12.5 Disciplinary Committee
SGX-ST may initiate disciplinary proceedings and charge a Registered Person before the Disciplinary Committee if SGX-ST is of the opinion that the Registered Person has committed, or has caused its Trading Member to commit (where applicable), any of the following:(b) in the case of a Trading Member, a Chief Executive Officer or a Trading Representative:(i) breached the Securities and Futures Act, any relevant laws, regulations or requirements of the Relevant Regulatory Authority, or any other relevant laws and regulatory requirements relating to the regulation of organised markets and licensed entities;(ii) breached any relevant laws or regulations that govern the Registered Person's other business activities;(iii) breached the rules of any other exchange;(iv) engaged in fraud or dishonesty, whether in or out of Singapore;(v) breached any directors' duties;(vi) engaged in conduct that has the effect of circumventing the Rules, the Securities and Futures Act, any laws, regulations or requirements of the Relevant Regulatory Authority, or any other relevant laws and regulatory requirements relating to the regulation of organised markets and licensed entities;(vii) engaged in conduct that is inconsistent with just and equitable principles of trading; or(viii) engaged in conduct that is detrimental to the financial integrity, reputation or interests of SGX-ST, or organised markets established or operated by SGX-ST.
The Disciplinary Committee shall comprise persons appointed by the SGX RegCo Board and shall not have a member who is, or who within three years of the proposed appointment date was, a Director, Officer or employee of:(a) SGX; or(b) a related corporation of SGX.
The SGX RegCo Board shall appoint the chairman and the deputy chairman of the Disciplinary Committee. In the absence of the chairman, the deputy chairman will have all the powers of the chairman.
The Disciplinary Committee shall, as a tribunal of first instance, hear and determine charges brought by SGX-ST against a Registered Person pursuant to Rule 12.5.1. The Disciplinary Committee may exercise its powers against a Registered Person if it is satisfied, on a balance of probabilities, that the Registered Person has committed any of the matters set out in Rule 12.5.1.
Procedures may be issued in relation to Disciplinary Committee proceedings. The procedures are binding on all the parties to the proceedings and may be varied by the Disciplinary Committee as provided in the procedures or the Rules. Where any matter is not dealt with by the procedures or the Rules, the Disciplinary Committee may establish its own procedures.
Refer to the [Disciplinary Committee and Appeals Committee Handbook].
The Disciplinary Committee may hear and determine charges against a Registered Person even if the Registered Person is no longer a Registered Person at the time of the Disciplinary Committee hearing, so long as the Registered Person was a Registered Person at the time of the alleged contravention.
The Disciplinary Committee may impose one or more of the following sanctions:(a) expelling a Registered Person. The Disciplinary Committee may order a Registered Person to be expelled notwithstanding that he has resigned;(b) suspending a Registered Person;(c) imposing a fine not exceeding S$250,000 per charge on a Registered Person, or in the case of multiple charges, not exceeding S$1,000,000 per hearing;(d) reprimanding (publicly or privately) a Registered Person;(e) requiring that a Registered Person undertake an education or compliance programme;(f) imposing any restrictions or conditions on activities that a Registered Person undertakes;(g) requiring a Registered Person to pay reimbursement or compensation;(h) ordering payment of fines by instalments, which shall not exceed 12 months from the date of imposition of the fine, unless otherwise permitted by the Disciplinary Committee;(i) requiring that any Director or Officer step down from day-to-day conduct of the business affairs of a Trading Member;(j) confirming, changing or discharging the appointment of a Manager under Rule 2.22.4(c).
Where a mandatory minimum penalty has been stipulated for a particular Rule violation in the thirteenth column of Schedule A, the Disciplinary Committee:(a) shall impose a penalty not lower than such minimum amount; and(b) may choose to impose, in addition to the penalty in Rule 12.5.8(a), any one or more of the sanctions set out in Rule 12.5.7.
A failure to comply with any sanction imposed by the Disciplinary Committee constitutes a breach of the Rules.
The Disciplinary Committee may order a stay of the penalty imposed, pending an appeal to the Appeals Committee.
The Disciplinary Committee shall provide its written grounds of decision, which shall include any sanctions imposed against the Registered Person, within a reasonable period after the conclusion of the hearing.
The Disciplinary Committee shall cause its written grounds of decision to be published, unless the sanction imposed involves the issuance of a private reprimand. Where a private reprimand is issued by the Disciplinary Committee, the Disciplinary Committee shall determine whether the written grounds of decision are to be published and if so, whether the written grounds of decision are to be published in part or in whole.
Each Registered Person irrevocably consents to the publication of the Disciplinary Committee's written grounds of decision pursuant to Rule 12.5.12. The consent will remain valid and effective notwithstanding that the Registered Person ceases to be a Registered Person. A Registered Person cannot initiate any action or proceeding against SGX-ST or the Disciplinary Committee for such publication.