Whole Section

  • 1.9 Limitation of Liability

    • 1.9.1

      None of CDP, its related corporations, SGX RegCo, any person or entity referred to under Rule 1.7, or their respective directors, officers, employees or agents ("Relevant Persons") shall be liable to any person for any loss or damage (including consequential or indirect loss or damage even if advised of the possibility of such loss or damage), however caused or arising, including but not limited to any loss or damage arising directly or indirectly from or in connection with the following or any thing done or not done as a direct or indirect consequence of the following:

      (a) any failure, error, delay or malfunction of the settlement facilities operated by CDP howsoever caused and whether or not identified or identifiable;
      (b) the access to, use of or inability to use the settlement facilities operated by CDP;
      (c) any thing done (including any statement made) or omitted to be done in the course of, or in connection with, the discharge or purported discharge of CDP's obligations or rights under the Securities and Futures Act, any other applicable law, or under these Rules;
      (d) the execution of Settlement Instructions or any interruption or restriction of settlement through CDP;
      (e) any breach or failure of any Settlement Participant to comply with these Rules;
      (f) the acts or omissions of any of the Settlement Participant;
      (g) any failure, security breach, inoperability or malfunction of equipment, software or any other product supplied to a Settlement Participant howsoever caused, or in respect of its installation, maintenance or removal;
      (h) the exercise of a decision-making or regulatory power or discretion under these Rules;
      (i) the acceptance of a Settlement Participant's resignation;
      (j) any virus or other destructive, malicious, or corrupting program, code, agent, script or macro;
      (k) any errors, inaccuracy, omissions or delay in the calculation and issuance of cash calls;
      (l) the originality, accuracy, adequacy, timeliness or completeness of the settlement system or any content, information, materials, images, sounds, graphics, video and other materials displayed therein or any functionalities or applications, programs or services provided therein (collectively "Content");
      (m) any reliance on the Content or any part thereof; or
      (n) any information transmitted or received by or on behalf of CDP or a Settlement Participant, including through the settlement system, or the interception of or access to such information by unauthorised persons.

      Added on 10 December 201810 December 2018.

    • 1.9.2

      (a) Save for the scenario specified in paragraph (b) below, under no circumstances shall CDP's liability and the amount of damages owing to a Settlement Participant exceed 100% of the aggregate amount of the fees, charges, penalties or default interest paid by the Settlement Participant in the calendar year the incident giving rise to the claim(s) in question occurs.
      (b) CDP will be liable for the principal value of the money and/or securities that is the subject of CDP's error, if and only if CDP erroneously debits money and/or securities from a Settlement Participant's Cash Ledger Account and/or Securities Account or erroneously fails to credit money and/or securities to a Settlement Participant's Cash Ledger Account and/or Securities Account.

      Added on 10 December 201810 December 2018.

    • 1.9.3

      Each Settlement Participant shall ensure that its Customers or any persons on whose behalf it is conducting settlement under these Rules agree to and are bound by the limitation of liabilities under this Rule 1.9.

      Added on 10 December 201810 December 2018.