(1) the applicant does not provide CDP with information relating to the application as CDP requires;

(1A) any information or document that is furnished by the applicant to CDP is false or misleading;

(2) the applicant, its substantial shareholder or head office is in the course of being wound up, or a resolution to do so is passed by the shareholders, or a court order is made, to wind it up, whether in or out of Singapore;

(3) execution against the applicant, its substantial shareholder or head office in respect of a judgment debt has been returned unsatisfied in whole or in part, whether in or out of Singapore;

(4) the applicant, its substantial shareholder or head office has entered into an arrangement or composition with its creditors that is still in operation, whether in or out of Singapore;

(5) a receiver, a receiver and manager, judicial manager or such other person having similar powers and duties, has been appointed, whether in or out of Singapore, in relation to any property of the applicant, its substantial shareholders or head office;

(6) CDP is not satisfied with the financial standing of the applicant, its substantial shareholders or head office;

(7) CDP is not satisfied with the manner in which the applicant's business is to be conducted;

(8) the applicant, any of its officers, substantial shareholders or head office breaches any provision involving fraud or dishonesty, whether in or out of Singapore;

(9) the applicant, any of its officers, substantial shareholders or head office has been convicted of an offence under the SFA;

(10) the applicant, any of its officers, substantial shareholders or head office is the subject of an investigation involving an allegation of fraud or dishonesty, whether in or out of Singapore;

(11) CDP is not satisfied as to the educational or other qualification or experience of the officers of the applicant;

(12) CDP is not satisfied with the applicant's record of past performance;

(13) CDP is not satisfied that the applicant, any of its officers, substantial shareholders or head office is a fit and proper person;

(14) CDP has reason to believe that the applicant or any of its officers or employees may not perform the functions efficiently, honestly and fairly;

(15) CDP has reason to believe that the applicant may not act in the best interests of its customers; or

(16) In CDP's opinion, it would be contrary to the interests of the public to admit the applicant as a Clearing Member.