Whole Section

  • 14.5 Disciplinary Committee Powers

    • 14.5.1

      The Disciplinary Committee may exercise its powers against a Trading Member, an Approved Executive Director or a Trading Representative who:—

      (1) breaches the Securities and Futures Act, Securities and Futures Regulations or relevant applicable laws and regulatory requirements relating to the regulation of markets and licenced entities;
      (2) breaches the Rules or Directives;
      (3) breaches any relevant law or regulation which governs that person's other business activities;
      (4) breaches the rules of any other exchange;
      (5) breaches any provisions involving fraud or dishonesty, whether in or out of Singapore;
      (6) breaches director's duties;
      (7) engages in conduct that has the effect of circumventing the Securities and Futures Act, Securities and Futures Regulations, relevant applicable laws and regulatory requirements relating to the regulation of markets and licenced entities, the Rules, or Directives;
      (8) engages in conduct which is inconsistent with just and equitable principles of trading; or
      (9) engages in conduct detrimental to the financial integrity, reputation or interests of SGX-ST, or markets established or operated by SGX-ST.

      Amended on 19 May 201419 May 2014.

    • 14.5.2

      The Disciplinary Committee may exercise its powers against a Trading Member or an Approved Executive Director (or both) if a Director, Trading Representative, Officer, employee or agent breaches, or causes the Trading Member to breach, the Rules or Directives.

    • 14.5.3

      A former Trading Member, Approved Executive Director or Trading Representative is bound by the Rules in respect of acts or omissions occurring before the registration ended or before expulsion. SGX-ST and the Disciplinary Committee retain their respective jurisdiction notwithstanding registration ending or expulsion.

    • 14.5.4

      The powers of the Disciplinary Committee include:—

      (1) expelling a registered person. The Disciplinary Committee may order a registered person to be expelled notwithstanding that he has resigned;
      (2) suspending a registered person;
      (3) imposing a fine not exceeding S$250,000 on a registered person;
      (4) reprimanding (publicly or privately) a registered person;
      (5) requiring an education program to be undertaken;
      (6) requiring a compliance program to be undertaken;
      (7) imposing any restrictions or conditions on activities that a registered person undertakes;
      (8) requiring reimbursement or compensation to be paid;
      (9) ordering payment of fine by installments;
      (10) ordering a stay of the penalty imposed, pending an appeal to the Appeals Committee;
      (11) requiring any Director to step down from day-to-day conduct of the business affairs of the Trading Member; and
      (12) confirming, changing or discharging the appointment of a Manager under Rule 14.12.2(d).
    • 14.5.5

      Mandatory Minimum Penalties to be Imposed by Disciplinary Committee for certain Rule violations

      (1) Minimum penalties imposable by the Disciplinary Committee have been stipulated in respect of certain Rule violations, as set out in the thirteenth column of Schedule A.
      (2) Where a minimum penalty has been stipulated in respect of a particular Rule violation, if the Disciplinary Committee is satisfied that SGX-ST has proved on a balance of probabilities that the Trading Member, an Approved Executive Director or a Trading Representative has committed the conduct described in the charge, the Disciplinary Committee:
      (a) shall impose a penalty, pursuant to its power under Rule 14.5.4(3), not lower than the minimum amount as stated in the thirteenth column of Schedule A, for that particular Rule violation; and
      (b) may choose to impose, in addition to the penalty in subsection (a), any one or more of the sanction(s) as set out in Rule 14.5.4.

      Added on 16 May 201116 May 2011.