6 Duties and Obligations of Depository Agents in respect of Sub-Accounts

6.1 Opening of Sub-Accounts

Current version: Effective up to 14 Jul 2026

A Depository Agent shall carry out the following obligations and obtain an external auditors' certification that it has complied with such obligations:

6.1.1 open and maintain one or more Sub-Accounts for all Deposited Securities held for its own account.

6.1.2 open and maintain a separate Sub-Account for each of its clients for all Deposited Securities held on account of such clients.

6.1.3 at all times segregate the Deposited Securities held in each Sub-Account from those held in other Sub-Accounts.

6.1.4 at all times segregate Deposited Securities held for its own account from Deposited Securities held for the account of each of its clients.

For the purpose of Rules 6.1.2 and 6.1.4, the Depository Agent's clients shall include clients of the Depository Agent's clients who are the beneficial owners of the Deposited Securities.

6.1D Notification of Transactions in Deposited Securities

Future Version: Effective from 15 Jul 2026

A Depository Agent shall, within a reasonable time, notify a Sub-Account Holder of any transaction carried out on behalf of the Sub-Account Holder in respect of Deposited Securities.

Added on 15 July 2026.

6.1B Client Monies

Future Version: Effective from 15 Jul 2026

A Depository Agent shall comply with Part III, Divisions 2 and 4 of the Securities and Futures (Licensing and Conduct of Business) Regulations in respect of monies received on account of Sub-Account Holders.

This Rule does not apply to a Depository Agent if those requirements do not, under law, apply to both the Depository Agent and (where the Depository Agent is a nominee company) the Regulated Entity for which it provides custodial services.

Added on 15 July 2026.

6.1C Transactions in Deposited Securities held for Sub-Account Holders

Future Version: Effective from 15 Jul 2026

6.1C.1 A Depository Agent shall not carry out any transaction in respect of the Deposited Securities held for a Sub-Account Holder unless authorised by the Sub-Account Holder to do so.

6.1C.2 Notwithstanding any authority given by a Sub-Account Holder, a Depository Agent shall not use the Deposited Securities held for the Sub-Account Holder to settle any obligations other than those of the Sub-Account Holder unless:

(a) the Deposited Securities are used in connection with a borrowing or lending arrangement in respect of the Deposited Securities; and

(b) the Depository Agent complies with the relevant laws in relation to the borrowing or lending of the Deposited Securities.

Added on 15 July 2026.

6.1E Statement of Account

Future Version: Effective from 15 Jul 2026

6.1E.1 The Depository Agent shall on a periodic basis (at least monthly) furnish to each Sub-Account Holder a statement of account in respect of the Deposited Securities held on that Sub-Account Holder’s behalf, unless:

(a) there is no transaction in, or no change to the amount of, those Deposited Securities since the date of the last statement of account; or

(b) the Sub-Account Holder is an “accredited investor”, an “expert investor” or an “institutional investor” as defined in the Securities and Futures Act, and –

(i) the Depository Agent has made available to the Sub-Account Holder, on a real time basis, those particulars in the form of an electronic record stored on an electronic facility and the Sub-Account Holder has consented to those particulars being made available to him in this manner; or

(ii) the Sub-Account Holder has requested, in writing, not to receive the statement of account on a monthly basis from the Depository Agent.

6.1E.2 The Depository Agent shall furnish to a Sub-Account Holder such a statement of account upon request.

Added on 15 July 2026.

6.1A Disclosure of Account Structure to Retail Sub-Account Holders

Future Version: Effective from 15 Jul 2026

A Depository Agent shall, before depositing securities received on account of a Retail Sub-Account Holder, disclose in writing to that Sub-Account Holder:

6.1A.1 that Deposited Securities held for the Sub-Account Holder are deposited with the Depository in the name of the Depository Agent and not in the Sub-Account Holder’s name;

6.1A.2 that the Depository Agent holds those Deposited Securities on trust for the Sub-Account Holder;

6.1A.3 whether Deposited Securities held for the Sub-Account Holder will be commingled with the Deposited Securities held for other Sub-Account Holders in the same Sub-Account;

6.1A.4 if that Sub-Account Holder’s assets will be deposited in a Sub-Account together with, and commingled with, the Deposited Securities of the Depository Agent’s other customers, the risks of such commingling; and

6.1A.5 the consequences for the Sub-Account Holder’s assets if the Depository Agent becomes insolvent.

Added on 15 July 2026.

6.2 Records

Current version: Effective up to 14 Jul 2026

A Depository Agent shall maintain up-to-date records of Sub-Account Holders, containing such information as the Depository may specify from time to time.

6.3 Disclosure of Sub-Account Holders' Information

Current version: Effective up to 14 Jul 2026

A Depository Agent shall disclose to the Depository such information as the Depository may require in relation to Sub-Account Holders if in the opinion of the Depository:

6.3.1 such information is required in order to monitor foreign ownership or other shareholding limits imposed by law or by an Issuer;

6.3.2 such information is required by any applicable law, regulation or order of any government, court, tribunal or other competent authority or by any contractual obligation imposed or binding on the Depository or any of its nominee(s);

6.3.3 such information is required for purposes of investor protection; or

6.3.4 the Depository Agent is required to provide such information to the Depository pursuant to the Depository Agent Terms.

6.4 External Auditor's Certification

Current version: Effective up to 14 Jul 2026

The Depository Agent shall, within five (5) calendar months after the close of each financial year, cause its external auditors to certify in writing in a manner acceptable to the Depository, that its obligations in Rule 6.1 and such other obligation as prescribed by the Depository from time to time, have been duly complied with.

6.5 Failure to Submit within Deadlines

Current version: Effective up to 14 Jul 2026

6.5.1 Where a Depository Agent fails to submit any auditors' certification required by the Depository within the prescribed deadlines, the Depository may reprimand the Depository Agent either publicly or privately, unless an extension of time is granted.

6.5.2 Any request for an extension of time shall be submitted to Depository at least seven (7) business days before the expiry of the prescribed deadline.

6.6 Appointment of Another Auditor

Current version: Effective up to 14 Jul 2026

The Depository may, if it is not satisfied with the certification of the Depository Agent's external auditors, or where the Depository considers it appropriate, at any time appoint another auditor to render a certification required under Rule 6.4, and the costs and expenses incurred by the Depository in respect thereof shall be borne by the Depository Agent.

6.7 Binding Terms

A Depository Agent shall abide by and be bound by the Depository Agent Terms.

6.8 Facilitation of Sub-Account Holders’ Shareholder Rights

Future Version: Effective from 15 Jul 2026

6.8.1 A Depository Agent shall:

(a) distribute to Sub-Account Holders in accordance with their respective holdings in the Sub-Accounts as at the Record Date any cash, property or other rights that may be received from an Issuer through the Depository;

(b) unless otherwise agreed with Sub-Account Holders but subject always to Rule 6.8.2, keep each Sub-Account Holder duly informed of relevant information which may from time to time be issued by the Issuer or by the Depository in respect of his relevant holdings in a Sub-Account;

(c) furnish to each Sub-Account Holder such information as the Depository shall specifically direct, promptly after receipt of such direction from the Depository; and

(d) give notice in writing to the Depository immediately upon the breach of any one or more of the representations and warranties referred to in the Depository Agent Agreement.

6.8.2 Save as otherwise permitted by the Depository, a Depository Agent must, in respect of Deposited Securities of an Issuer that the Depository Agent holds for an Individual Sub-Account Holder:

(a) unless the Individual Sub-Account Holder has expressly opted out of being so notified, disseminate to the Individual Sub-Account Holder notice of any meeting of the Issuer or any meeting of any class of members of the Issuer or holders of the Deposited Securities, and notify the Individual Sub-Account Holder of the right of the Individual Sub-Account Holder to be appointed as proxy to attend and vote at such meeting;

(b) unless the Individual Sub-Account Holder has expressly opted out of being so notified, disseminate to the Individual Sub-Account Holder notice of any corporate action event that carries a right of election;

(c) appoint the Individual Sub-Account Holder as the Depository Agent’s proxy to attend and vote at any meeting of the Issuer or meeting of any class of members of the Issuer or holders of the Deposited Securities, if requested by the Individual Sub-Account Holder to do so;

(d) submit to the Issuer any voting instruction received from the Individual Sub-Account Holder;

(e) submit to the Issuer any corporate action election received from the Individual Sub-Account Holder; and

(f) assist the Individual Sub-Account Holder to requisition or call a meeting of the Issuer, or to requisition the circulation of resolutions if requested by the Individual Sub-Account Holder to do so.

6.8.3 The Depository Agent shall give each Individual Sub-Account Holder sufficient time, in any case within such timelines as the Depository may prescribe, to give the instructions or make the elections or requests contemplated in Rules 6.8.2(c) to (e).

6.8.4 In submitting to the Issuer voting instructions received from Individual Sub-Account Holders pursuant to Rule 6.8.2(d), the Depository Agent shall reflect the aggregate value of votes “for” and the aggregate value of votes “against” in such manner as the Depository may specify.

6.8.5 A Depository Agent shall, prior to onboarding a Individual Sub-Account Holder, disclose all fees chargeable by the Depository Agent, and shall notify Individual Sub-Account Holders of any changes to such fees.

6.8.6 Rule 6.8 shall apply to an SGX-ST Trading Member who holds Deposited Securities on behalf of customers. For that purpose:

(a) a reference in the Rule to a Depository Agent is to be construed as a reference to the SGX-ST Trading Member; and

(b) a reference in the Rule to a Sub-Account Holder is to be construed as a reference to any of those customers; and

(c) a reference in the Rule to an Individual Sub-Account Holder is to be construed as a reference to any of those customers, who is an individual, and includes an individual who is an “accredited investor” or an "expert investor" as defined in the Securities and Futures Act.

Added on 15 July 2026.

6.9 Business Continuity Requirements

Future Version: Effective from 15 Jul 2026

A Depository Agent shall:

6.9.1 assess its business and operational risks and maintain adequate business continuity arrangements;

6.9.2 document the business continuity arrangements in a business continuity plan; and

6.9.3 test and review the business continuity plans regularly.

Added on 15 July 2026.

6.10 Outsourcing Conditions

Future Version: Effective from 15 Jul 2026

A Depository Agent that outsources any of its operations must:

6.10.1 comply with any guidance or requirements on outsourcing as prescribed by MAS or the Depository;

6.10.2 have in place adequate audit trails of the activities performed by the service provider;

6.10.3 ensure that the service provider provides the Depository with any information, including records of the work done by the service provider and any other records maintained by the service provider, at the Depository’s request;

6.10.4 ensure that the service provider provides the Depository access to all relevant records and systems and that the Depository is able to perform on-site inspections of the outsourced operations in the same way as if the outsourced operations were residing in the Depository Agent and without any costs to the Depository;

6.10.5 inform the Depository promptly of any disciplinary actions taken against the service provider, or any issues raised by internal or external auditors or any authority that regulates the service provider pertaining to the activities outsourced to the service provider; and

6.10.6 ensure that any internal audit requirements prescribed by the Depository are also complied with in relation to the outsourced operations.

Added on 15 July 2026.

6.11 Internal Control Systems

Future Version: Effective from 15 Jul 2026

A Depository Agent shall establish and maintain adequate internal control systems commensurate with the nature, scale and complexity of the business of the Depository Agent.

Added on 15 July 2026.

6.12 Reporting of Adverse Events

Future Version: Effective from 15 Jul 2026

The Depository Agent shall immediately inform the Depository if:

6.12.1 it is experiencing an emergency or potentially debilitating situation that threatens its operations, including but not limited to a cyber threat or terror attack;

6.12.2 it is insolvent or wound-up, or has had an insolvency or winding-up application presented, or an order made by a court of competent jurisdiction, or any step is taken or a resolution passed, for its winding-up, dissolution, judicial management or administration; or

6.12.3 it has had any attachment, distress, execution or legal process instituted against its assets, or has had any liquidator, receiver or any similar person appointed (or an application has been made for the appointment of such person) in respect of any of its assets.

Added on 15 July 2026.