Versions

 

4.03A.4

The powers of the Disciplinary Committee include:—

4.03A.4.1 expelling a Clearing Member. The Disciplinary Committee may order a Clearing Member to be expelled notwithstanding that he has resigned;
4.03A.4.2 suspending a Clearing Member;
4.03A.4.3 imposing a fine not exceeding S$250,000 per charge, or in the case of multiple charges, not exceeding S$1,000,000 per hearing, or, in the case of a delivery contract, any other amount as specified in the relevant contract specifications on a Clearing Member;
4.03A.4.4 reprimanding (publicly or privately) a Clearing Member;
4.03A.4.5 requiring an education program to be undertaken;
4.03A.4.6 requiring a compliance program to be undertaken;
4.03A.4.7 imposing any restrictions or conditions on activities that a Clearing Member undertakes or in the case of a Bank Clearing Member, its business governed by this Rules;
4.03A.4.8 requiring reimbursement or compensation to be paid;
4.03A.4.9 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;
4.03A.4.10 ordering a stay of the penalty imposed, pending an appeal to the Appeals Committee;
4.03A.4.11 requiring any director or in the case of a Bank Clearing Member, any director or person in a senior management position who is responsible for its business governed by this Rules, to step down from day-to-day conduct of the business affairs of the Clearing Member; and
4.03A.4.12 confirming, changing, or discharging the appointment of a manager to manage the business of the Clearing Member or in the case of a Bank Clearing Member, its business governed by this Rules. The Disciplinary Committee will fix the remuneration of the manager, which must be paid by the Clearing Member. The Clearing Member is solely responsible for the manager's acts and defaults. The manager must carry out directions given by the Disciplinary Committee in relation to the business of the Clearing Member, including carrying on the business of the Clearing Member in accordance with instructions.

Added on 27 March 200627 March 2006 and amended on 10 August 200710 August 2007, 22 February 201022 February 2010 and 3 June 20193 June 2019.