Past version: Effective up to 28 Dec 2014
(1) A Trading Member shall obtain the prior approval of SGX-ST if it enters a subordinated loan agreement in a format other than the format prescribed by SGX-ST from time to time.
(2) Where a Trading Member draws down a qualifying subordinated loan, the Trading Member shall notify SGX-ST no later than the date of draw down of the qualifying subordinated loan.
(3) A Trading Member shall not repay, whether in part or in full, any subordinated loan principal before the maturity date without the prior approval of SGX-ST.
(4) A Trading Member shall not repay, whether in part or in full, any subordinated loan principal that has matured:—
(a) unless the Trading Member notifies SGX-ST at least 1 Market Day before the date of repayment;
(b) if its financial resources (including qualifying letters of credit referred to in Rule 11.3.11) is less than 150% of its total risk requirement;
(c) if its aggregate indebtedness exceeds 600% of its aggregate resources;
(d) if such a repayment will cause an event in Rule 11.13.3(4)(b) or (c) to occur; or
(e) if SGX-ST has prohibited in writing such a repayment.