Rulebooks: Contents

Rulebooks
Mainboard Rules
Catalist Rules
SGX-ST Rules
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
SGX-ST Rules
Section D — Regulatory Framework
Rule Amendments

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  • 11.2 Base Capital Requirement [Rule has been deleted.]

    Deleted on 22 April 2019.

    • 11.2.1

      (a) A Trading Member that holds a Capital Markets Services Licence shall not cause or permit:—
      (1) where the Corporation is incorporated in Singapore, its base capital; or
      (2) where the Corporation is incorporated outside Singapore, its net head office funds,

      to fall below the base capital requirement.

      (b) A Trading Member that holds a licence specified in Rule 4.1.1(1)(b) shall not cause or permit its base capital to fall below the base capital requirement specified in this Rule 11.2, or such other base capital requirement as SGX-ST may impose.

      Amended on 29 December 2014 and 22 April 2019.

    • 11.2.2

      The base capital requirement of:—

      (1) a Trading Member shall be at least $1 million,
      (2) a Clearing Member shall be at least $5 million,
      (3) a Clearing Member which is also a member of SGX-DC shall be at least $8 million.

    • 11.2.3

      If a Trading Member fails to comply or becomes aware that it will fail to comply with the base capital requirement prescribed under Rule 11.2, or such higher base capital requirement as SGX-ST may have imposed under Rule 11.5, it shall immediately notify SGX-ST.

    • 11.2.4

      (a) A Trading Member that holds a Capital Markets Services Licence shall not cause or permit:
      (i) where the Trading Member is incorporated in Singapore, its base capital; or
      (ii) where the Trading Member is incorporated outside Singapore, its net head office funds,
      to at any time fall below the base capital requirement specified in this Rule 11.2, or such other base capital requirement as SGX-ST may impose. It shall be a breach of the Rules by the Trading Member if the base capital or, as the case may be, net head office funds fall(s) below such base capital requirement, whether or not the Trading Member makes or has made the notification specified in Rule 11.2.3.
      (b) A Trading Member that holds a licence specified in Rule 4.1.1(1)(b) shall not cause or permit its base capital to at any time fall below the base capital requirement specified in this Rule 11.2, or such other base capital requirement as SGX-ST may impose. It shall be a breach of the Rules by the Trading Member if the base capital falls below such base capital requirement, whether or not the Trading Member makes or has made the notification specified in Rule 11.2.3.

      SGX-ST may refer the matter to the Disciplinary Committee, and may take such interim control measures, including but not limited to do all or any of the following, as SGX-ST deems fit and appropriate:—

      (1) require the Trading Member to operate its business subject to such restrictions or conditions as SGX-ST decides;
      (2) suspend the Trading Member for a period SGX-ST decides. The suspension may be announced to all Trading Members. During the suspension, the Trading Member:—
      (a) must not enter into a new transaction without the approval of SGX-ST;
      (b) remains liable to complete all contracts outstanding at the time of suspension. However, it must not deliver any securities or settle any transaction without the approval of SGX-ST.
      (3) require a Director to step down from day-to-day conduct of the business affairs of the Trading Member; and
      (4) appoint a person or persons (which may include a firm of auditors) as Manager to manage the business of the Trading Member. SGX-ST will fix the remuneration of the Manager, which must be paid by the Trading Member. The Trading Member is solely responsible for the Manager's acts and defaults. The Manager must carry out directions given by SGX-ST in relation to the business of the Trading Member, including carrying on the business of the Trading Member in accordance with instructions.

      Amended on 22 April 2019.