Whole Section

  • Chapter 6 — Approved Executive Director

    • 6.1 Appointment and Registration

      • 6.1.1

        (1) A Trading Member must appoint at least 1 person as Approved Executive Director to be registered with SGX-ST. SGX-ST may, in its absolute discretion refuse to register an appointed person as an Approved Executive Director. SGX-ST is not obliged to give any reasons..
        (2) Subject to Rule 6.1.1(2A), the Approved Executive Director must be approved by the Authority as an Executive Director in accordance with the Securities and Futures Act.
        (2A) Where the Trading Member does not hold a Capital Markets Services Licence, it shall appoint a fit and proper person that is a senior management responsible for the Trading Member's business activities on SGX-ST for which it holds a licence specified in Rule 4.1.1(b) as an Approved Executive Director.
        (3) The Approved Executive Director is to be responsible for ensuring that the Trading Member complies with the Rules, and any Directives that SGX-ST prescribes.

        Amended on 19 May 201419 May 2014 and 29 December 201429 December 2014.

      • 6.1.2

        Upon registration, an Approved Executive Director is deemed to have agreed to be bound by the Rules, or any Directives SGX-ST prescribes.

    • 6.2 Obligations of an Approved Executive Director

      • 6.2.1 Compliance

        An Approved Executive Director must comply with the Rules, and any Directives SGX-ST prescribes.

      • 6.2.2 Payment of Fees

        An Approved Executive Director must pay SGX-ST all fees, levies and charges as SGX-ST prescribes. SGX-ST may reduce or waive any fee, levy or charge.

      • 6.2.3 Other Businesses

        (1) An Approved Executive Director must inform SGX-ST in writing at least 14 days before he or she engages in, or holds any substantial shareholding in, any other business that might potentially conflict with being an Approved Executive Director. The Approved Executive Director must ensure that the proposed engagement or shareholding is agreed to by his or her Trading Member.
        (2) The engagement (and any actions taken under it) or shareholding must not breach the Securities and Futures Act, Securities and Futures Regulations, the Rules, any Directives or any relevant law or regulation.
        (3) An Approved Executive Director must supply SGX-ST with any information it requires regarding the engagement or acquisition of shareholding.
        (4) If SGX-ST objects to the engagement or acquisition of shareholding, an Approved Executive Director must not proceed with it. SGX-ST may extend the period specified in Rule 6.2.3(1). If extended, the Approved Executive Director must not proceed with the engagement or acquisition of shareholding before the expiry of the extended period.
        (5) If an engagement or shareholding, in SGX-ST's opinion, is detrimental to the financial integrity, reputation or interests of SGX-ST, the principal Trading Member or its customers, SGX-ST may require the Approved Executive Director to end it.
        (6) If SGX-ST objects to the engagement or acquisition of shareholding or requires an Approved Executive Director to end it, the Approved Executive Director may, within 14 days after it is notified of SGX-ST's decision, appeal in writing to the SGX RegCo Board whose decision will be final.

        Refer to Directive No. 1.

        Amended on 15 September 201715 September 2017.

    • 6.3 Automatic De-Registration

      • 6.3.1

        An Approved Executive Director will automatically cease to be registered as an Approved Executive Director if he or she:—

        (1) becomes of unsound mind;
        (2) is made bankrupt, whether in or out of Singapore;
        (3) is disqualified from holding office as a Director under the Securities and Futures Act, the Companies Act (Cap. 50) or any other relevant applicable laws;
        (4) ceases to be an Executive Director or senior management responsible for the Trading Member's business activities on SGX-ST of the Trading Member;
        (5) is subject to a compromise or scheme of arrangement with his or her creditors, whether in or out of Singapore;
        (6) has execution in respect of a judgment debt returned unsatisfied in whole or in part; or
        (7) breaches any provision involving fraud or dishonesty, whether in or out of Singapore.

        Amended on 19 May 201419 May 2014.

    • 6.4 Deletion from Register

      • 6.4.1

        An Approved Executive Director who ceases to hold office will have his or her name deleted from the Register of Approved Executive Director upon the effective date of cessation.

    • 6.5 Obligations of a Former Approved Executive Director

      • 6.5.1

        A former Approved Executive Director remains liable to SGX-ST for any liabilities incurred under the Rules or Directives during the period of his or her registration. The former Approved Executive Director also remains subject to disciplinary actions for any offence committed during the period of his or her registration.