6 Duties and Obligations of Depository Agents in respect of Sub-Accounts

6.1 Segregation of Deposited Securities

A Depository Agent:

6.1.1 [Rule has been deleted.]

6.1.2 [Rule has been deleted.]

6.1.3 shall at all times segregate the Deposited Securities held in each Sub-Account from those held in other Sub-Accounts;

6.1.4 shall at all times segregate Deposited Securities held for its own account from Deposited Securities held for its clients; and

6.1.5 may commingle Deposited Securities that are held for a client with the Deposited Securities held for another client in the same Sub-Account.

Amended on 15 July 2026.

6.1A Disclosure of Account Structure to Retail Sub-Account Holders

A Depository Agent shall, before depositing securities received on account of a Retail Sub-Account Holder, disclose in writing to that Sub-Account Holder:

6.1A.1 that Deposited Securities held for the Sub-Account Holder are deposited with the Depository in the name of the Depository Agent and not in the Sub-Account Holder’s name;

6.1A.2 that the Depository Agent holds those Deposited Securities on trust for the Sub-Account Holder;

6.1A.3 whether Deposited Securities held for the Sub-Account Holder will be commingled with the Deposited Securities held for other Sub-Account Holders in the same Sub-Account;

6.1A.4 if that Sub-Account Holder’s assets will be deposited in a Sub-Account together with, and commingled with, the Deposited Securities of the Depository Agent’s other customers, the risks of such commingling; and

6.1A.5 the consequences for the Sub-Account Holder’s assets if the Depository Agent becomes insolvent.

Added on 15 July 2026.

6.1B Client Monies

A Depository Agent shall comply with Part III, Divisions 2 and 4 of the Securities and Futures (Licensing and Conduct of Business) Regulations in respect of monies received on account of Sub-Account Holders.

This Rule does not apply to a Depository Agent if those requirements do not, under law, apply to both the Depository Agent and (where the Depository Agent is a nominee company) the Regulated Entity for which it provides custodial services.

Added on 15 July 2026.

6.1C Transactions in Deposited Securities held for Sub-Account Holders

6.1C.1 A Depository Agent shall not carry out any transaction in respect of the Deposited Securities held for a Sub-Account Holder unless authorised by the Sub-Account Holder to do so.

6.1C.2 Notwithstanding any authority given by a Sub-Account Holder, a Depository Agent shall not use the Deposited Securities held for the Sub-Account Holder to settle any obligations other than those of the Sub-Account Holder unless:

(a) the Deposited Securities are used in connection with a borrowing or lending arrangement in respect of the Deposited Securities; and

(b) the Depository Agent complies with the relevant laws in relation to the borrowing or lending of the Deposited Securities.

Added on 15 July 2026.

6.1D Notification of Transactions in Deposited Securities

A Depository Agent shall, within a reasonable time, notify a Sub-Account Holder of any transaction carried out on behalf of the Sub-Account Holder in respect of Deposited Securities.

Added on 15 July 2026.

6.1E Statement of Account

6.1E.1 The Depository Agent shall on a periodic basis (at least monthly) furnish to each Sub-Account Holder a statement of account in respect of the Deposited Securities held on that Sub-Account Holder’s behalf, unless:

(a) there is no transaction in, or no change to the amount of, those Deposited Securities since the date of the last statement of account; or

(b) the Sub-Account Holder is an “accredited investor”, an “expert investor” or an “institutional investor” as defined in the Securities and Futures Act, and –

(i) the Depository Agent has made available to the Sub-Account Holder, on a real time basis, those particulars in the form of an electronic record stored on an electronic facility and the Sub-Account Holder has consented to those particulars being made available to him in this manner; or

(ii) the Sub-Account Holder has requested, in writing, not to receive the statement of account on a monthly basis from the Depository Agent.

6.1E.2 The Depository Agent shall furnish to a Sub-Account Holder such a statement of account upon request.

Added on 15 July 2026.

6.2 Records

6.2.1 A Depository Agent shall maintain proper, complete, accurate and up-to-date records of Sub-Account Holders and the Deposited Securities held for each Sub-Account Holder. The records shall include the following:

(a) a description and quantity of the Deposited Securities held for each Sub-Account Holder in each Sub-Account;

(b) particulars of every transaction carried out on behalf of each Sub-Account Holder in respect of Deposited Securities, including:

(i) a description and quantity of the Deposited Securities that are the subject of the transaction;

(ii) the transaction date;

(iii) evidence of the purpose for which the transaction is carried out (including, where the transaction is carried out to settle an Exchange Trade, evidence of the trade and its details) and the Sub-Account Holder’s authorisation for such transaction; and

(c) any other information as the Depository may specify from time to time.

6.2.2 The Depository Agent shall, on each business day, reconcile its books and records with the Depository’s records in relation to the Deposited Securities that are held in each Sub-Account. If there is any discrepancy, the Depository Agent must inform the Depository and if required rectify the discrepancy immediately.

Amended on 15 July 2026.

6.3 Disclosure of Sub-Account Holders' Information and Other Action Required

Without prejudice to Rule 2.5.3, a Depository Agent shall disclose to the Depository such information, provide such assistance or take such action as the Depository may require in relation to Sub-Account Holders if in the opinion of the Depository, such information, assistance or action is necessary or desirable for any of the following purposes:

6.3.1 for the Depository to monitor foreign ownership or other shareholding limits imposed by law or by an Issuer;

6.3.2 for the Depository to comply with any applicable law, regulation or order of any government, court, tribunal or other competent authority (whether in or out of Singapore) or with any contractual obligation imposed or binding on the Depository or any of its nominee(s);

6.3.3 for purposes of investor protection and/or to facilitate the exercise of investor rights;

6.3.4 for the Depository Agent to comply with the Depository Agent Terms;

6.3.5 for ensuring fair, orderly and/or transparent operation and/or integrity of the SGX-ST market;

6.3.6 for minimising the risk and/or managing the impact of any error, fraud or law breaches;

6.3.7 for ensuring safe and efficient clearing and/or settlement, and/or to manage systemic risk;

6.3.8 for the proper operation of the Central Depository System, including the deposit or withdrawal of securities, maintenance of accounts, verification of the accuracy of the Depository Register or transfer of securities by the Depository; or

6.3.9 for protecting the reputation or interests of the Depository or its Related Corporations.

For the purpose of this Rule 6.3, information in relation to a Sub-Account Holder includes information in relation to the underlying beneficial owner(s) of the Deposited Securities held by the Depository Agent on behalf of that Sub-Account Holder.

Amended on 15 July 2026.

6.4 Audit Certification

The Depository Agent shall, within five calendar months after the close of each financial year, obtain and submit to the Depository an independent audit certification in a manner acceptable to the Depository, that the Depository Agent has complied with its obligations under Rules 6.1, 6.1A, 6.1B, 6.1C, 6.1D, 6.1E and 6.2 and/or such other obligation or condition as prescribed by the Depository from time to time.

Amended on 15 July 2026.

6.5 Failure to Submit within Deadlines

6.5.1 A Depository Agent's failure to submit any audit certification required by the Depository within the prescribed deadlines (or within any time extension granted) is a breach of these CDP Rules.

6.5.2 Any request for an extension of time for the submission of an audit certification shall be submitted to Depository at least seven business days before the expiry of the prescribed deadline.

Amended on 15 July 2026.

6.6 Appointment of Another Auditor

The Depository may, if it is not satisfied with the audit certification, or where the Depository considers it appropriate, at any time appoint another auditor to render a certification required under Rule 6.4, and the costs and expenses incurred by the Depository in respect thereof shall be borne by the Depository Agent.

Amended on 15 July 2026.

6.7 Binding Terms

A Depository Agent shall abide by and be bound by the Depository Agent Terms.

6.8 Facilitation of Sub-Account Holders’ Shareholder Rights

6.8.1 A Depository Agent shall:

(a) distribute to Sub-Account Holders in accordance with their respective holdings in the Sub-Accounts as at the Record Date any cash, property or other rights that may be received from an Issuer through the Depository;

(b) unless otherwise agreed with Sub-Account Holders but subject always to Rule 6.8.2, keep each Sub-Account Holder duly informed of relevant information which may from time to time be issued by the Issuer or by the Depository in respect of his relevant holdings in a Sub-Account;

(c) furnish to each Sub-Account Holder such information as the Depository shall specifically direct, promptly after receipt of such direction from the Depository; and

(d) give notice in writing to the Depository immediately upon the breach of any one or more of the representations and warranties referred to in the Depository Agent Agreement.

6.8.2 Save as otherwise permitted by the Depository, a Depository Agent must, in respect of Deposited Securities of an Issuer that the Depository Agent holds for an Individual Sub-Account Holder:

(a) unless the Individual Sub-Account Holder has expressly opted out of being so notified, disseminate to the Individual Sub-Account Holder notice of any meeting of the Issuer or any meeting of any class of members of the Issuer or holders of the Deposited Securities, and notify the Individual Sub-Account Holder of the right of the Individual Sub-Account Holder to be appointed as proxy to attend and vote at such meeting;

(b) unless the Individual Sub-Account Holder has expressly opted out of being so notified, disseminate to the Individual Sub-Account Holder notice of any corporate action event that carries a right of election;

(c) appoint the Individual Sub-Account Holder as the Depository Agent’s proxy to attend and vote at any meeting of the Issuer or meeting of any class of members of the Issuer or holders of the Deposited Securities, if requested by the Individual Sub-Account Holder to do so;

(d) submit to the Issuer any voting instruction received from the Individual Sub-Account Holder;

(e) submit to the Issuer any corporate action election received from the Individual Sub-Account Holder; and

(f) assist the Individual Sub-Account Holder to requisition or call a meeting of the Issuer, or to requisition the circulation of resolutions if requested by the Individual Sub-Account Holder to do so.

6.8.3 The Depository Agent shall give each Individual Sub-Account Holder sufficient time, in any case within such timelines as the Depository may prescribe, to give the instructions or make the elections or requests contemplated in Rules 6.8.2(c) to (e).

6.8.4 In submitting to the Issuer voting instructions received from Individual Sub-Account Holders pursuant to Rule 6.8.2(d), the Depository Agent shall reflect the aggregate value of votes “for” and the aggregate value of votes “against” in such manner as the Depository may specify.

6.8.5 A Depository Agent shall, prior to onboarding a Individual Sub-Account Holder, disclose all fees chargeable by the Depository Agent, and shall notify Individual Sub-Account Holders of any changes to such fees.

6.8.6 Rule 6.8 shall apply to an SGX-ST Trading Member who holds Deposited Securities on behalf of customers. For that purpose:

(a) a reference in the Rule to a Depository Agent is to be construed as a reference to the SGX-ST Trading Member; and

(b) a reference in the Rule to a Sub-Account Holder is to be construed as a reference to any of those customers; and

(c) a reference in the Rule to an Individual Sub-Account Holder is to be construed as a reference to any of those customers, who is an individual, and includes an individual who is an “accredited investor” or an "expert investor" as defined in the Securities and Futures Act.

Added on 15 July 2026.

6.9 Business Continuity Requirements

A Depository Agent shall:

6.9.1 assess its business and operational risks and maintain adequate business continuity arrangements;

6.9.2 document the business continuity arrangements in a business continuity plan; and

6.9.3 test and review the business continuity plans regularly.

Added on 15 July 2026.

6.10 Outsourcing Conditions

A Depository Agent that outsources any of its operations must:

6.10.1 comply with any guidance or requirements on outsourcing as prescribed by MAS or the Depository;

6.10.2 have in place adequate audit trails of the activities performed by the service provider;

6.10.3 ensure that the service provider provides the Depository with any information, including records of the work done by the service provider and any other records maintained by the service provider, at the Depository’s request;

6.10.4 ensure that the service provider provides the Depository access to all relevant records and systems and that the Depository is able to perform on-site inspections of the outsourced operations in the same way as if the outsourced operations were residing in the Depository Agent and without any costs to the Depository;

6.10.5 inform the Depository promptly of any disciplinary actions taken against the service provider, or any issues raised by internal or external auditors or any authority that regulates the service provider pertaining to the activities outsourced to the service provider; and

6.10.6 ensure that any internal audit requirements prescribed by the Depository are also complied with in relation to the outsourced operations.

Added on 15 July 2026.

6.12 Reporting of Adverse Events

The Depository Agent shall immediately inform the Depository if:

6.12.1 it is experiencing an emergency or potentially debilitating situation that threatens its operations, including but not limited to a cyber threat or terror attack;

6.12.2 it is insolvent or wound-up, or has had an insolvency or winding-up application presented, or an order made by a court of competent jurisdiction, or any step is taken or a resolution passed, for its winding-up, dissolution, judicial management or administration; or

6.12.3 it has had any attachment, distress, execution or legal process instituted against its assets, or has had any liquidator, receiver or any similar person appointed (or an application has been made for the appointment of such person) in respect of any of its assets.

Added on 15 July 2026.

6.11 Internal Control Systems

A Depository Agent shall establish and maintain adequate internal control systems commensurate with the nature, scale and complexity of the business of the Depository Agent.

Added on 15 July 2026.