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5.11.2 Preference Shares

(1) Each General Clearing Member incorporated in Singapore shall notify CDP prior to the date of issue of any preference share.
(2) A General Clearing Member incorporated in Singapore shall not repay the principal of any preference share (other than any paid-up irredeemable and non-cumulative preference share capital) that is computed as part of its financial resources, through repurchase or redemption:—
(a) unless the General Clearing Member notifies CDP within such time before the proposed date of repurchase or redemption as prescribed by the SFR (Financial and Margin Requirements);
(b) if at the date of repurchase or redemption:—
(i) its financial resources is less than 150% of its total risk requirement; or
(ii) its aggregate indebtedness exceeds 600% of its aggregate resources;
(c) if such repurchase or redemption will cause an event in Rule 5.11.2(2)(b) to occur; or
(d) if CDP has prohibited in writing such a repurchase or redemption.

Amended on 1 July 20081 July 2008 and 29 December 201429 December 2014.