinated loan by the prescribed time. Compoundable $500 $1,000 $2,000 $250 $500 $1,000 N.A. N.A. N.A. N.A.
      11.13.3(3) Trading Member not to repay any subordinated loan principal before the maturity date without prior approval of 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.
      11.13.3(4) Trading Member not to repay any subordinated loan principal that has matured when the stipulated conditions 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.
      11.13.4 Trading Member not to make any unsecured loan or advance, payment of dividend or increase in director's remuneration when conditions 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.
      11.13.5 Trading Member to notify SGX-ST immediately of any actions taken relating to the prescribed 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.
      11.14 Register of Connected Persons
      11.14.1 Trading Member to keep register of connected persons. Compoundable $500 $1,000 $2,000 $250 $500 $1,000 N.A. N.A. N.A. N.A.

      Added on 16 May 2011 and amended on 19 May 2014, 29 December 2014, 8 October 2018 and 22 April 2019.

    • Chapter 12 — Operational Requirements

      Rule Violation Whether composition may be offered Composition Amount which may be Offered by SGX-ST, where SGX-ST has Determined the Trading Member, Approved Executive Director 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) Approved Executive Directors 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 12 — Operational Requirements
      12.1 Records
      12.1.1(1) Trading Member, Director or Trading Representative to maintain complete and accurate records in accordance with the SFA and/or SFR, or requirements prescribed by the Relevant Regulatory Authority, as applicable. Not Compoundable [Unless otherwise specified in this Schedule]
      Not Compoundable $10,000
      Trading Member, Director or Trading Representative to maintain complete and accurate records in accordance with the Rules Compoundable [Unless otherwise specified in this Schedule]
      $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.
      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.
      Trading Member to comply with additional requirements prescribed by SGX-ST. Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
      12.1.1(2) Trading Member, Director or Trading Representative not to make false or misleading entries. Not Compoundable Not Compoundable $10,000
      12.1.1(3) Trading Member, Director or Trading Representative to make all material entries in any Document. Not Compoundable Not Compoundable $10,000
      12.1.1(4) Trading Member, Director or Trading Representative not to alter or destroy any Documents. Not Compoundable Not Compoundable $10,000
      12.1.2 Trading Member, Director or 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.
      12.1.3 Trading Member to make records available to SGX-ST as required Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
      12.2 Confidentiality of customer's information
      12.2.1 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.
      12.2.2 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 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A.
      12.3 Customer accounts
      12.3.1(1) Trading Member to obtain the necessary particulars before opening an individual 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.
      12.3.1(2) Trading Member to verify customer's identity and intention when account is not opened in 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.
      12.3.2(1) Trading Member to obtain the necessary particulars before opening a corporate 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.
      12.3.2(2) Trading Member to obtain a certified true copy of the certificate of incorporation of the customer before opening a corporate 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.
      12.3.2(3) Trading Member to obtain the necessary documents before opening a corporate 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.
      12.3.3 Trading Member to have on file the necessary particulars and/or documents for opening an agency account. Compoundable $500 $1,000 $2,000 $250 $500 $1,000 N.A. N.A. N.A. N.A.
      12.3.4(1) 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.
      12.3.4(2) Trading Member not to permit a joint account to be operated by more than 2 individuals Compoundable $500 $1,000 $2,000 $250 $500 $1,000 N.A. N.A. N.A. N.A.
      12.3.4(3) 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.
      12.3.4(4) 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.
      12.3.5 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.
      12.3.6 Trading Member to obtain a written risk acknowledgement statement from a customer in accordance with the SFA and/or SFR, or requirements prescribed by the Relevant Regulatory Authority, as applicable.. Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
      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.
      Trading Member to comply with additional requirements prescribed by SGX-ST. Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
      12.3.7(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 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A.
      12.3.7(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 $250 $500 $1,000 N.A.
      12.3.9 [deleted] [deleted] [deleted] [deleted] [deleted] [deleted] [deleted] [deleted] [deleted] [deleted] [deleted] [deleted]
      12.3A Customer Education
      12.3A.1 Trading Member to provide online 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.
      12.4 Trading Authority
      12.4.1 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.
      12.5 Brokerages and Charges
      12.5.1 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.
      12.5.2 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.
      12.6 Contract Notes
      12.6.1 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. N.A.
      12.6.2 Trading Member to state on the contract note that the contract is subjected 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.
      12.6.3(1) Trading Member to include information in the contract note in accordance with SFR. Not Compoundable Not Compoundable N.A. N.A. N.A. N.A.
      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.
      12.6.3(2) 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.
      12.6.4 [deleted] [deleted] [deleted] [deleted] [deleted] [deleted] [deleted] [deleted] [deleted] [deleted] [deleted] [deleted]
      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. N.A.
      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.
      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.
      Trading Member to comply with additional requirements prescribed by SGX-ST. Not Compoundable Not Compoundable N.A. N.A. N.A. N.A.
      [deleted] [deleted] [deleted] [deleted] [deleted] [deleted] [deleted] [deleted] [deleted] [deleted] [deleted] [deleted] [deleted]
      12.6.7 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.
      12.7 Statement of Account to Customers
      12.7.1 Trading Member to send customer a statement of account on a regular basis, as may be required under the Securities and Futures Act, or any Regulation made thereunder. Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
      12.7.2(1) Trading Member to include information in the statement of account in accordance with SFR. Not Compoundable Not Compoundable N.A. N.A. N.A. N.A.
      Trading Member to include any other information in the statement of account as 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.
      Trading Member to obtain customers' consent before sending statement of account 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.
      12.7.2(2) 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. N.A.
      Trading Member to comply with such requirements prescribed by the Relevant Regulatory Authority before sending statement of account 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.
      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.
      Trading Member to comply with additional requirements prescribed by SGX-ST. Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
      12.7.3 [Deleted] [Deleted] [Deleted] [Deleted] [Deleted] [Deleted] [Deleted] [Deleted] [Deleted] [Deleted] [Deleted] [Deleted]
      12.7.5 Trading Member to produce statement of accounts 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.
      12.8 Amendment of Contract
      12.8.1 Trading Member to amend contract only if there is a valid reason. 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.
      12.8.2 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.
      12.8.3 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.
      12.9 Communication with Third Parties
      12.9.1 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.
      12.9.2 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.
      12.10 Payment to Customers
      12.10.1 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.
      12.10.2 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.
      12.10A Customer's Money and Assets
      12.10A.1 Trading Member to meet the stipulated fiduciary obligations to its Customers Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
      12.10A.2(2) 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
      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.
      Trading Member to comply with additional requirements prescribed by SGX-ST. Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
      12.11 Customer's and Remisier's Money
      12.11.1 Trading Member to comply with the stipulated provisions in the Securities and Futures (Licensing and Conduct of Business) Regulations 2002. Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
      12.11.2 Trading Member to deposit all money received on account of a Remisier in a trust account. Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
      12.11.3 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
      12.11.5 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
      12.11.6 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
      12.11.7 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.
      12.12 Customer's and Remisier's Assets
      12.12.1 Trading Member to comply with the stipulated provisions in the Securities and Futures (Licensing and Conduct of Business) Regulations 2002. Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
      12.12.3 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
      12.12.4 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
      12.12.5 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
      12.12.6 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
      12.12.7 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.
      12.13 Reporting of Delinquent Accounts.
      12.13.1 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.
      12.14 Separation of Front Office and Back Office Functions
      12.14.1 Trading Member to separate front and back office functions. Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
      12.15 Stock Account
      12.15.1 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.
      12.15.2 Stock Account to be operated by a Director, or his designate, 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.
      12.15.3 Trading Member not to allow a Remisier to operate a 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.
      12.16 Suspense Account
      12.16.1(2) [deleted] [deleted] [deleted] [deleted] [deleted] [deleted] [deleted] [deleted] [deleted] [deleted] [deleted] [deleted]
      12.16.1(3) [deleted] [deleted] [deleted] [deleted] [deleted] [deleted] [deleted] [deleted] [deleted] [deleted] [deleted] [deleted]
      12.16.2 [deleted] [deleted] [deleted] [deleted] [deleted] [deleted] [deleted] [deleted] [deleted] [deleted] [deleted] [deleted]
      12.16.3 [deleted] [deleted] [deleted] [deleted] [deleted] [deleted] [deleted] [deleted] [deleted] [deleted] [deleted] [deleted]
      12.16.4 [deleted] [deleted] [deleted] [deleted] [deleted] [deleted] [deleted] [deleted] [deleted] [deleted] [deleted] [deleted]
      12.17 Trading by Employees and Agents
      12.17.1 Trading Member to require a Director, Officer, Dealer and employee to obtain prior written approval for each 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.
      12.17.2 Trading Representative not to execute an order for the stipulated accounts without proper 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 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A.
      12.17.3 Trading Member to require Director, Officer, Trading Representative, employees to trade through 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.
      12.17.4 Trading Member not to buy or sell securities or futures contracts for Director, Officer, Trading Representative, employees of another Trading Member without prior written approval of that 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.
      12.17.5 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.
      12.17.6 Trading Member to put in place procedures to monitor trading activities of Director, Officer, Trading Representative, employees. 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.
      12.18 Compliance Review
      12.18.2 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.
      12.18.1 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.
      12.18A Broker-linked balances
      12.18A.1 Trading Member linked to a broker-linked balance to have a written agreement with the holder of the broker-linked balance, setting out the required matters.

      The 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.
      12.18A.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.
      12.18A.3 Subject to Rule 12.18A, 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.
      12.18A.5 Trading Member that does not approve a customer's request for release of any securities must (a) inform the customer that the request has 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.
      12.18A.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.
      12.19 Advertising
      12.19.1 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.
      12.19.2 Trading Member that holds a licence specified in Rule 4.1.1(1)(b) not to direct advertising or publicity to Customers domiciled 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.
      12.20 Soft Dollar Commissions
      12.20.1 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.
      12.20.2 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.
      12.21 Use of Office Premises
      12.21.1 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.
      12.22 Use of Prescribed Forms
      12.22.1 Trading Member to use forms prescribed by SGX-ST. Compoundable $500 $1,000 $2,000 $250 $500 $1,000 N.A. N.A. N.A. N.A.
      12.23 Application of Chapter 12
      12.23.2 Trading Member that holds a licence specified in Rule 4.1.1(1)(b) 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 12.3.1, 12.3.2, 12.4, 12.8.2, 12.8.3, 12.9, 12.10, 12.15, 12.16 and 12.17.21 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.
      Trading Member that holds a licence specified in Rule 4.1.1(1)(b) 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 12.3.3, 12.3.4, 12.3.5 and 12.3A.22 Compoundable $500 $1,000 $2,000 $250 $500 $1,000 N.A. N.A. N.A. N.A.

      Added on 16 May 2011 and amended on 18 September 2012, 19 May 2014, 1 July 2016, 8 October 2018 and 10 December 2018.

    • Chapter 12A — Position Accounts

      Rule Violation Whether composition may be offered Composition Amount which may be Offered by SGX-ST, where SGX-ST has Determined the Trading Member, Approved Executive Director 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) Approved Executive Directors 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 12A — Operational Requirements
      12A.2 Position Account Rules apply to Authorized Trading Member
      12A.2.1 Authorized Trading Member to comply with requirements in Rule 5A.1.2 of the Clearing Rules in respect of each Authorized Account. Compoundable $500 $1,000 $2,000 $250 $500 $1,000 $250 $500 $1,000 N.A.
      Authorized 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 Authorized 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 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A.
      12A.2.2 Authorized Trading Member to comply with requirements in Rule 5A.1.2 of the Clearing Rules in respect of each Authorized Account. Compoundable $500 $1,000 $2,000 $250 $500 $1,000 $250 $500 $1,000 N.A.
        Authorized 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 Authorized 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 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A.
      12A.3 Position Accounts carrying positions for more than one beneficial owner
      12A.3.1 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 Authorized Account, upon request by SGX-ST within such time as SGX-ST may require. Not Compoundable N.A N.A N.A $10,000
      12A.4 Allocation of Trades to Position Accounts
      12A.4.1 TPC 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 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A.
      12A.4.2 TPC Trading Member to ensure conditions set out in Rules 12A.4.2(a) or 12A.4.2(b) 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 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A.
      12A.5 Holding trades for different customers in a Position Account and warehousing of trades
      12A.5.1 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 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A.
      12A.5.2 Trading Member to ensure that no trades are warehoused for more than 1 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 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A.

      Added on 1 July 2016 and amended on 10 December 2018.

    • Chapter 13 — Trading Practices and Conduct

      Rule Violation Whether composition may be offered Composition Amount which may be Offered by SGX-ST, where SGX-ST has Determined the Trading Member, Approved Executive Director 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) Approved Executive Directors 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 13 — Trading Practices and Conduct
      13.1 Acting as Principal
      13.1.1 Customer to first be informed if a Trading Member or Trading Representative trades against the customer as principal Not Compoundable Not Compoundable $10,000
      13.1.2 Trading Member to indicate in the contract note that the Trading Member or Trading Representative acted as principal. Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
      13.2 Acting as Agent
      13.2.1(1) Trading Member and Trading Representative to carry out customer's instructions. 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.
      13.2.1(2) Trading Member and Trading Representative to exercise skill, care and diligence. 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.
      13.2.1(3) Trading Member and Trading Representative to act in good faith. 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.
      13.2.1(4) Trading Member and Trading Representative to act in the best interests of 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 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A.
      13.2.1(5) Trading Member and Trading Representative to disclose all circumstances and risks to a 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 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A.
      13.2.1(6) Trading Member and Trading Representative to inform the customer of the best bid and offer prices on the Trading System. 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.
      13.2.1(7) Trading Member and Trading Representative to disclose the commission and any benefit receivable on a transaction. 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.
      13.2.1(8) Trading Member and Trading Representative not to enter into a transaction which may conflict with a duty owed to the 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 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A.
      13.2.1(9) Trading Member and Trading Representative not to disclose a customer's order unless permitted under the Rules Not Compoundable Not Compoundable $10,000
      13.2.2 Trading Member to ensure that a person to whom it discloses a customer's order 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.
      13.3 Separation of Customer and Proprietary Trading Activities
      13.3.1(1) Trading Member to put in place procedures to prevent 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.
      13.4 Customer Orders — Precedence
      13.4.1 Trading Member or Trading Representative not to deal in securities or trade in futures contracts for own account when there is an unexecuted order on the same terms from a customer. Not Compoundable Not Compoundable $10,000
      13.5 Arrangement with Customers
      13.5.1(1) Trading Member or Trading Representative not to accept or have an arrangement to share in the profits of a customer's 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 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A.
      13.5.1(2) Trading Member or Trading Representative not to have an arrangement with a third party to allocate profits or losses to a customer's account. Not Compoundable Not Compoundable $10,000
      13.5.1(3) Trading Member or Trading Representative not to lead customer to believe that he will not suffer loss as a result of opening an account or dealings. 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.
      13.5A Margin Management for Trading Members in Respect of Any Margins from Customers
      13.5A.1(3) Trading Member to comply with SGX-ST's directions to take such action to offset all or part of the positions to rectify a margin deficiency 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.
      13.6 Unauthorised Trading
      13.6.1(1) Trading Representative not to execute personal trades in the account of a customer. Not Compoundable Not Compoundable $10,000
      13.6.1(2) Trading Representative not to use a customer's account for third party trading without prior written authorisation. Not Compoundable Not Compoundable $10,000
      13.7 Excessive Trading
      13.7.1 Trading Member or Trading Representative not to encourage transactions to generate commission. 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.
      13.8 Market Manipulation and False Market
      13.8.1 Trading Member or Trading Representative not to engage in an act likely to create a false or misleading appearance of active trading or lead to a false market. Not Compoundable Not Compoundable $30,000
      13.8.3 Trading Member or Trading Representative not to enter a buy or sell order on the Trading System when there is an existing opposite order from the same Trading Member or Trading Representative in the same security or futures contract for the same price. 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.
      13.8.4 Trading Member or Trading Representative not to deal in securities or execute an order for the sale and purchase of futures contracts which involve no change in beneficial ownership. Not Compoundable Not Compoundable $30,000
      13.8.5 Trading Member or Trading Representative not to deal in securities or trade in futures contracts in a manner which will affect price of the securities with intent to induce others to trade Not Compoundable Not Compoundable $30,000
      13.8.6 Trading Member or Trading Representative not to disseminate information that is false or misleading. 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.
      13.8.7 Trading Member or Trading Representative not to participate in any prohibited market conduct in securities or futures contracts or in any insider trading. Not Compoundable Not Compoundable $30,000
      13.8.8 Trading Member or Trading Representative to immediately inform SGX-ST of suspected market manipulation, creation of false market or insider trading. Not Compoundable Not Compoundable $10,000
      13.8.9 Trading Member to have in place processes to review orders and trades post-execution for suspicious trading activity 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.
      13.9 Record of Orders
      13.9.1 Trading Member or Trading Representative to maintain a daily record of orders received from customers Not Compoundable Not Compoundable $10,000
      13.9.2 Trading Member to have a robust system to prevent tampering of the audit trail of orders entered into trading system. 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.
      13.10 Order Entry Person
      13.10.1 Trading Member to ensure that each Trading Representative has no more than 1 order entry 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.
      13.10.2(1) Trading Member to ensure that order entry person does not deal in securities or futures contracts. 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.
      13.10.2(2) Trading Member to ensure that order entry person does not exercise any discretion over the entry of 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.
      13.10.2(3) Trading Member to ensure that the order entry person does not give investment advice or make recommendations 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.
      13.10.2(4) Trading Member to ensure that the order entry person does not accept instructions from 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.
      13.10.2(5) Trading Member to ensure that the order entry person does not communicate with customers regarding settlement. 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.
      13.10.2(6) Trading Member to ensure that the order entry person does not collect cash, cheques or share certificates. 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.
      13.10.3 Trading Member to provide SGX-ST the necessary particulars of order entry persons appointed. Compoundable $500 $1,000 $2,000 $250 $500 $1,000 N.A. N.A. N.A. N.A.
      13.10.4 Trading Member to inform SGX-ST if an order entry person ceases to act. Compoundable $500 $1,000 $2,000 $250 $500 $1,000 N.A. N.A. N.A. N.A.
      13.11 Responsibility for Orders
      13.11.1 Trading Member to ensure the accuracy of orders entered into the Trading System by its Trading Representatives and any order entry 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.
      13.11.2 Trading Representative to ensure the accuracy of orders entered into the Trading System by or on behalf of the Trading Representative 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.
      13.11.3 Orders to be entered in accordance with the procedures 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 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A.
      13.11.4 Trading Member to have in place processes to prevent unauthorised changes to order info 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.
      13.12 Identification and Password
      13.12.1 Trading Representative to have a unique identification number and password for entering orders into the Trading System and maintain 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 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A.
      13.12.2 Trading Member to submit and maintain a list of Trading Representative IDs 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.
      13.13 Off Premises Broking
      13.13.1 Trading Member to inform SGX-ST before allowing Trading Representative to carry out dealing activities outside 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.
      13.13.2 Trading Member to inform all customers that Trading Representatives are operating away from office premises and obtain written acknowledgement. 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.
      13.13.3 Trading Member to ensure that Trading Representatives do not misuse customers' accounts for third party 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.
      13.13.4 Trading Member that holds a licence specified in Rule 4.1.1(1)(b) to comply with such requirements prescribed by the Relevant Regulatory Authority and principles of good business practice in respect of off premises broking. 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.
      13.14 Miscellaneous
      13.14.1 Trading Member and Trading Representative not to take advantage of a situation arising from a breakdown or malfunction in SGXST's procedures or systems or error entries made by SGXST or CDP on the Trading System. 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.

      Added on 16 May 2011 and amended on 18 September 2012, 21 January 2013, 19 May 2014 and 8 October 2018.

    • Chapter 14 — Supervisory Rules

      Rule Violation Whether composition may be offered Composition Amount which may be Offered by SGX-ST, where SGX-ST has Determined the Trading Member, Approved Executive Director 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) Approved Executive Directors 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 14 — Supervisory Rules
      14.1 Exchange Investigations
      14.1.3 Trading Member and other specified persons to cooperate with investigations. Not Compoundable Not Compoundable $10,000
      14.1.4 Trading Member and other specified persons not to wilfully furnish false or misleading statements or information to SGXST. Not Compoundable Not Compoundable $10,000
      14.2 Exchange Inspections
      14.2.2 Trading Member, and specified persons to give the Exchange Inspector access to all information, books and records as requested Not Compoundable Not Compoundable $10,000
      14.6 Disciplinary Committee Proceedings
      14.6.4(2) Person charged to provide an undertaking not to disclose information received in relation to the charge Not Compoundable Not Compoundable $10,000
      14.6.4(3) Person charged not to breach the undertaking to maintain confidentiality Not Compoundable Not Compoundable $10,000
      14.9 Appeals Proceedings
      14.9.5(2) Person charged to provide an undertaking not to disclose information received in relation to the charge Not Compoundable Not Compoundable $10,000
      Person charged not to breach the undertaking to maintain confidentiality Not Compoundable Not Compoundable $10,000
      14.12 Interim Powers of SGX-ST
      14.12.1(1) Trading Member, Approved Executive Director and Trading Representative to comply with the terms of any suspension or restriction of activities imposed by SGX-ST Not Compoundable Not Compoundable $10,000
      14.12.2(2) Trading Member to comply with the directions of SGX-ST Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
      14.12.3(2) Failure to inform SGXST of act that may result in default. Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000

      Added on 16 May 2011.

    • Chapter 15 — Research

      Rule Violation Whether composition may be offered Composition Amount which may be Offered by SGX-ST, where SGX-ST has Determined the Trading Member, Approved Executive Director 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) Approved Executive Directors 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 15 — Research
      15.1 Permissible Activities
      15.1.1 Research department of Trading Member to engage only in the permitted activities Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
      15.1.2 Trading Member and research staff to obtain the appropriate licence prior to engaging in research activities Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
      15.1A Application of Chapter
      15.1A.1 Trading Member that holds a licence specified in Rule 4.1.1(1)(b) to comply with such requirements prescribed by the Relevant Regulatory Authority and principles of good business practice in respect of 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.
      15.2 Notification Procedures
      15.2.1 Trading Member to inform SGX-ST before establishment of a research department 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.
      15.2.2 Trading Member to supply SGX-ST with information it requires on the research establishment Not Compoundable Not Compoundable N.A. N.A. N.A. N.A.
      15.3 Supervision
      15.3.1(1) Trading Member to supervise research analysts 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.
      15.3.1(2) Trading Member to implement written supervisory procedures to ensure that research analysts comply with this Chapter 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.
      15.3.1(3) Trading Member to implement any procedure, Directive 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.
      15.4 Separation of Research Activities
      15.4.1 Trading Member to separate research activities from dealing, corporate finance and back office operations. Not Compoundable Not Compoundable N.A. N.A. N.A. N.A.
      15.4.2 Trading Member to implement any procedure, Directive 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. $10,000
      15.5 Investment Recommendations
      15.5.1(1) 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.
      15.5.1(2) 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.
      15.5.1(3) Trading Member not to issue a research report or make an investment recommendation that is not consistent with its research analyst'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.
      15.6 Records
      15.6.1 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.
      15.7 Disclosure
      15.7.1(1) 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.
      15.7.1(2) 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.
      15.8 Trading Restrictions
      15.8.1(1) 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
      15.8.1(2) 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.
      15.8.1(3) 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.
      15.8.1(4) 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 TM within 3 days of issuance of the report. 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.

      Added on 16 May 2011 and amended on 19 May 2014 and 8 October 2018.

    • Chapter 16 — Corporate Finance

      Rule Violation Whether composition may be offered Composition Amount which may be Offered by SGX-ST, where SGX-ST has Determined the Trading Member, Approved Executive Director 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) Approved Executive Directors 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 16 — Corporate Finance
      16.1 Permissible Activities
      16.1.1 Trading Member and corporate finance staff not to engage in corporate finance activities without appropriate licence. Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
      16.1.2 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.
      16.1A Application of Chapter
      16.1A.1 Trading Member that holds a licence specified in Rule 4.1.1(1)(b) to comply with such requirements prescribed by the Relevant Regulatory Authority and principles of good business practice in respect of 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.
      16.2 Notification Procedures
      16.2.1 Trading Member to notify SGX-ST before engaging in 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.
      16.2.2 Trading Member to supply SGX-ST with information it requires on the corporate finance activities. Not Compoundable Not Compoundable N.A. N.A. N.A. N.A.
      16.3 Staffing
      16.3.1 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.
      16.3.2(1) Trading Member to supervise its corporate finance staff 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.
      16.3.2(2) Trading Member to implement written supervisory procedures to ensure that corporate finance staff comply with this Chapter 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.
      16.3.2(3) Trading Member to implement any procedure, Directive 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.
      16.4 Separation of Corporate Finance Activities
      16.4.1 Trading Member to separate corporate finance activities from dealing, research and back office operations. Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
      16.4.2 Trading Member to put in place procedures to avoid 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.
      16.4.3 Trading Member to ensure confidentiality of corporate finance 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.
      16.5 Setting of Limits
      16.5.1 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.
      16.6 Confidentiality of Information
      16.6.1 Trading Member to ensure that corporate finance staff does not divulge confidential information to any person not entitled to receive. 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.
      16.6.2 Trading Member to ensure that corporate finance staff exercise due care to prevent leakage of confidential 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.
      16.7 Trade Restrictions
      16.7.1 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.
      16.7.2 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.
      16.7.3 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.
      16.7.4 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.

      Added on 16 May 2011 and amended on 19 May 2014.

    • Chapter 17 — Securities Borrowing and Lending

      Rule Violation Whether composition may be offered Composition Amount which may be Offered by SGX-ST, where SGX-ST has Determined the Trading Member, Approved Executive Director 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) Approved Executive Directors 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 17 — Securities Borrowing and Lending
      17.1 Application of Chapter
      17.1.1(2) Trading Member that holds a licence specified in Rule 4.1.1(1)(b) to comply with such requirements prescribed by the Relevant Regulatory Authority and principles of good business practice in respect of 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.
      17.2 Agreement
      17.2.1 Trading Member to enter into written agreement with the borrower or lender before engaging in activity. Not Compoundable Not Compoundable N.A. N.A. N.A. N.A.
      17.3 Collateral
      17.3.1 Trading Member to obtain collateral from borrower before delivering loaned Specified Products 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.
      17.3.2 Trading Member not to accept collateral which is not in the form specified in the SFR. Not Compoundable Not Compoundable N.A. N.A. N.A. N.A.
      17.3.3 Collateral that is otbained from the borrower not to be less than the prescribed level 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.
      17.3.4 Trading Member to notfy the borrower to provide additional collateral to meet the prescribed level 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 not to allow new borrowings until the value of the collateral is restored to the prescribed level 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.
      17.3.6 Trading Member not to allow a borrower to withdraw collateral unless the specified 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.

      Added on 16 May 2011 and amended on 19 May 2014 and 8 October 2018.

    • Chapter 19 — Marginable Futures Contracts

      Rule Violation Whether composition may be offered Composition Amount which may be Offered by SGX-ST, where SGX-ST has Determined the Trading Member, Approved Executive Director 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) Approved Executive Directors 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 19 — Marginable Futures Contracts
      19.7 Suspense Accounts and Accounts with More Than One Beneficial Owner
      19.7.1(a) [deleted] [deleted] [deleted] [deleted] [deleted] [deleted] [deleted] [deleted] [deleted] [deleted] [deleted] [deleted]
      19.7.1(b) [deleted] [deleted] [deleted] [deleted] [deleted] [deleted] [deleted] [deleted] [deleted] [deleted] [deleted] [deleted]
      19.8 Management of Positions
      19.8.1 Trading Member to immediately notify SGXST of the details of any account which exceeds the monitoring thresholds on positions that have not been set-off 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.
      19.8.3 Trading Member to comply with measures imposed by SGX-ST to reduce its risk exposure Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
      19.9 Internal Controls
      19.9.1(1) Trading Member to establish and maintain adequate internal control systems to set credit limits or position 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.
      19.9.1(2) Trading Member to establish and maintain adequate internal control systems to monitor positions and comply with notification requirements on monitoring thresholds 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.
      19.9.1(3) Trading Member to establish and maintain adequate internal control systems to compute and collect margins 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.
      19.9.1(4) Trading Member to establish and maintain adequate internal control systems to monitor margin calls 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.
      19.9.1(5) Trading Member to establish and maintain adequate internal control systems to manage customers' accounts that are in margin deficit 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.
      19.9.1(6) Trading Member to establish and maintain adequate internal control systems to manage customers' accounts that may fail to meet settlement 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.
      19.9.1(7) Trading Member to establish and maintain adequate internal control systems to define and manage sources of liquidity to meet increased settlement 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.
      19.9.1(8) Trading Member to establish and maintain adequate internal control systems to limit the impact of significant market movements 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.
      19.9.1(9) Trading Member to establish and maintain adequate internal control systems to meet such other 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.
      19.10 Margin Requirements
      19.10.2(1) Trading Member to procure Initial Margins from its customers and require customers to meet the Required Margins 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.
      Initial Margins and Required Margins to be met in the form of collateral as SGX-ST prescribes 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.
      Valuation of collateral to be in accordance with the haircut rates 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.
      19.10.2(2) Trading Member not to accept specified currency for the purpose of meeting margin 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.
      19.10.3 Trading Member to call for additional margins if the Customer Asset Value falls below the Required Margins 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.
      19.10.4 Trading Member not to allow customer to incur new trades 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.
      19.10.5 Trading Member not to set margin requirements that are less stringent than those 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.
      19.10.6 [Rule has been deleted.] [Rule has been deleted.] [Rule has been deleted.] [Rule has been deleted.] [Rule has been deleted.] [Rule has been deleted.] [Rule has been deleted.] [Rule has been deleted.] [Rule has been deleted.] [Rule has been deleted.] [Rule has been deleted.] [Rule has been deleted.]
      19.10.8 Trading Member not to allow a customer to withdraw Excess Margins 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.
      19.10.9 [Rule has been deleted.] [Rule has been deleted.] [Rule has been deleted.] [Rule has been deleted.] [Rule has been deleted.] [Rule has been deleted.] [Rule has been deleted.] [Rule has been deleted.] [Rule has been deleted.] [Rule has been deleted.] [Rule has been deleted.] [Rule has been deleted.]
      19.10.10 Trading Member to comply with requirements prescribed by SGX-ST on the computation and monitoring of customer's margins 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.
      19.10.11(1) Trading Member to notify SGX-ST of any under-margined 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.
      19.10.12 Trading Member to require a customer to comply with the margin 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.
      19.10.13 Trading Member not to enter into a financing arrangement with a customer in respect of that customer's margins 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.
      19.11 Capital Requirement for Marginable Futures Contracts
      19.11(2) Trading Member to compute Total Risk Requirement in the same manner as prescribed by the SFR Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
      19.12 Prohibited Trading Practices
      19.12.1(1) Trading Member and Trading Representative not to execute any trade beyond any limits imposed 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.

      Added on 16 May 2011 and amended on 21 January 2013 and 1 July 2016.