11.2.1

(a) A Trading Member that holds a Capital Markets Services Licence shall not cause or permit:—
(1) where the Corporation is incorporated in Singapore, its base capital; or
(2) where the Corporation is incorporated outside Singapore, its net head office funds,

to fall below the base capital requirement.

(b) A Trading Member that holds a licence specified in Rule 4.1.1(1)(b) shall not cause or permit its base capital to fall below the base capital requirement specified in this Rule 11.2, or such other base capital requirement as SGX-ST may impose.

Amended on 29 December 201429 December 2014 and 22 April 201922 April 2019.