Chapter 1 — Introduction
1.1 Application of Rules
The Rules, and any Directives, operate as a binding contract between SGX-ST and each Trading Member, and between a Trading Member and any other Trading Member.
A person who is not a party to the Rules has no rights under the Contracts (Rights of Third Parties) Act (Cap. 53B) to enforce the Rules, regardless of whether such person has been identified by name, as a member of a class or as answering a particular description.
A person is deemed to be bound by the Rules and any Directives upon approval of the person's admission or registration (where applicable) by SGX-ST.
A person admitted or registered by SGX-ST must comply with the Rules:—(1) in accordance with the spirit, intention and purpose; and(2) by looking beyond form to substance.
1.2 Waiver of Rules
SGX-ST may waive a rule (or part of a rule) to suit the circumstances of a particular case, unless the rule specifies that SGX-ST will not waive it. SGX-ST may grant a waiver subject to such conditions as it considers appropriate. A waiver is only effective if the conditions are satisfied. If a waiver is granted, SGX-ST will notify all Trading Members of the waiver as soon as practicable.
1.3 Alteration of Rules
SGX-ST may, from time to time, prescribe Directives to supplement the Rules.
1.5 Practice Notes
SGX-ST may, from time to time, issue Practice Notes to provide guidance on the interpretation and application of any rule. A practice note does not bind SGX-ST in the application of a rule.
1.6 Transitional Arrangements
SGX-ST may, from time to time, publish transitional arrangements in relation to any amended or new rule(s).
1.7 Order of Precedence
The order of precedence of the following instruments applicable to SGX-ST and Trading Members shall be (in descending order of precedence):(1) Legislation;(2) Rules;(3) Directives; and(4) Practice Notes.