An applicant who has been admitted as a Clearing Member or deemed to have been admitted as a Clearing Member shall comply with this Rules. Without prejudice to the generality of the foregoing the criteria and requirements for Clearing Membership prescribed in this Rules and/or in the Clearing Membership certificate, and/or prescribed by the Clearing House from time to time shall continue to apply even after an applicant has been admitted as a Clearing Member or deemed to have been admitted as a Clearing Member and shall continue to apply during its Clearing Membership. A Clearing Member who fails to comply with such criteria and requirements shall be dealt with in such manner as the Clearing House deems appropriate, including but not limited to suspension of or expulsion from Clearing Membership.
Every Clearing Member which is licensed or is exempted from licensing but whose activities are still subject to regulation by the SFA and thus by the Authority shall comply with all applicable provisions of the SFA, and any applicable order, circular, direction or other requirement made by the Authority pursuant to the SFA, and shall procure that each of its directors, officers, agents, employees and representatives complies with the same.
Violation of this Rule 2.06 may be a major offence.