Each occasion on which a rule violation occurs or is repeated shall be regarded as a distinct offence. Where the rule violation concerned results in a condition or state of affairs that unless rectified by the Clearing Member charged is liable to continue, the Clearing Member charged shall be liable to pay, on being called upon to do so by the Board or the relevant body hearing the matter, a fine not exceeding S$250,000 in the case of a major offence, or a fine not exceeding S$10,000 in the case of a minor offence, as the Board or the relevant body hearing the matter may determine, for every day during which the said rule violation, condition or state of affairs continues.

Amended on 27 March 200627 March 2006.