Past version: Effective up to 28 Dec 2014
2.11.2.1 Each Clearing Member incorporated in Singapore, except in the case of a Bank Clearing Member, shall immediately notify the Clearing House prior to the date of issue of any preference share.
2.11.2.2 A Clearing Member incorporated in Singapore, except in the case of a Bank Clearing Member, shall not redeem any redeemable preference share that is computed as part of its financial resources:—
a. unless the Clearing Member notifies the Clearing House within such time before the proposed date of redemption as prescribed by the SFR (Financial and Margin Requirements);
b. if at the date of redemption:—
i. the financial resources (including qualifying letters of credit referred to in Rule 2.07C) of the Clearing Member are less than 150% of its total risk requirement; or
ii. the aggregate indebtedness of the Clearing Member exceeds 600% of its aggregate resources;
c. if such a redemption will cause an event in Rule 2.11.2.2.b above to occur; or
d. if the Clearing House has prohibited in writing such a redemption.
Amended on 27 March 200627 March 2006 and 10 August 200710 August 2007.