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
1 Application
2 Admission Criteria for Depository Agents
3 Resignation by Depository Agent
4 Deposit and Withdrawal of Securities
5 Securities Account
6 Duties of Depository Agents
7 Transactions and Confirmation Notes
8 Sub-Accounts
9 Undertakings of the Depository Agent
10 Termination
11 Fees and Expenses
12 Violation of CDP Rules
13 Liability
13.4 No Obligation for Deposited Securities
14 Indemnity
15 General
16 Applicable Law
17 Definitions and Interpretation
Futures Trading Rules
SGX-DC Clearing Rules
SIAC DT Arbitration Rules
SIAC DC Arbitration Rules
Archive
Rule Amendments

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  • 13 Liability

    • 13.1 Liability

      Any liability arising out of, or in relation to any Deposited Securities shall be governed by these CDP Rules and the Depository Agent Terms.

      Amended on 3 June 2019.

    • 13.2 Force Majeure

      None of the Depository, its related corporations, SGX RegCo, any person or entity referred to under Rule 1.1.4, or their respective directors, officers, employees, representatives or agents (the "Relevant Persons") shall be liable for any losses or damages that may be suffered, incurred or sustained by any Depository Agent or any Account Holder or Sub-Account Holder, nor shall be responsible for failure to comply or delay in complying with any duty or obligation under or pursuant to these CDP Rules arising as a direct or indirect result of any reason, cause or contingency beyond the Relevant Person's reasonable control, including (without limitation) natural disasters, act of God, industrial action, computer breakdown or sabotage, currency restrictions, war or terrorism, or the failure, suspension or disruption of any relevant stock exchange, clearance system or market.

      Amended on 15 September 2017 and 3 June 2019.

    • 13.3 No Liability

      A Relevant Person shall not be responsible for any loss or damage suffered by the Depositors as a result of or in connection with, or as a result of or in connection with any thing done or not done as a direct or indirect consequence of, the performance or non-performance by any Relevant Person of its duties unless the same results from an act of negligence or fraud on the part of that Relevant Person; in which event the Depository shall promptly replace any Deposited Securities which have been lost, stolen or destroyed. Where such replacement of lost, stolen or destroyed Deposited Securities is not possible, the collective liability of the Relevant Persons in connection with any Deposited Securities shall not exceed the lower of the market value of the Deposited Securities to which such loss or damage relates at the time of discovery of such negligence or fraud or at the time of proposed replacement.

      In no event shall any Relevant Person be responsible for any loss or damage suffered by a Sub-Account Holder as a result of or in connection with, or as a result of or in connection with any thing done or not done as a direct or indirect consequence of, the Depository performing its duties to a Depository Agent under these CDP Rules.

      Amended on 15 September 2017 and 3 June 2019.

    • 13.4 No Obligation for Deposited Securities

      The Depository shall not be under any obligation to ensure that Deposited Securities are not forged or fraudulent and can be freely transferred or delivered without encumbrance and will not be responsible for any loss suffered by any Account Holder, Sub-Account Holder or Depository Agent.

    • 13.5 Notification of Invalid Deposited Securities

      The Depository will notify the Depositors immediately in the event that any Deposited Securities prove to be forged, fraudulent or invalid.

    • 13.6 Limited Obligation on Instructions

      Save for ensuring that written instructions bear signature(s) which in the Depository's sole opinion, corresponds to the specimen signature(s) of the Depositor(s) provided to the Depository, the Depository shall be under no obligation to ensure that instructions received from Depository Agents or Account Holders are not forged, fraudulent or invalid.

    • 13.7 Notification on Instructions

      The Depository will notify the Depositors immediately in the event that any instructions prove to be forged, fraudulent or invalid.

    • 13.8 No Liability For Consequential Damages

      Notwithstanding the foregoing, in no event shall the Relevant Persons be liable to the Depositors and Sub-Account Holders for indirect, special or consequential damages, even if advised of the possibility of such damages.

      Amended on 15 September 2017.

    • 13.9 No Breach of Laws

      Nothing in these CDP Rules shall obligate the Relevant Persons to perform any obligation or to allow, take or omit taking any action which will breach any law, rule, regulation or generally accepted market practice of any relevant government, stock exchange, clearance system, self-regulatory organization or market.

      Amended on 15 September 2017.

    • 13.10 No Liability for Third Parties

      The Relevant Persons shall not be responsible or liable for the acts or omissions, default or insolvency of any:

      13.10.1 depository, sub-custodian and custodian appointed in respect of Foreign Securities unless the Depository has failed to take reasonable care in their selection; or
      13.10.2 issuer of Eligible Securities.

      Amended on 15 September 2017.