Whole Section

  • 7.4 Contributions by CDP

    • 7.4.1

      Contributions by CDP shall be an amount not less than 25% of the clearing fund size, as determined by CDP, and shall consist of:

      (1) an amount not less than 15% of the clearing fund size or $30 million, whichever is the higher (the "CDP Contribution"), to be applied pursuant to Rule 7.9.1(2); and
      (2) such other sums referred to in Rule 7.1.3(4), to be applied pursuant to 7.9.1(6).

      Amended on 1 January 20101 January 2010 and 3 May 20113 May 2011.

    • 7.4.2

      Contribution by CDP shall be in the form of cash or in such other form and subject to such conditions as may be determined by CDP. If any contributions by CDP (or any part thereof) is in the form of cash, such cash amount shall be placed in an interest bearing account with CDP's bankers and the entire interest earned on such contributions (or such part thereof) shall be paid to CDP.

      Amended on 3 May 20113 May 2011

    • 7.4.4

      CDP shall have the absolute discretion to decide upon the bank or banks with which the cash portion of contributions by CDP is to be placed on deposit and the terms of deposit, provided that any such bank shall be a licensed bank in Singapore within the meaning of the Banking Act (Cap. 19).

      Amended on 3 May 20113 May 2011