Past version: Effective from 29 Dec 2014 to 21 Apr 2019
2.11.3.1 Each Clearing Member incorporated in Singapore, shall immediately notify the Clearing House when it draws down a qualifying subordinated loan no later than the date of draw down.
2.11.3.2 A Clearing Member incorporated in Singapore:—
a. shall not repay, whether in part or in full, any subordinated loan principal before the maturity date without the prior approval of the Clearing House;
b. shall not repay, whether in part or in full, any subordinated loan principal that has matured:—
i. unless the Clearing Member notifies the Clearing House at least one (1) Business Day before the date of repayment;
ii. if the financial resources of the Clearing Member, are less than 150% of its total risk requirement;
iii. in the case of a General Clearing Member or Direct Clearing Member, if the aggregate indebtedness of the General Clearing Member or Direct Clearing Member exceeds 600% of its aggregate resources;
iv. if such a repayment will cause an event in Rules 2.11.3.2.b.ii or iii to occur; or
v. if the Clearing House has prohibited in writing such a repayment.
Amended on 27 March 200627 March 2006, 10 August 200710 August 2007 and 29 December 201429 December 2014.