SGX Rulebooks
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14.1.1

SGX-ST may conduct an investigation if:—

(1) the investigation involves a possible breach of the Securities and Futures Act, Securities and Futures Regulations, any other relevant applicable laws and regulatory requirements relating to the regulation of markets and licenced entities, Rules, or Directives;
(2) SGX-ST receives a written complaint involving a Trading Member, Director, Trading Representative, Officer, employee or agent;
(3) there is a dispute between Trading Members on a trading matter; or
(4) in SGX-ST's opinion, the circumstances warrant.

Amended on 19 May 201419 May 2014.

14.1.2

SGX-ST will conduct an investigation if the Authority directs.

14.1.3

SGX-ST may require a Trading Member, any of its Directors, Trading Representatives, Officers, employees or agents to:—

(1) render all assistance as SGX-ST requires, at SGX-ST's premises or elsewhere; and
(2) provide SGX-ST with information, books and records which, in SGX-ST's opinion, may be relevant to the investigation.

14.1.4

A Trading Member, Director, Trading Representative, Officer, employee or agent must not wilfully make, furnish or permit the making or furnishing of any false or misleading information, statement or report to SGX-ST.

14.1.5

SGX-ST may appoint any person or persons to assist in its investigation (the "Exchange Examiners").

14.1.6

SGX-ST may delegate all or any of its powers under this Rule to the Exchange Examiner. The Exchange Examiner must report the results of the investigation to SGX-ST.

14.2.1

SGX-ST may conduct an inspection on a Trading Member at any time, and may appoint any person or persons to conduct the inspection (the "Exchange Inspectors").

14.2.2

A Trading Member, Director, Trading Representative, Officer, employee or agent must give the Exchange Inspector access to all information, books and records as requested.

14.2.3

SGX-ST will give a copy of the inspection report to the Trading Member concerned.

14.2.4

SGX-ST may charge a fee for the inspection. The fee is payable immediately by Trading Members.

14.3.1

If an investigation or inspection reveals that a Trading Member, any of its Directors, Trading Representatives, Officers, employees or agents has breached any Rule or Directive, SGX-ST may take any of the following forms of disciplinary action, namely:

(1) to charge the Trading Member or an Approved Executive Director (or both) before the Disciplinary Committee;
(2) to make an offer of composition to the Trading Member or an Approved Executive Director (or both) if the Rule violation is indicated in the third column of Schedule A as a compoundable Rule violation; or
(3) to issue a letter of warning to the Trading Member or an Approved Executive Director (or both).

Amended on 16 May 201116 May 2011.

14.3.2

If an investigation or inspection reveals that a Trading Representative may have breached any Rule or Directive, SGX-ST may take any of the following forms of disciplinary action, namely:

(1) to charge the Trading Representative before the Disciplinary Committee;
(2) to make an offer of composition to the Trading Representative, if the Rule violation is indicated in the third column of Schedule A as a compoundable Rule violation; or
(3) to issue a letter of warning to the Trading Representative.

Amended on 16 May 201116 May 2011.

14.3.3

If the Trading Member, Approved Executive Director or Trading Representative does not accept the offer of composition or comply with the terms of the composition within the stipulated time as prescribed by SGX-ST, SGX-ST may refer the said Trading Member, Approved Executive Director or Trading Representative to the Disciplinary Committee.

Added on 16 May 201116 May 2011.

14.3A.1

SGX-ST may make an offer of composition to a Trading Member, an Approved Executive Director or a Trading Representative who has breached any Rules. The terms of the offer of composition include payment of a specified sum to SGX-ST and may include the fulfillment of any accompanying terms that SGX-ST may prescribe.

Added on 16 May 201116 May 2011.

14.3A.2

Upon payment of the specified sum and fulfillment of the accompanying terms within the stipulated time, no further proceedings shall be taken against that Trading Member, an Approved Executive Director or a Trading Representative for that Rule violation.

Added on 16 May 201116 May 2011.

14.3A.3

Acceptance of the offer of composition by the Trading Member, an Approved Executive Director or a Trading Representative amounts to an admission of liability and the Trading Member, Approved Executive Director or Trading Representative will be deemed to have committed the conduct described in the charge.

Added on 16 May 201116 May 2011.

14.3A.4

In respect of Rule violations which SGX-ST may offer composition, guidelines on the range of composition which SGX-ST may offer to a Trading Member, an Approved Executive Director or a Trading Representative who has committed a Rule violation are indicated in Schedule A.

Added on 16 May 201116 May 2011.

14.3A.5

SGX-ST retains the discretion to offer composition to a Trading Member, an Approved Executive Director or a Trading Representative of an amount which is lower or higher than the guidelines, except that the amount of composition that SGX-ST may offer shall not exceed S$10,000 for each Rule violation.

Added on 16 May 201116 May 2011.

14.3A.6

Notwithstanding that a Rule violation is indicated as being compoundable or may be compoundable under Schedule A, SGX-ST retains the discretion not to make an offer of composition to the Trading Member, an Approved Executive Director or a Trading Representative and instead, to charge the said Trading Member, an Approved Executive Director or a Trading Representative before the Disciplinary Committee.

Added on 16 May 201116 May 2011.

14.3A.7

If SGX-ST has made an offer of composition, it will not commence disciplinary proceedings against a Trading Member, an Approved Executive Director or a Trading Representative until after the stipulated period for the offer lapses.

Added on 16 May 201116 May 2011.

14.3A.8

For the purposes of determining whether a Rule violation is classified as a first, second, third or subsequent offence under Schedule A, only previous violations under the same Rule will be taken into consideration.

Added on 16 May 201116 May 2011.

14.4.1

The Disciplinary Committee comprises persons appointed by the SGX RegCo Board. No Director, Officer or employee of SGX or any of its related corporations may be appointed.

Amended on 15 September 201715 September 2017.

14.4.2

The SGX RegCo Board determines the Chairman and Deputy Chairman of the committee. In the absence of the Chairman, the Deputy Chairman will have all the powers of the Chairman.

Amended on 15 September 201715 September 2017.

14.4.3

The Disciplinary Committee has a quorum of 3 (including the Chairman) when the meeting proceeds to business but may complete any business of a meeting with 2 members. In the case of an equality of votes, the Chairman of the meeting will be entitled to a casting vote.

14.4.4

The Chairman will appoint a date, time and place for the hearing. SGX-ST and the person charged must be given reasonable notice of the hearing.

14.4.5

Members of the Disciplinary Committee must notify the Chairman before, or during, the hearing of any possible conflict of interest in relation to a charge. The Chairman will decide whether the member concerned should attend the hearing of that charge. The Chairman must abstain from hearing a charge in which he may have a conflict of interest.

14.4.6

The Disciplinary Committee may adjourn and reconvene its proceedings as it thinks fit.

14.4.7

Except where it is expressly provided in the Rules, the Disciplinary Committee may establish its own procedures.

14.5.1

The Disciplinary Committee may exercise its powers against a Trading Member, an Approved Executive Director or a Trading Representative who:—

(1) breaches the Securities and Futures Act, Securities and Futures Regulations or relevant applicable laws and regulatory requirements relating to the regulation of markets and licenced entities;
(2) breaches the Rules or Directives;
(3) breaches any relevant law or regulation which governs that person's other business activities;
(4) breaches the rules of any other exchange;
(5) breaches any provisions involving fraud or dishonesty, whether in or out of Singapore;
(6) breaches director's duties;
(7) engages in conduct that has the effect of circumventing the Securities and Futures Act, Securities and Futures Regulations, relevant applicable laws and regulatory requirements relating to the regulation of markets and licenced entities, the Rules, or Directives;
(8) engages in conduct which is inconsistent with just and equitable principles of trading; or
(9) engages in conduct detrimental to the financial integrity, reputation or interests of SGX-ST, or markets established or operated by SGX-ST.

Amended on 19 May 201419 May 2014.

14.5.2

The Disciplinary Committee may exercise its powers against a Trading Member or an Approved Executive Director (or both) if a Director, Trading Representative, Officer, employee or agent breaches, or causes the Trading Member to breach, the Rules or Directives.

14.5.3

A former Trading Member, Approved Executive Director or Trading Representative is bound by the Rules in respect of acts or omissions occurring before the registration ended or before expulsion. SGX-ST and the Disciplinary Committee retain their respective jurisdiction notwithstanding registration ending or expulsion.

14.5.4

The powers of the Disciplinary Committee include:—

(1) expelling a registered person. The Disciplinary Committee may order a registered person to be expelled notwithstanding that he has resigned;
(2) suspending a registered person;
(3) imposing a fine not exceeding S$250,000 on a registered person;
(4) reprimanding (publicly or privately) a registered person;
(5) requiring an education program to be undertaken;
(6) requiring a compliance program to be undertaken;
(7) imposing any restrictions or conditions on activities that a registered person undertakes;
(8) requiring reimbursement or compensation to be paid;
(9) ordering payment of fine by installments;
(10) ordering a stay of the penalty imposed, pending an appeal to the Appeals Committee;
(11) requiring any Director to step down from day-to-day conduct of the business affairs of the Trading Member; and
(12) confirming, changing or discharging the appointment of a Manager under Rule 14.12.2(d).

14.5.5

Mandatory Minimum Penalties to be Imposed by Disciplinary Committee for certain Rule violations

(1) Minimum penalties imposable by the Disciplinary Committee have been stipulated in respect of certain Rule violations, as set out in the thirteenth column of Schedule A.
(2) Where a minimum penalty has been stipulated in respect of a particular Rule violation, if the Disciplinary Committee is satisfied that SGX-ST has proved on a balance of probabilities that the Trading Member, an Approved Executive Director or a Trading Representative has committed the conduct described in the charge, the Disciplinary Committee:
(a) shall impose a penalty, pursuant to its power under Rule 14.5.4(3), not lower than the minimum amount as stated in the thirteenth column of Schedule A, for that particular Rule violation; and
(b) may choose to impose, in addition to the penalty in subsection (a), any one or more of the sanction(s) as set out in Rule 14.5.4.

Added on 16 May 201116 May 2011.

14.6.1

SGX-ST will give a person charged a written notice setting out particulars of the charge. In the case of an Approved Executive Director or a Trading Representative, a copy will be given to the Trading Member.

14.6.2 Response to Charge

(1) The following procedures apply:—
(a) The person charged may submit a Defence. It must be given to the Secretary of the Disciplinary Committee within 14 days from the date of the Notice of Charge.
(b) SGX-ST may Respond to the Defence. It must be given to the person charged and the Secretary within 14 days of receipt of the Defence.
(c) The person charged may Reply to the Response. It must be given to the Secretary within 14 days of receipt of the Response.
(2) Time to comply with the deadlines may be extended by the Chairman of the Disciplinary Committee or his nominee. A written request for extension must be submitted within the deadline and must set out the grounds. The decision of the Chairman or his nominee is final and binding.
(3) The Disciplinary Committee may hear a charge and exercise all its powers even if the person charged does not file a Defence or a Reply to the Response, or is not present at the hearing or any adjourned hearing.

14.6.3 Legal Representation before Disciplinary Committee

(1) SGX-ST and the person charged may be represented by an advocate and solicitor.
(2) The person charged must tell the Secretary of the Disciplinary Committee in writing of the name of his legal representative at least 14 days before the hearing of the charge.
(3) The Disciplinary Committee may seek the advice of an advocate and solicitor.

14.6.4 Evidence

(1) SGX-ST and the person charged may examine, and take copies of, the evidence which each of them intends to rely on at the hearing.
(2) A person charged and the Trading Member (if applicable) must give SGX-ST a written undertaking not to disclose information received from SGX-ST in relation to the charge to any person, except the legal representative of the person charged for the purpose of the hearing or any appeal.
(3) A breach of the undertaking constitutes a breach of the Rules.

14.6.5 Witnesses, Examination and Cross Examination

(1) SGX-ST and the person charged may:—
(a) examine and cross-examine witnesses; and
(b) request the attendance of a witness.
(2) The Disciplinary Committee may, in its absolute discretion:—
(a) call for the attendance of any witness; and
(b) allow or disallow a request for the attendance of a witness.
(3) The Disciplinary Committee cannot compel the attendance of a witness.

14.6.6 Disciplinary Committee's Deliberation

Unless expressly permitted by the Chairman of the Disciplinary Committee, SGX-ST and the person charged must not be present during the deliberation of a charge by the Disciplinary Committee. Failure to observe this Rule does not vitiate any decision.

14.6.7 Decision of Disciplinary Committee

(1) SGX-ST and the person charged may be present when the Disciplinary Committee announces its decision.
(2) The Disciplinary Committee will record short written grounds of decision.
(3) The Disciplinary Committee will give its written decision to SGX-ST and the person charged.

14.6.8 Notification of Decision

(1) SGX-ST will notify all Trading Members, Approved Executive Directors and Trading Representatives of all charges established by the Disciplinary Committee (together with such details as SGX-ST thinks appropriate).
(2) SGX-ST may make the decision public (together with such details as SGX-ST thinks appropriate). For avoidance of doubt, this includes publication of the following information:—
(a) the particulars of the Trading Member, Approved Executive Director or Trading Representative. In the case of an Approved Executive Director or a Trading Representative, also the particulars of his or her Trading Member at the time;
(b) the particulars of the charge;
(c) the underlying facts in respect of the charge;
(d) the findings and decision of the Disciplinary Committee or the Appeals Committee (as applicable);
(e) the basis of the findings and decision of the Disciplinary Committee or the Appeals Committee (as applicable); and
(f) the powers exercised by the Disciplinary Committee or the Appeals Committee (as applicable).
(3) This Rule operates as irrevocable consent by a Trading Member, an Approved Executive Director and a Trading Representative for SGX-ST to publish or notify a decision. The consent remains valid and effective notwithstanding that the person ceases to be a Trading Member, Approved Executive Director or Trading Representative. A Trading Member, Approved Executive Director or Trading Representative cannot initiate any action or proceeding against SGX-ST or members of the Disciplinary Committee for publishing or notifying a decision under this Rule.

Amended on 1 January 20051 January 2005.

14.7.1

The Appeals Committee comprises persons appointed by the Board of Directors of SGX RegCo and approved by the Authority provided that:—

(a) no Director, Officer or employee of SGX or any of its related companies may be appointed;
(b) a majority are not directors, officers or employees of the members of SGX or its subsidiaries; and
(c) a majority are not substantial shareholders of SGX or directors, officers or employees of any substantial shareholder of SGX.

Amended on 30 November 200530 November 2005. and 15 September 201715 September 2017

14.7.2

The powers of the Appeals Committee include:—

(1) all the powers of the Disciplinary Committee;
(2) increasing or reducing penalties, and overturning, varying or upholding any decision of the Disciplinary Committee;
(3) hearing appeals in accordance with the Rules; and
(4) dealing with such other matters as the SGX RegCo Board gives it (either generally or in a particular case).

Amended on 15 September 201715 September 2017.

14.7.3

The Appeals Committee elects a Chairman from among the members.

14.7.4

The Appeals Committee has a quorum of 3 (including the Chairman) when the meeting proceeds to business but may complete any business of a meeting with 2 members. In the case of an equality of votes, the Chairman will be entitled to a casting vote.

14.7.5

The Chairman will appoint a date, time and place for the hearing. The appellant and the respondent must be given reasonable notice of the hearing.

14.7.6

Members of the Appeals Committee must notify the Chairman before, or during, the hearing of any possible conflict of interest in relation to an appeal. The Chairman will decide whether the member concerned should attend the hearing of that appeal. The Chairman must abstain from hearing an appeal in which he may have a conflict of interest.

14.7.7

The Appeals Committee may adjourn and reconvene its proceedings as it thinks fit. If the parties to an appeal are not attending the hearing, the Appeals Committee may hear the appeal by way of a resolution in writing.

14.7.8

Except where it is expressly provided in the Rules, the Appeals Committee may establish its own procedures.

14.8.1

SGX-ST or the person charged may appeal against the decision of the Disciplinary Committee.

14.8.2

A decision of the Appeals Committee is final and binding.

Amended on 12 October 200512 October 2005.

14.9.1 Notice of Appeal and Reply

(1) The following procedures apply:—
(a) The Appellant must give a Notice of Appeal (setting out the full grounds of appeal) to the Respondent and the Secretary of the Appeals Committee within 14 days of receipt of the Disciplinary Committee's written decision under Rule 14.6.7(3).
(b) The Respondent may Respond. It must be given to the Appellant and the Secretary within 14 days of receipt of the Notice of Appeal.
(c) The Appellant may Reply to the Response. It must be given to the Respondent and the Secretary within 14 days of receipt of the Response.
(2) Time to comply with the deadlines may be extended by the Chairman of the Appeals Committee or his nominee. A written request for extension must be submitted within the deadline and must set out the grounds. The decision of the Chairman or his nominee is final and binding.
(3) The Appeals Committee may hear an appeal and exercise all its powers even if the Respondent does not file a Response or either party is not present at the hearing or any adjourned hearing.

14.9.2 Administrative Fee for Appeal

(1) An appellant (other than SGX-ST) must pay an administrative fee of $1,500 when submitting a Notice of Appeal.
(2) The administrative fee is not refundable unless:—
(a) the appellant tells the Secretary of the Appeals Committee in writing of withdrawal of the appeal at least 7 days before the hearing of the appeal;
(b) the appeal is successful; or
(c) the Chairman of the Appeals Committee agrees to a refund, whether in full or in part.

14.9.3 Appeals by Rehearing

(1) The Appeals Committee will determine the appeal by way of rehearing. It will only rehear that part of the decision of the Disciplinary Committee appealed against.
(2) The Appeals Committee may receive evidence that was not presented to the Disciplinary Committee. In exercising its discretion, the Appeals Committee will consider whether the evidence was available at the time of the hearing by the Disciplinary Committee and why it was not introduced at that time.

14.9.4 Legal Representation Before Appeals Committee

(1) An appellant and a respondent may be represented by an advocate and solicitor.
(2) The Secretary of the Appeals Committee must be informed in writing of the name of the legal representative at least 14 days before the hearing of the appeal.
(3) The Appeals Committee may seek the advice of an advocate and solicitor.

14.9.5 Evidence

(1) The parties to an appeal may examine, and take copies of, the evidence which each of them intends to rely on at the hearing.
(2) The undertaking given under Rule 14.6.4(2) applies.

14.9.6 Witnesses, Examination and Cross Examination

(1) The parties to an appeal may:—
(a) examine and cross-examine witnesses; and
(b) request the attendance of a witness.
(2) The Appeals Committee may, in its absolute discretion:—
(a) call for the attendance of any witness; and
(b) allow or disallow a request for the attendance of a witness.
(3) The Appeals Committee cannot compel the attendance of a witness.

14.9.7 Appeals Committee's Deliberation

Unless expressly permitted by the Chairman of the Appeals Committee, the parties to an appeal must not be present during the deliberation of an appeal by the Appeals Committee. Failure to observe this Rule does not vitiate the decision.

14.9.8 Decision of Appeals Committee

(1) The parties to an appeal may be present when the Appeals Committee announces its decision.
(2) The Appeals Committee will record short written grounds of decision.
(3) The Appeals Committee will give its written decision to all parties to an appeal.

14.10.1

The Disciplinary Committee or Appeals Committee may require the Trading Member, Approved Executive Director or Trading Representative charged to pay all or part of the costs of the investigation, inspection or hearing.

14.10.2

The Committee may order the costs awarded to be paid within 14 days.

14.11.1

A fine must be paid within 14 days from the date of notice, or such longer time as the Chairman of the Disciplinary Committee or the Appeals Committee (as applicable), or his nominee, permits.

14.11.2

If a fine remains unpaid 7 days after the deadline, the Trading Member's access to markets established or operated by SGX-ST, the Approved Executive Director's registration, or the Trading Representative's registration (as the case may be), is suspended. The suspension ends upon full payment of the fine.

14.12.1

Action Against Registered Persons

(1) SGX-ST may suspend, or otherwise restrict the activities of, a Trading Member, an Approved Executive Director or a Trading Representative if the person is charged with:—
(a) an offence under the Securities and Futures Act or Securities and Futures Regulations or an offence under any other relevant applicable laws and regulatory requirements relating to the regulation of markets and licenced entities;
(b) an offence involving fraud or dishonesty, whether in or out of Singapore;
(c) an offence relating to director's duties; or
(d) an offence under any relevant law or regulation which governs that person's other business activities.
(2) The suspension or restriction ends if the Trading Member, Approved Executive Director or Trading Representative is acquitted or the charge is not proceeded with.

Amended on 19 May 201419 May 2014.

14.12.2

If SGX-ST is of the opinion that:—

(1) a Trading Member has, or may have, insufficient capital for the conduct of its business; or
(2) a review should be carried out in respect of a Trading Member's management policies or business conduct in the interests of the Trading Member, SGX-ST, or markets established or operated by SGX-ST,
SGX-ST may do any or all of the following:—
(a) require the Trading Member to operate its business subject to such restrictions or conditions as SGX-ST decides;
(b) suspend the Trading Member for a period SGX-ST decides. The suspension will be announced to all Trading Members. During the suspension, the Trading Member:—
(i) must not enter into a new transaction without the approval of SGX-ST; and
(ii) remains liable to complete all contracts outstanding at the time of suspension. However, it must not deliver any securities or settle any transaction without the approval of SGX-ST.
(c) require any Director to step down from day-to-day conduct of the business affairs of the Trading Member; and
(d) appoint a Manager to manage the business of the Trading Member. SGX-ST will fix the remuneration of the Manager, which must be paid by the Trading Member. The Trading Member is solely responsible for the Manager's acts and defaults. The Manager must carry out directions given by SGX-ST in relation to the business of the Trading Member, including carrying on the business of the Trading Member in accordance with instructions.

14.12.3 Action Against Defaulters

(1) SGX-ST may declare a Trading Member to be a defaulter if, in its opinion, the Trading Member:—
(a) has failed, is unable, or unwilling, to fulfill its obligations to SGX-ST or its customers; or
(b) is apparently insolvent.
(2) A Trading Member that commits an act that may result in it being declared a defaulter under Rule 14.12.3(1) must inform SGX-ST immediately. A Trading Member against whom any such act is committed must also inform SGX-ST immediately.
(3) A Trading Member's access to organised markets established or operated by SGX-ST ceases if it is declared a defaulter. The access may be reinstated by SGX-ST. The Trading Member remains liable to SGX-ST, other Trading Members and its customers for all obligations incurred before its access ceased.
(4) SGX-ST will notify all Trading Members of the declaration of default and the reinstatement (if applicable).
(5) SGX-ST may allow an open transaction with a defaulter to be closed as SGX-ST directs.
(6) Action under this Rule is in addition to other actions which SGX-ST is entitled to take against the Trading Member.

Amended on 8 October 20188 October 2018.

14.12.4

Subject to Rule 14.12.5, SGX-ST will notify the Trading Member, Approved Executive Director or Trading Representative in writing before it exercises any of its powers under this Rule.

14.12.5

If, in SGX-ST's opinion, it is necessary to protect the financial integrity, reputation or interests of SGX-ST, or organised markets established or operated by SGX-ST, it may exercise its powers under this Rule without prior notice to the Trading Member, Approved Executive Director or Trading Representative. SGX-ST will notify the Trading Member, Approved Executive Director or Trading Representative in writing after it has exercised the powers.

Amended on 8 October 20188 October 2018.

14.12.6

SGX-ST will refer the matter (together with an account of its exercise of the interim powers) to the Disciplinary Committee for a decision within 14 days of SGX-ST's notification of its actions under this Rule. The Disciplinary Committee proceedings in Rule 14.6 apply. The Disciplinary Committee may expedite the proceedings if it thinks fit. SGX-ST's notification will serve as the written notice under Rule 14.6.1.

14.13.1

Where SGX-ST deems it necessary or desirable for ensuring a fair and orderly market or for ensuring a safe and efficient clearing facility, or for ensuring the integrity of the market or for proper management of systemic risk in the market, SGX-ST may, in relation to 1 or more Trading Members:

(1) require that a portion of the positions in respect of Marginable Futures Contract carried in any account(s) on the books of such Trading Member be transferred to the books of 1 or more Trading Members;
(2) require such Trading Member to liquidate any of the positions carried in any account(s) on its books;
(3) modify any term in any Contract Specifications, which may include bringing forward the Last Trading Day, or modifying the settlement obligations as set out in Rule 9.4.1;
(4) require such Trading Member to close any accounts;
(5) impose such additional capital requirements on such Trading Member as SGX-ST deems necessary or desirable;
(6) impose such limits and/or conditions to control the activities of such Trading Member as SGX-ST deems necessary or desirable; and
(7) take such action or require such Trading Member to take such action as SGX-ST deems necessary or desirable.

Added on 16 September 201616 September 2016.

14.13.2

SGX-ST shall, as soon as practicable, notify the Authority of any action taken pursuant to Rule 14.13.

Added on 16 September 201616 September 2016 and amended on 15 September 201715 September 2017.

14.13.3

Nothing in this rule shall limit the authority of SGX-ST, SGX RegCo or any other committee to act in an emergency situation in accordance with these Rules.

Added on 16 September 201616 September 2016 and amended on 15 September 201715 September 2017.

14.13.4

Without prejudice to the generality of Chapter 2, SGX-ST shall not be liable to any Trading Member or any other person in respect of any damage, loss, cost or expense of whatsoever nature (whether direct, indirect, special or consequential, including without limitation any loss of business, revenue, goodwill, bargain or profit), suffered or incurred by such Trading Member or third party, arising out of or in connection with the exercise or non-exercise by SGX-ST of its powers under Rule 14.13 or the determination by SGX-ST of the satisfaction or non-satisfaction of any condition for the exercise of such powers.

Added on 16 September 201616 September 2016.