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3.3.32 Foreign Branch of General Trading Member

A General Trading Member licensed under the Act shall satisfy the following requirements prior to opening an overseas branch (the "Foreign Branch") and on a continuous basis:

(a) maintain $500,000 per branch as "other operational risk requirement" in the calculation of the Operational Risk Requirement.
(b) procure approvals from MAS and the Exchange to operate a Foreign Branch;
(c) procure approvals from the primary regulator in the country where the Foreign Branch is located and furnish written documentation of such approval to the Exchange;
(d) where applicable, procure approvals from the primary regulator in the country where the General Trading Member or the General Trading Member's parent company is incorporated and furnish written documentation of such approval to the Exchange;
(e) comply with this Rules and such other requirements as imposed by the Exchange on Foreign Branches from time to time;
(f) ensure that the activities of the Foreign Branch fall within the Regulated Activities which the General Trading Member is authorised to conduct under its CMS Licence, subject to any prohibitions imposed by the Exchange under Rule 3.2.5;
(g) submit an undertaking in the form prescribed by the Exchange whereby the General Trading Member provides assurances regarding the Foreign Branch's treatment of its Customer Accounts, Customers' funds, position limits and the Exchange's ability to audit and access the books and records of the Foreign Branch;* and

* Refer to Annex F — Undertaking of Foreign BranchAnnex F — Undertaking of Foreign Branch.
(h) conduct an internal audit at least once every twenty-four (24) months on the Foreign Branch. The General Trading Member shall submit a copy of the internal audit report to the Exchange within one (1) week of the General Trading Member being provided with the same.

Amended on 25 August 200925 August 2009 and 29 December 201429 December 2014.