Rulebooks: Contents

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

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  • Schedule A

    • Chapter 1 General

      Rule Violation Whether composition may be offered Composition amount that may be offered by SGX-ST, where SGX-ST has determined the Trading Member, Chief Executive Officer and/or Trading Representative to be liable Mandatory minimum penalty imposable by the Disciplinary Committee
      Rule Chapter/Number Brief Description of Rule Trading Members (or Designated Market Maker, where applicable) Chief Executive Officer Trading Representatives (or Market Making Representative, where applicable)
      1st Violation 2nd Violation 3rd Violation 1st Violation 2nd Violation 3rd Violation 1st Violation 2nd Violation 3rd Violation
      Chapter 1 — General
      1.9 Limitation of Liability
      1.9.4 Trading Member to ensure that its customers agree to and are bound by the limitations under Rule 1.9 Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
      1.10 Indemnity
      1.10.2 Registered Person 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 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A.
      1.10.3 Registered Person to pay SGX-ST for such cost 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 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A.
      1.11 Provision of Information
      1.11.1 Information or records provided not to contain untrue statements, are not misleading and include rather than 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
      1.11.2 Registered Person to undertake that it has obtained consent from any individual for it to disclose such personal data to SGX-ST, and for SGX-ST to collect, use and disclose such personal data for the Purposes Not Compoundable Not Compoundable $10,000
      1.11.3 Failure to provide information or records SGX-ST may require under the Rules Not Compoundable Not Compoundable $10,000

      Added on 3 June 2019.

    • Chapter 2 Admission and Registration of Trading Members, Chief Executive Officers and Trading Representatives

      Rule Violation Whether composition may be offered Composition amount that may be offered by SGX-ST, where SGX-ST has determined the Trading Member, Chief Executive Officer and/or Trading Representative to be liable Mandatory minimum penalty imposable by the Disciplinary Committee
      Rule Chapter/Number Brief Description of Rule Trading Members (or Designated Market Maker, where applicable) Chief Executive Officer Trading Representatives (or Market Making Representative, where applicable)
      1st Violation 2nd Violation 3rd Violation 1st Violation 2nd Violation 3rd Violation 1st Violation 2nd Violation 3rd Violation
      Chapter 2 — Admission and Registration of Trading Members, Chief Executive Officers and Trading Representatives
      2.5 Trading Rights
      2.5.4 Remote Trading Member not to execute Agency Trades for customers resident in Singapore Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
      2.6 Appointment and Registration of Chief Executive Officer
      2.6.1 Trading Member to appoint a Chief Executive Officer 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.
      2.6.2 Remote Trading Member to appoint a Chief Executive Officer 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.
      2.6.3 Trading Member to notify SGX-ST at least seven days prior to the appointment of a Chief Executive Officer Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
      2.7 De-Registration of Chief Executive Officer
      2.7.1 Trading Member to notify SGX-ST immediately upon trigger of CEO de-registration condition Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
      2.8 Appointment and Registration of Trading Representatives
      2.8.1 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.
      2.8.3 Trading Member to maintain records evidencing Trading Representative's satisfaction of the registration criteria in Rule 2.8.2 and provide all information that SGX-ST may require in the registration process Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
      2.8.6 Trading Representative may deal in securities or futures contracts on SGX-ST only upon his Trading Member being notified by SGX-ST that he or she has been entered into the Register of Trading Representatives. Compoundable $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.
      2.8.7 Trading Representative to act for only one 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.
      2.9 De-Registration of Trading Representative
      2.9.1 Trading Member to notify SGX-ST immediately upon trigger of Trading Representative de-registration condition Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
      2.10 Compliance
      2.10.1(a) Trading Member to comply with the Rules [Unless otherwise specified in this Schedule]
      Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
      Failure to continue to satisfy the admission criteria, any Approval Conditions, and any other conditions or restrictions imposed by SGX-ST from time to time Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
      2.10.1(b) Remote Trading Member to comply with principles of good business practice in relation to the areas covered by those Rules that have been expressed to not apply to Remote Trading Members [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.
      2.10.2 Chief Executive Officer to comply with the Rules [Unless otherwise specified in this Schedule]
      Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
      2.10.3 Trading Representative to comply with the Rules and continue to satisfy the registration criteria and any conditions imposed by SGX-ST from time to time [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.
      2.11 Payment
      2.11.1 Trading Members, Chief Executive Officers and Trading Representatives to pay all fees, levies or charges Compoundable $500 $1,000 $2,000 $250 $500 $1,000 $250 $500 $1,000 N.A.
      2.12 Constitutional Documents
      2.12.1 Trading Member to inform SGX-ST before any change to its Constitution or equivalent constitutional documents 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.
      2.13 Business Name/Contact Details
      2.13.1 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.
      2.13.2 Trading Representative to inform his Trading Member 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.
      2.13.3 Trading Member to inform SGX-ST in writing of any change in its Trading Representatives' contact details Compoundable $500 $1,000 $2,000 $250 $500 $1,000 $250 $500 $1,000 N.A.
      2.14 Board of Directors
      2.14.1 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.
      2.14.2 Trading Member to appoint a Director of an SGX-listed company as a non-executive Director, but not as an executive Director Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
      2.15 Directorship of SGX-ST listed company
      2.15.1(a) Chief Executive Officer or Trading Representative to inform SGX-ST of the proposed appointment in writing at least 14 days before the effective date of appointment Compoundable $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.
      2.15.1(b) Chief Executive Officer or Trading Representative to furnish SGX-ST at least seven days before the effective date of appointment an explanation of how conflicts of interest have been addressed and an undertaking to disclose to customers the directorship Compoundable $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.
      2.15.1(c) Trading Member to inform SGX-ST in writing at least seven days before the effective date of appointment that it is aware of the directorship and is satisfied that conflicts of interest have been sufficiently addressed Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
      2.16 Change in Control
      2.16.1 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.
      2.16.2 Trading Member to comply with such conditions or 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
      2.17 Other Businesses
      2.17.1 Trading Member to inform SGX-ST before engaging in, or acquiring 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.
      2.17.2 Chief Executive Officer to give SGX-ST necessary notice before engaging in or holding substantial shareholdings in any other business that might potentially conflict with being a Chief Executive Officer Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
      2.17.3 Chief Executive Officer 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.
      2.17.4 Engagement or shareholding not to breach the law, Rules or any applicable law or regulation Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
      2.17.5 Trading Member or Chief Executive Officer to supply SGX-ST with any information SGX-ST requires regarding engagement or acquisition or holding 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.
      2.17.6 Trading Member or Chief Executive Officer not to proceed with engagement or acquisition of shareholding if SGX-ST objects Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
      2.17.7 Trading Member to satisfy any conditions and restrictions imposed by SGX-ST on any engagement or acquisition of shareholding 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
      2.17.8 Trading Member or Chief Executive Officer 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
      2.17.10 Trading Member to have in place controls and processes to ensure that its Trading Representative do not engage in, or acquire or hold any substantial shareholding in, any other business that meet the criteria stated in this Rule 2.17.10. Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
      2.18 Reporting of Adverse Events
      2.18.1 Trading Member to report adverse events set out in this Rule 2.18.1 Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
      2.18.2 Trading Member to inform SGX-ST no later than one hour after discovery of a situation set out in Rule 2.18.1(h) Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
      2.19 Voluntary Liquidation
      2.19.1 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
      2.20 Cessation of Trading Rights
      2.20.1 Trading Member not to enter orders on organised markets if its rights to access such markets cease under the circumstances set out Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
      2.21 Action against Defaulters
      2.21.2 Failure to inform SGX-ST of act that may result in default Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
      2.22 Suspension and Restriction of Activities
      2.22.1 Trading Member, Chief Executive Officer and Trading Representative to comply with SGX-ST's restrictions and conditions on its activities Not Compoundable Not Compoundable $10,000
      2.22.3(a) Trading Member and its Trading Representatives must not enter into a new transaction without the approval of SGX-ST Not Compoundable Not Compoundable $10,000
      2.22.3(b) Trading Member and its Trading Representatives must not deliver on any transaction or settle any transaction without the approval of SGX-ST Not Compoundable Not Compoundable $10,000
      2.22.5 Trading Member to comply with the directions of SGX-ST Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
      2.25 Voluntary Suspension of Business
      2.25.1 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.
      2.25.2 Trading Member not to hold itself out as an active Trading Member during period of cessation of business Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
      2.26 Resignation
      2.26.1(a) 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.
      2.26.1(b) Trading Member not to enter into a contract seven 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.
      2.26.1(c) Trading Member to satisfy that it has taken, or will take, steps for the orderly winding down of its business 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.
      2.26.1(d) Trading Member to satisfy SGX-ST that it has fulfilled or is able to fulfil (i) its obligations to SGX-ST; and (ii) its obligations to all its customers as SGX-ST may specify Compoundable $2,000 – $4,000 $4,000 – $7,000 $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 3 June 2019.

    • Chapter 3 Capital and Financial Requirements

      Rule Violation Whether composition may be offered Composition amount that may be offered by SGX-ST, where SGX-ST has determined the Trading Member, Chief Executive Officer and/or Trading Representative to be liable Mandatory minimum penalty imposable by the Disciplinary Committee
      Rule Chapter/Number Brief Description of Rule Trading Members (or Designated Market Maker, where applicable) Chief Executive Officer Trading Representatives (or Market Making Representative, where applicable)
      1st Violation 2nd Violation 3rd Violation 1st Violation 2nd Violation 3rd Violation 1st Violation 2nd Violation 3rd Violation
      Chapter 3 — Capital and Financial Requirements
      3.2 Base Capital Requirement
      3.2.1 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.
      3.2.3 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.
      3.3 Financial Resources Requirement
      3.3.2 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.
      3.3.5 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.
      3.3.6 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.
      3.3.7 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
      3.3.8 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.
      3.3.9 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
      3.4 Aggregate Indebtedness Requirement
      3.4.2 Trading Member not to cause or permit the aggregate indebtedness to exceed 1,200% 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.
      3.4.3 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.
      3.4.4 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.
      3.4.5 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
      3.5 Powers to Impose Other Requirements
      3.5.1 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.
      3.6 Exposure to Single Customer
      3.6.2 Trading Member to notify SGX-ST if Trading Member'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
      3.7 Remote Trading Member: Exposure to Single Customer
      3.7.1 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.
      3.7.2 Trading Member to notify SGX-ST if remote Trading Member'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.
      3.8 Exposure to Single Security
      3.8.2 Trading Member to notify SGX-ST if the Trading Member'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.
      3.8.3 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
      3.8.7 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.
      3.9 Remote Trading Members: Exposure to Single Security
      3.9.1 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.
      3.9.2 Trading Member to notify SGX-ST if Trading Member'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.
      3.10 Margin Financing
      3.10.2 Remote 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.
      3.10.3 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.
      3.10.4 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.
      3.10.5 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.
      3.10.6 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.
      3.10.6/3.10.7/3.10.8 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.
      3.10.9 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.
      3.10.11 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.
      3.10.12(a) Trading Member not to cause or permit 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.
      3.10.12(b) 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.
      3.10.12(c) 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.
      3.10.13 Transactions in a margin account to be on a 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.
      3.10.14 Trading Member to apply haircuts 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.
      3.10.15 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.
      3.11 Borrowing and Lending of Specified Products
      3.11.1 Remote Trading Member to comply with such requirements prescribed by the Relevant Regulatory Authority and principles of good business practice in relation to the areas set out in this Rule 3.11 Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
      3.11.2 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. $10,000
      3.11.3(b) 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.
      3.11.3(c) Trading Member not to accept collateral that is not in the form specified in Regulation 45(9) of the SFR (Licensing and Conduct of Business) Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
      3.11.3(d) Collateral that is obtained 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.
      3.11.3(e) Trading Member to notify 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.
      3.11.3(g) 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.
      3.12 Submission of Returns
      3.12.1(a) Trading Member to submit indicated financial returns and 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 N.A. N.A. N.A. N.A.
      3.12.1(b) Remote Trading Member to submit indicated financial returns and 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 N.A. N.A. N.A. N.A.
      3.12.3 Trading Member to request for any extension of time at least three Market Days prior to the due date Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
      3.12.4 Trading Member to resubmit statements and documents and take other steps SGX-ST may require if they are inaccurate or incomplete Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
      3.13 Annual Financial Audit
      3.13.1 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.
      3.13.2 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
      3.13.3 Trading Member to furnish the indicated information to 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.
      3.13.4 Trading Member to procure that the Trading Member's auditor report immediately the indicated matters to 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.
      3.13.6 Trading Member to request for any extension of time at least three Market Days prior to the due date Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
      3.14 Provision in Annual Accounts
      3.14.1 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.
      3.15 Other Financial Requirements
      3.15.2 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.
      3.15.3(a) 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.
      3.15.3(b) 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.
      3.15.4(a) 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.
      3.15.4(b) 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.
      3.15.4(c) 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.
      3.15.4(d) 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.
      3.15.5 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.
      3.15.6 Remote 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.
      3.15.7 Trading Member that holds a Capital Markets Services Licence 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.

      Added on 3 June 2019.

    • Chapter 4 Operational Requirements

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

      Added on 3 June 2019.

    • Chapter 5 Trading Practices and Conduct

      Rule Violation Whether composition may be offered Composition amount that may be offered by SGX-ST, where SGX-ST has determined the Trading Member, Chief Executive Officer and/or Trading Representative to be liable Mandatory minimum penalty imposable by the Disciplinary Committee
      Rule Chapter/Number Brief Description of Rule Trading Members (or Designated Market Maker, where applicable) Chief Executive Officer Trading Representatives (or Market Making Representative, where applicable)
      1st Violation 2nd Violation 3rd Violation 1st Violation 2nd Violation 3rd Violation 1st Violation 2nd Violation 3rd Violation
      Chapter 5 — Trading Practices and Conduct
      5.2 Contracts
      5.2.1 Trading Member to honour the terms of each contract Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
      5.3 Qualification by a Clearing Member
      5.3.1 Trading Member not to execute a contract on SGX-ST while not qualified by a Clearing Member, or admitted itself as a Clearing Member Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
      5.3.2 Trading Member not to be qualified by more than one 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.
      5.3.3(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.
      5.3.3(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.
      5.3.4 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.
      5.4 Acting as Principal to Customer
      5.4.2 Customer to first be informed if a Trading Member or Trading Representative trades against the customer as principal Not Compoundable Not Compoundable $10,000
      5.4.3 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
      5.5 Acting as Agent to Customer
      5.5.1(a) 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.
      5.5.1(b) 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.
      5.5.1(c) 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.
      5.5.1(d) 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.
      5.5.1(e) 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.
      5.5.1(f) 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.
      5.5.1(g) 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.
      5.5.1(h) 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.
      5.5.1(i) Trading Member and Trading Representative not to disclose a customer's order unless permitted under the Rules Not Compoundable Not Compoundable $10,000
      5.5.1(j) 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.
      5.6 Separation of Customer and Proprietary Trading Activities
      5.6.1 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.
      5.7 Precedence of Customer Orders
      5.7.1 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
      5.8 Arrangement with Customers
      5.8.1(a) 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.
      5.8.1(b) 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
      5.8.1(c) 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.
      5.9 Customer Margin Management for Trading Members
      5.9.1(b) 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.
      5.10 Unauthorised Trading
      5.10.1(a) Trading Representative not to execute personal trades in the account of a customer Not Compoundable Not Compoundable $10,000
      5.10.1(b) Trading Representative not to execute a customer's trades in his personal account Not Compoundable Not Compoundable $10,000
      5.10.1(c) Trading Representative not to use a customer's account for third party trading without prior written authorisation Not Compoundable Not Compoundable $10,000
      5.11 Excessive Trading
      5.11.1 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.
      5.12 Prohibited Trading Conduct
      5.12.1 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
      5.12.3 Trading Member or Trading Representative not to deal in securities or execute an order for the sale and purchase of futures contracts that involve no change in beneficial ownership Not Compoundable Not Compoundable $30,000
      5.12.4 Trading Member or Trading Representative not to execute knowingly, or hold himself out as having executed, an order for the purchase or sale of futures contracts without having effected in good faith a purchase or sale of that futures contract in accordance with the order or with the business rules and practices of an organised market on which the derivatives contract is to be purchased or sold Not Compoundable Not Compoundable $30,000
      5.12.5 Trading Member or Trading Representative not to deal in securities or trade in futures contracts in a manner that will affect price of the securities with intent to induce others to trade Not Compoundable Not Compoundable $30,000
      5.12.6 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.
      5.12.7 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
      5.12.8 Trading Member or Trading Representative to immediately inform SGX-ST of suspected market manipulation, insider trading or other prohibited trading conduct Not Compoundable Not Compoundable $10,000
      5.12.9 Trading Member to have in place processes to review orders and trades 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.
      5.13 Record of Orders
      5.13.1 Trading Member or Trading Representative to maintain a daily record of orders received from customers Not Compoundable Not Compoundable $10,000
      5.13.2 Trading Member to have adequate security measures to prevent unauthorised access to and/or 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.
      5.14 Dealing Assistant
      5.14.1 Trading Member to ensure that each Trading Representative has no more than one dealing assistant Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
      5.14.2(a) Trading Member to ensure that the dealing assistant 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.
      5.14.2(b) Trading Member to ensure that the dealing assistant 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.
      5.14.2(c) Trading Member to ensure that the dealing assistant 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.
      5.14.2(d) Trading Member to ensure that the dealing assistant 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.
      5.14.2(e) Trading Member to ensure that the dealing assistant 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.
      5.14.2(f) Trading Member to ensure that the dealing assistant 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.
      5.14.3 Trading Member to provide SGX-ST the necessary particulars of dealing assistants appointed Compoundable $500 $1,000 $2,000 $250 $500 $1,000 N.A. N.A. N.A. N.A.
      5.14.4 Trading Member to inform SGX-ST if a dealing assistant ceases to act Compoundable $500 $1,000 $2,000 $250 $500 $1,000 N.A. N.A. N.A. N.A.
      5.15 Responsibility for Orders
      5.15.1 Trading Member to ensure the accuracy of orders entered into the Trading System by its Trading Representatives and any dealing assistant Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
      5.15.2 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.
      5.15.3 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.
      5.15.4 Trading Member to have in place processes to prevent unauthorised changes to order 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.
      5.16 Identification and Password
      5.16.1 Trading Representative to have a unique identification number of not more than three characters 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.
      5.16.2 Trading Member to submit and maintain a list of Trading Representative identification numbers and names to SGX-ST, and notify SGX-ST of any amendments to the list on an ongoing 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.
      5.17 Miscellaneous
      5.17.1 Trading Member and Trading Representative not to take advantage of a situation arising from a breakdown or malfunction in SGX-ST's procedures or systems or errors made by SGX-ST or CDP Compoundable $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 3 June 2019.

    • Chapter 6 Designated Market-Maker ("DMM")

      Rule Violation Whether composition may be offered Composition amount that may be offered by SGX-ST, where SGX-ST has determined the Trading Member, Chief Executive Officer and/or Trading Representative to be liable Mandatory minimum penalty imposable by the Disciplinary Committee
      Rule Chapter/Number Brief Description of Rule Trading Members (or Designated Market Maker, where applicable) Chief Executive Officer Trading Representatives (or Market Making Representative, where applicable)
      1st Violation 2nd Violation 3rd Violation 1st Violation 2nd Violation 3rd Violation 1st Violation 2nd Violation 3rd Violation
      Chapter 6 — Designated Market-Maker ("DMM")
      6.6 Obligations of a Designated Market-Maker
      6.6.1(a) DMM to comply with the Rules [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.
      DMM to continue to satisfy the registration criteria and any approval conditions or restrictions prescribed by SGX-ST 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.
      6.6.2 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.
      6.6.3(a) DMM to establish and maintain adequate internal control systems 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.
      6.6.3(b) DMM to pre-notify SGX-ST of any change to its internal control systems 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.
      6.6.3(c) DMM to comply with additional requirements prescribed by SGX-ST 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.
      6.6.3(d) DMM to establish adequate segregation between their market-making and regulated activities 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.
      6.6.4 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.
      6.6.5 DMM to appoint and register with SGX-ST at least one 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.
      6.6.6 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. $10,000
      6.6.7 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.
      6.6.8 DMM to report adverse events set out in Rule 6.6.8 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.
      6.7 Suspension or Restriction of Trades in Specified Instruments
      6.7.2 DMM not to make a market in a Specified Instrument that 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
      6.7.3 DMM not to make a market in Specified Instruments 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
      6.11 Resignation
      6.11.1(a) 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 3 June 2019.

    • Chapter 7 Listing and Quotation

      Rule Violation Whether composition may be offered Composition amount that may be offered by SGX-ST, where SGX-ST has determined the Trading Member, Chief Executive Officer and/or Trading Representative to be liable Mandatory minimum penalty imposable by the Disciplinary Committee
      Rule Chapter/Number Brief Description of Rule Trading Members (or Designated Market Maker, where applicable) Chief Executive Officer Trading Representatives (or Market Making Representative, where applicable)
      1st Violation 2nd Violation 3rd Violation 1st Violation 2nd Violation 3rd Violation 1st Violation 2nd Violation 3rd Violation
      Chapter 7 – Listing and Quotation
      7.2 Non-Listed Securities Traded on SGX-ST
      7.2.6 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 3 June 2019.

    • Chapter 8 Trading

      Rule Violation Whether composition may be offered Composition amount that may be offered by SGX-ST, where SGX-ST has determined the Trading Member, Chief Executive Officer and/or Trading Representative to be liable Mandatory minimum penalty imposable by the Disciplinary Committee
      Rule Chapter/Number Brief Description of Rule Trading Members (or Designated Market Maker, where applicable) Chief Executive Officer Trading Representatives (or Market Making Representative, where applicable)
      1st Violation 2nd Violation 3rd Violation 1st Violation 2nd Violation 3rd Violation 1st Violation 2nd Violation 3rd Violation
      Chapter 8 — Trading
      8.1 Trading
      8.1.1 Securities and futures contracts to be traded and matched through the Trading System or as otherwise permitted under 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 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A.
      8.5 Orders
      8.5.3 Trading Member to specify the unique Position Account code, Trading Account code and the price (where relevant) 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.
      8.7 Marking Of Sell Orders
      8.7.2 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 $250 $500 $1,000 $250 $500 $1,000 N.A.
      8.7.4 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 $250 $500 $1,000 $250 $500 $1,000 N.A.
      8.7.5 Trading Member to ensure that the necessary procedures and systems are implemented to facilitate compliance with the obligations set out in Rule 8.7 Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A N.A
      8.9 Reporting of Erroneously Marked Sell Orders
      8.9.2 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 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A N.A
      8.10 Direct Business
      8.10.1 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.
      8.10.5 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.
      8.10.6 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.
      8.11 Designated Instruments
      8.11.2 Compliance with any conditions imposed by the Board on dealings or trades in a Designated Instrument Not Compoundable Not Compoundable $30,000
      8.11.3 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
      8.12 Corner
      8.12.2 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
      8.13 Suspension and Restriction of Trading
      8.13.4 Trading Member not to execute transactions in a suspended security or futures contract without SGX-ST's approval Not Compoundable Not Compoundable $10,000
      8.15 Trading Halts
      8.15.7 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 $10,000

      Added on 3 June 2019.

    • Chapter 9 Settlement

      Rule Violation Whether composition may be offered Composition amount that may be offered by SGX-ST, where SGX-ST has determined the Trading Member, Chief Executive Officer and/or Trading Representative to be liable Mandatory minimum penalty imposable by the Disciplinary Committee
      Rule Chapter/Number Brief Description of Rule Trading Members (or Designated Market Maker, where applicable) Chief Executive Officer Trading Representatives (or Market Making Representative, where applicable)
      1st Violation 2nd Violation 3rd Violation 1st Violation 2nd Violation 3rd Violation 1st Violation 2nd Violation 3rd Violation
      Chapter 9 — Settlement
      9.4 Relationship Between Trading Member and Selling Customer
      9.4.2 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.
      9.5 Relationship Between Trading Member and Clearing Member
      9.5.5 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.
      9.6 Relationship Between Trading Member and Buying Customer
      9.6.2 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.
      9.6.3 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.
      9.6.5 Subject to Rule 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.
      9.4.8 Trading Member not to engage in imprudent credit practices when exercising discretion with regard 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.

      Added on 3 June 2019.

    • Chapter 10 Requirements on Specific Securities and Futures Contracts

      Rule Violation Whether composition may be offered Composition amount that may be offered by SGX-ST, where SGX-ST has determined the Trading Member, Chief Executive Officer and/or Trading Representative to be liable Mandatory minimum penalty imposable by the Disciplinary Committee
      Rule Chapter/Number Brief Description of Rule Trading Members (or Designated Market Maker, where applicable) Chief Executive Officer Trading Representatives (or Market Making Representative, where applicable)
      1st Violation 2nd Violation 3rd Violation 1st Violation 2nd Violation 3rd Violation 1st Violation 2nd Violation 3rd Violation
      Chapter 10 — Requirements on Specific Securities and Futures Contracts
      10.7 Management of Positions
      10.7.2 Trading Member to immediately notify SGX-ST 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.
      10.7.4 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
      10.8 Internal Controls
      10.8.1(a) 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.
      10.8.1(b) 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.
      10.8.1(c) 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.
      10.8.1(d) 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.
      10.8.1(e) 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.
      10.8.1(f) 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.
      10.8.1(g) 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.
      10.8.1(h) 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.
      10.8.1(i) 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.
      10.9 Margin Requirements
      10.9.2(a) 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.
      10.9.2(b) 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.
      10.9.3 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.
      10.9.4 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.
      10.9.5 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.
      10.9.8 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.
      10.9.9 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.
      10.9.10(a) 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.
      10.9.10(b) Trading Member to submit to SGX-ST information pertaining to any matter and within such time stipulated by SGX-ST Compoundable $500 $1,000 $2,000 $250 $500 $1,000 N.A. N.A. N.A. N.A.
      10.9.11 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.
      10.9.12 Trading Member not to enter into a financing arrangement with a customer in respect of that customer's 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.
      10.10 Capital Requirement for Marginable Futures Contracts
      10.10.2 Trading Member to compute Total Risk Requirement in the same manner as prescribed in the RBC Notice Not Compoundable Not Compoundable N.A. N.A. N.A. $10,000
      10.11 Prohibited Trading Practices
      10.11.1(a) 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 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A.
      10.13 Additional Obligations in respect of American Depository Receipts
      10.13.1 Trading Member to disclose risks pertaining to trading in American Depository Receipts Compoundable $2,000 – $4,000 $4,000 – $7,000 $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 3 June 2019.

    • Chapter 11 Cancellation of Contracts and Error Trades

      Rule Violation Whether composition may be offered Composition amount that may be offered by SGX-ST, where SGX-ST has determined the Trading Member, Chief Executive Officer and/or Trading Representative to be liable Mandatory minimum penalty imposable by the Disciplinary Committee
      Rule Chapter/Number Brief Description of Rule Trading Members (or Designated Market Maker, where applicable) Chief Executive Officer Trading Representatives (or Market Making Representative, where applicable)
      1st Violation 2nd Violation 3rd Violation 1st Violation 2nd Violation 3rd Violation 1st Violation 2nd Violation 3rd Violation
      Chapter 11 — Cancellation of Contracts and Error Trades
      11.3 Procedures for Cancellation
      11.3.1(a)(i) Trading Member that caused the error 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.
      11.3.1(a)(ii) Trading Member that caused the error to contact the 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.
      11.3.1(b) Both Trading Members to take necessary action to minimise any potential 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.
      11.3.2(a) Trading Member that caused the error to inform SGX-ST of the agreement without delay Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 $1,000 – $3,000 $3,000 – $6,000 $6,000 – $8,000 N.A. N.A. N.A. N.A.
      11.3.2(b) Both Trading Members to submit the necessary trade cancellation request forms to 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.
      11.3.5 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.

      Added on 3 June 2019.

    • Chapter 12 Supervision and Enforcement

      Rule Violation Whether composition may be offered Composition amount that may be offered by SGX-ST, where SGX-ST has determined the Trading Member, Chief Executive Officer and/or Trading Representative to be liable Mandatory minimum penalty imposable by the Disciplinary Committee
      Rule Chapter/Number Brief Description of Rule Trading Members (or Designated Market Maker, where applicable) Chief Executive Officer Trading Representatives (or Market Making Representative, where applicable)
      1st Violation 2nd Violation 3rd Violation 1st Violation 2nd Violation 3rd Violation 1st Violation 2nd Violation 3rd Violation
      Chapter 12 — Supervision and Enforcement
      12.1 Investigations by SGX-ST
      12.1.6 Registered Person and other specified persons to cooperate with investigations Not Compoundable Not Compoundable $10,000
      12.1.7 Registered Person and other specified persons not to wilfully furnish false or misleading statements or information to SGX-ST or the Exchange Examiner Not Compoundable Not Compoundable $10,000
      12.2 Inspections by SGX-ST
      12.2.3 Registered Person and other specified persons to cooperate with inspections Not Compoundable Not Compoundable $10,000
      12.2.4 Registered Person and other specified persons not to wilfully furnish false or misleading statements or information to SGX-ST or the Exchange Inspector Not Compoundable Not Compoundable $10,000

      Added on 3 June 2019.