14.1.1
SGX-ST may conduct an investigation if:—
Amended on 19 May 201419 May 2014.
14.1.3
SGX-ST may require a Trading Member, any of its Directors, Trading Representatives, Officers, employees or agents to:—
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.
14.2.4
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:
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:
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.
14.4.7
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:—
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:—
14.5.5
Mandatory Minimum Penalties to be Imposed by Disciplinary Committee for certain Rule violations
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
14.6.3 Legal Representation before Disciplinary Committee
14.6.4 Evidence
14.6.5 Witnesses, Examination and Cross Examination
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
14.6.8 Notification of Decision
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:—
Amended on 30 November 200530 November 2005. and 15 September 201715 September 2017
14.7.2
The powers of the Appeals Committee include:—
Amended on 15 September 201715 September 2017.
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.
14.8.2
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
14.9.2 Administrative Fee for Appeal
14.9.3 Appeals by Rehearing
14.9.4 Legal Representation Before Appeals Committee
14.9.5 Evidence
14.9.6 Witnesses, Examination and Cross Examination
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
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.
14.11.1
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
Amended on 19 May 201419 May 2014.
14.12.2
If SGX-ST is of the opinion that:—
SGX-ST may do any or all of the following:—
14.12.3 Action Against Defaulters
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:
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.