Past version: Effective from 18 Sep 2012 to 14 Mar 2013
| Rule Violation | Whether composition may be offered | Composition Amount which may be Offered by SGX-ST, where SGX-ST has Determined the Trading Member, Approved Executive Director and/or Trading Representative to be Liable | Mandatory minimum penalty imposable by the Disciplinary Committee | |||||||||
| Rule Chapter/Number | Brief Description of Rule | Trading Members (or Designated Market Maker, where applicable) | Approved Executive Directors | Trading Representatives (or Market Making Representative, where applicable) | ||||||||
| 1st Violation | 2nd Violation | 3rd Violation | 1st Violation | 2nd Violation | 3rd Violation | 1st Violation | 2nd Violation | 3rd Violation | ||||
| Chapter 4 — Trading Members | ||||||||||||
| 4.5A | Direct Market Access | |||||||||||
| 4.5A.2(1)(a) | Trading Member to have measures covering minimum standards for Direct Market Access | Compoundable | $2,000 – $4,000 | $4,000 – $7,000 | $7,000 – $10,000 | $1,000 – $3,000 | $3,000 – $6,000 | $6,000 – $8,000 | N.A. | N.A. | N.A. | N.A. |
| 4.5A.2(1)(b) | Trading Member to have measures covering procedures on Direct Market Access for relevant persons | Compoundable | $2,000 – $4,000 | $4,000 – $7,000 | $7,000 – $10,000 | $1,000 – $3,000 | $3,000 – $6,000 | $6,000 – $8,000 | N.A. | N.A. | N.A. | N.A. |
| 4.5A.2(1)(c) | Trading Member to have measures providing information on access and applicable laws for Direct Market Access | Compoundable | $2,000 – $4,000 | $4,000 – $7,000 | $7,000 – $10,000 | $1,000 – $3,000 | $3,000 – $6,000 | $6,000 – $8,000 | N.A. | N.A. | N.A. | N.A. |
| 4.5A.2(1)(d) | Trading Member to have measures for legally binding agreement on Direct Market Access | Compoundable | $2,000 – $4,000 | $4,000 – $7,000 | $7,000 – $10,000 | $1,000 – $3,000 | $3,000 – $6,000 | $6,000 – $8,000 | N.A. | N.A. | N.A. | N.A. |
| 4.5A.2(1)(e) | Trading Member to have measures for security arrangements on Direct Market Access | Not Compoundable | Not Compoundable | N.A. | N.A. | N.A. | $10,000 | |||||
| 4.5A.2(1)(f) | Trading Member to assist SGX-ST in any investigation on Direct Market Access in respect of potential violations | Not Compoundable | Not Compoundable | N.A. | N.A. | N.A. | $10,000 | |||||
| 4.5A.2(2) | Trading Member to have conditions restricting who can delegate Direct Market Access and to have conditions passed to other persons via legally binding agreement | Compoundable | $2,000 – $4,000 | $4,000 – $7,000 | $7,000 – $10,000 | $1,000 – $3,000 | $3,000 – $6,000 | $6,000 – $8,000 | N.A. | N.A. | N.A. | N.A. |
| 4.5A.3(1)(a) | Trading Member to keep a Sponsored Access record | Compoundable | $2,000 – $4,000 | $4,000 – $7,000 | $7,000 – $10,000 | $1,000 – $3,000 | $3,000 – $6,000 | $6,000 – $8,000 | N.A. | N.A. | N.A. | N.A. |
| 4.5A.3(1)(b) | Trading Member to show Sponsored Access record when requested | Not Compoundable | Not Compoundable | N.A. | N.A. | N.A. | $10,000 | |||||
| 4.5A.3(1)(c) | Trading Member to have measures on specific requirements for Sponsored Access | Compoundable | $2,000 – $4,000 | $4,000 – $7,000 | $7,000 – $10,000 | $1,000 – $3,000 | $3,000 – $6,000 | $6,000 – $8,000 | N.A. | N.A. | N.A. | N.A. |
| 4.5A.3(2)(a) | Trading Member to have measures to assure status of Sponsored Access customer | Compoundable | $2,000 – $4,000 | $4,000 – $7,000 | $7,000 – $10,000 | $1,000 – $3,000 | $3,000 – $6,000 | $6,000 – $8,000 | N.A. | N.A. | N.A. | N.A. |
| 4.5A.3(2)(b) | Trading Member to have measures on specific requirements relating to delegation of Sponsored Access | Compoundable | $2,000 – $4,000 | $4,000 – $7,000 | $7,000 – $10,000 | $1,000 – $3,000 | $3,000 – $6,000 | $6,000 – $8,000 | N.A. | N.A. | N.A. | N.A. |
| 4.5A.4 | SGX-ST to direct Trading Member to suspend or terminate Direct Market Access | Not Compoundable | Not Compoundable | N.A. | N.A. | N.A. | $10,000 | |||||
| 4.5B | Controlling Access | |||||||||||
| 4.5B.1 | Trading Member to have security arrangements in place to deny access to unauthorised persons. | Not Compoundable | Not Compoundable | N.A. | N.A. | N.A. | $10,000 | |||||
| 4.6 | Trading Members Obligations of a Trading Member | |||||||||||
| 4.6.1(1) | Trading Member to comply with the Rules, and any Directives SGX-ST prescribes | [Unless otherwise specified in this Schedule] | ||||||||||
| Compoundable | $2,000 – $4,000 | $4,000 – $7,000 | $7,000 – $10,000 | $1,000 – $3,000 | $3,000 – $6,000 | $6,000 – $8,000 | N.A. | N.A. | N.A. | N.A. | ||
| 4.6.1(2) | Failure to continue to satisfy the admission criteria. | Compoundable | $2,000 – $4,000 | $4,000 – $7,000 | $7,000 – $10,000 | $1,000 – $3,000 | $3,000 – $6,000 | $6,000 – $8,000 | N.A. | N.A. | N.A. | N.A. |
| 4.6.3(2) | Trading Member to honour all contracts. | Not Compoundable | Not Compoundable | N.A. | N.A. | N.A. | $10,000 | |||||
| 4.6.4 | Trading Member to adhere to good business practice. | Compoundable | $2,000 – $4,000 | $4,000 – $7,000 | $7,000 – $10,000 | $1,000 – $3,000 | $3,000 – $6,000 | $6,000 – $8,000 | N.A. | N.A. | N.A. | N.A. |
| 4.6.6 | Trading Member to supervise Trading Representatives, employees and agents. | Compoundable | $2,000 – $4,000 | $4,000 – $7,000 | $7,000 – $10,000 | $1,000 – $3,000 | $3,000 – $6,000 | $6,000 – $8,000 | N.A. | N.A. | N.A. | N.A. |
| 4.6.7(1) | Trading Member to establish procedures and systems to prevent any breach of the Rules and Directives by its Directors, Officers, Trading Representatives, employees or agents. | Compoundable | $2,000 – $4,000 | $4,000 – $7,000 | $7,000 – $10,000 | $1,000 – $3,000 | $3,000 – $6,000 | $6,000 – $8,000 | N.A. | N.A. | N.A. | N.A. |
| 4.6.7(2) | Trading Member to establish and maintain adequate internal control system. | Compoundable | $2,000 – $4,000 | $4,000 – $7,000 | $7,000 – $10,000 | $1,000 – $3,000 | $3,000 – $6,000 | $6,000 – $8,000 | N.A. | N.A. | N.A. | N.A. |
| 4.6.7(3) | Trading Member to ensure that persons carrying out or enforcing procedures and systems reasonably discharge their duties and obligations. | Compoundable | $2,000 – $4,000 | $4,000 – $7,000 | $7,000 – $10,000 | $1,000 – $3,000 | $3,000 – $6,000 | $6,000 – $8,000 | N.A. | N.A. | N.A. | N.A. |
| 4.6.7A(1)(a) | Trading Member to monitor credit risks from acceptance of customer orders at least daily | Compoundable | $2,000 – $4,000 | $4,000 – $7,000 | $7,000 – $10,000 | $1,000 – $3,000 | $3,000 – $6,000 | $6,000 – $8,000 | N.A. | N.A. | N.A. | N.A. |
| 4.6.7A(1)(b) | Trading Member to have automated pre-execution checks on orders and appropriate internal controls | Compoundable | $2,000 – $4,000 | $4,000 – $7,000 | $7,000 – $10,000 | $1,000 – $3,000 | $3,000 – $6,000 | $6,000 – $8,000 | N.A. | N.A. | N.A. | N.A. |
| 4.6.7A(1)(c) | Trading Member to have error prevention alerts on orders | Compoundable | $2,000 – $4,000 | $4,000 – $7,000 | $7,000 – $10,000 | $1,000 – $3,000 | $3,000 – $6,000 | $6,000 – $8,000 | N.A. | N.A. | N.A. | N.A. |
| 4.6.7A(1)(d) | Trading Member to define and manage sources of liquidity | Compoundable | $2,000 – $4,000 | $4,000 – $7,000 | $7,000 – $10,000 | $1,000 – $3,000 | $3,000 – $6,000 | $6,000 – $8,000 | N.A. | N.A. | N.A. | N.A. |
| 4.6.7A(2) | Trading Member to have risk management controls on its own orders | Compoundable | $2,000 – $4,000 | $4,000 – $7,000 | $7,000 – $10,000 | $1,000 – $3,000 | $3,000 – $6,000 | $6,000 – $8,000 | N.A. | N.A. | N.A. | N.A. |
| 4.6.7A(3) | Trading Member to have automated processes to monitor capital requirements and prudential limits | Compoundable | $2,000 – $4,000 | $4,000 – $7,000 | $7,000 – $10,000 | $1,000 – $3,000 | $3,000 – $6,000 | $6,000 – $8,000 | N.A. | N.A. | N.A. | N.A. |
| 4.6.8(1) | Trading Member to inform SGX-ST of transaction that will result in a change in control. | Compoundable | $2,000 – $4,000 | $4,000 – $7,000 | $7,000 – $10,000 | $1,000 – $3,000 | $3,000 – $6,000 | $6,000 – $8,000 | N.A. | N.A. | N.A. | N.A. |
| 4.6.8(2) | Trading Member to comply with such restrictions as SGX-ST may impose in the event of a change in control | Not Compoundable | Not Compoundable | N.A. | N.A. | N.A. | $10,000 | |||||
| 4.6.9 | Trading Member to report breaches by its Directors, Officers, TRs, employees or agents. | Compoundable | $2,000 – $4,000 | $4,000 – $7,000 | $7,000 – $10,000 | $1,000 – $3,000 | $3,000 – $6,000 | $6,000 – $8,000 | N.A. | N.A. | N.A. | N.A. |
| 4.6.10 | Trading Member to pay all fees, levies and charges. | Compoundable | $500 | $1,000 | $2,000 | $250 | $500 | $1,000 | N.A. | N.A. | N.A. | N.A. |
| 4.6.11 | Trading Member to notify SGX-ST if AED ceases to act | Compoundable | $500 | $1,000 | $2,000 | $250 | $500 | $1,000 | N.A. | N.A. | N.A. | N.A. |
| 4.6.12 | Trading Member to notify SGX-ST of change in composition of Board of Directors. | Compoundable | $2,000 – $4,000 | $4,000 – $7,000 | $7,000 – $10,000 | $1,000 – $3,000 | $3,000 – $6,000 | $6,000 – $8,000 | N.A. | N.A. | N.A. | N.A. |
| 4.6.13(1) | Trading Member to register Trading Representatives with SGX-ST. | Compoundable | $2,000 – $4,000 | $4,000 – $7,000 | $7,000 – $10,000 | $1,000 – $3,000 | $3,000 – $6,000 | $6,000 – $8,000 | N.A. | N.A. | N.A. | N.A. |
| 4.6.13(2) | Trading Member to enter into written agency agreement with a Remisier. | Compoundable | $500 | $1,000 | $2,000 | $250 | $500 | $1,000 | N.A. | N.A. | N.A. | N.A. |
| 4.6.13(3) | Trading Member to inform SGX-ST before a dealer converts to a Remisier and vice versa. | Compoundable | $500 | $1,000 | $2,000 | $250 | $500 | $1,000 | N.A. | N.A. | N.A. | N.A. |
| 4.6.13(6) | Trading Member to inform SGX-ST before a Trading Representative ceases to act. | Compoundable | $500 | $1,000 | $2,000 | $250 | $500 | $1,000 | N.A. | N.A. | N.A. | N.A. |
| 4.6.14 | Trading Member to inform SGX-ST before any change to its Memorandum and Articles of Association takes effect. | Compoundable | $2,000 – $4,000 | $4,000 – $7,000 | $7,000 – $10,000 | $1,000 – $3,000 | $3,000 – $6,000 | $6,000 – $8,000 | N.A. | N.A. | N.A. | N.A. |
| 4.6.15(1) | Trading Member to inform SGX-ST before engaging in or holding any substantial shareholding in any other businesses. | Compoundable | $2,000 – $4,000 | $4,000 – $7,000 | $7,000 – $10,000 | $1,000 – $3,000 | $3,000 – $6,000 | $6,000 – $8,000 | N.A. | N.A. | N.A. | N.A. |
| 4.6.15(2) | Engagement or shareholding not to breach the law, Rules, Directives or any regulations | Compoundable | $2,000 – $4,000 | $4,000 – $7,000 | $7,000 – $10,000 | $1,000 – $3,000 | $3,000 – $6,000 | $6,000 – $8,000 | N.A. | N.A. | N.A. | N.A. |
| 4.6.15(3) | Trading Member to supply SGX-ST with any information SGX-ST requires regarding engagement or acquisition of shareholding. | Compoundable | $2,000 – $4,000 | $4,000 – $7,000 | $7,000 – $10,000 | $1,000 – $3,000 | $3,000 – $6,000 | $6,000 – $8,000 | N.A. | N.A. | N.A. | N.A. |
| 4.6.15(4) | Trading Member not to proceed with engagement or acquisition of shareholding when SGX-ST objects, or before expiry of time period stipulated by SGX-ST | Not Compoundable | Not Compoundable | N.A. | N.A. | N.A. | $10,000 | |||||
| 4.6.15(5) | Trading Member to end any engagement or shareholding if required to do so by SGX-ST | Not Compoundable | Not Compoundable | N.A. | N.A. | N.A. | $10,000 | |||||
| 4.6.16(1) | Trading Member to maintain a register of securities in accordance with the SFA | Not Compoundable | Not Compoundable | N.A. | N.A. | N.A. | $10,000 | |||||
| 4.6.16(2) | Trading Member to produce Register when requested by SGX-ST | Not Compoundable | Not Compoundable | N.A. | N.A. | N.A. | N.A. | |||||
| 4.6.16(3) | Trading Member to permit SGX-ST to take extracts of the Register. | Not Compoundable | Not Compoundable | N.A. | N.A. | N.A. | $10,000 | |||||
| 4.6.17 | Trading Member to inform SGX-ST before effecting any change in business name or contact details. | Compoundable | $2,000 – $4,000 | $4,000 – $7,000 | $7,000 – $10,000 | $1,000 – $3,000 | $3,000 – $6,000 | $6,000 – $8,000 | N.A. | N.A. | N.A. | N.A. |
| 4.6.18 | Trading Member not to issue or allot partly paid shares. | Compoundable | $2,000 – $4,000 | $4,000 – $7,000 | $7,000 – $10,000 | $1,000 – $3,000 | $3,000 – $6,000 | $6,000 – $8,000 | N.A. | N.A. | N.A. | N.A. |
| 4.6.19 | Trading Member not to commence voluntary liquidation without prior written approval of SGX-ST. | Not Compoundable | Not Compoundable | N.A. | N.A. | N.A. | $10,000 | |||||
| 4.6.20(1) | Trading Member to recommence business upon expiry of permitted period of cessation specified by SGX-ST | Compoundable | $2,000 – $4,000 | $4,000 – $7,000 | $7,000 – $10,000 | $1,000 – $3,000 | $3,000 – $6,000 | $6,000 – $8,000 | N.A. | N.A. | N.A. | N.A. |
| 4.6.20(2) | Trading Member not to hold itself out as an active TM during period of cessation of business. | Not Compoundable | Not Compoundable | N.A. | N.A. | N.A. | $10,000 | |||||
| 4.6.21(1) | Trading Member to assess its business and operational risks and maintain adequate business continuity arrangements | Compoundable | $2,000 – $4,000 | $4,000 – $7,000 | $7,000 – $10,000 | $1,000 – $3,000 | $3,000 – $6,000 | $6,000 – $8,000 | N.A. | N.A. | N.A. | N.A. |
| 4.6.21(2) | Trading Member to document its business continuity arrangements in a business continuity plan | Compoundable | $2,000 – $4,000 | $4,000 – $7,000 | $7,000 – $10,000 | $1,000 – $3,000 | $3,000 – $6,000 | $6,000 – $8,000 | N.A. | N.A. | N.A. | N.A. |
| 4.6.21(3) | Trading Member to demonstrate awareness of risks, mitigating measures and state of readiness by way of attestation to the Board of Directors | Compoundable | $500 | $1,000 | $2,000 | $250 | $500 | $1,000 | N.A. | N.A. | N.A. | N.A. |
| 4.6.21(4) | Trading Member to review and test its business continuity plan regularly | Compoundable | $2,000 – $4,000 | $4,000 – $7,000 | $7,000 – $10,000 | $1,000 – $3,000 | $3,000 – $6,000 | $6,000 – $8,000 | N.A. | N.A. | N.A. | N.A. |
| 4.6.21(5) | Trading Member to appoint emergency contact persons and furnish the contact information to the Exchange | Compoundable | $500 | $1,000 | $2,000 | $250 | $500 | $1,000 | N.A. | N.A. | N.A. | N.A. |
| Trading Member's emergency person must be contactable at all times | Compoundable | $500 | $1,000 | $2,000 | $250 | $500 | $1,000 | N.A. | N.A. | N.A. | N.A. | |
| Trading Member to notify the Exchange in the event of emergencies | Compoundable | $2,000 – $4,000 | $4,000 – $7,000 | $7,000 – $10,000 | $1,000 – $3,000 | $3,000 – $6,000 | $6,000 – $8,000 | N.A. | N.A. | N.A. | N.A. | |
| 4.6.22 | Trading Member to ensure that systems and connections to SGX-ST operate properly | Compoundable | $2,000 – $4,000 | $4,000 – $7,000 | $7,000 – $10,000 | $1,000 – $3,000 | $3,000 – $6,000 | $6,000 – $8,000 | N.A. | N.A. | N.A. | N.A. |
| 4.7 | Qualification by a Clearing Member | |||||||||||
| 4.7.1(1) | Trading Member not to execute a contract on SGX-ST while not qualified by a Clearing Member. | Not Compoundable | Not Compoundable | N.A. | N.A. | N.A. | $10,000 | |||||
| 4.7.1(2) | Trading Member not to be qualified by more than 1 Clearing Member. | Compoundable | $2,000 – $4,000 | $4,000 – $7,000 | $7,000 – $10,000 | $1,000 – $3,000 | $3,000 – $6,000 | $6,000 – $8,000 | N.A. | N.A. | N.A. | N.A. |
| 4.7.1(3)(a) | Trading Member to inform SGX-ST when it is not qualified by a Clearing Member. | Compoundable | $2,000 – $4,000 | $4,000 – $7,000 | $7,000 – $10,000 | $1,000 – $3,000 | $3,000 – $6,000 | $6,000 – $8,000 | N.A. | N.A. | N.A. | N.A. |
| 4.7.1(3)(b) | Trading Member to inform SGX-ST when its qualifying Clearing Member is replaced by another Clearing Member. | Compoundable | $2,000 – $4,000 | $4,000 – $7,000 | $7,000 – $10,000 | $1,000 – $3,000 | $3,000 – $6,000 | $6,000 – $8,000 | N.A. | N.A. | N.A. | N.A. |
| 4.7.2 | Trading Member to ensure that all contracts concluded on SGX-ST are submitted to its qualifying Clearing Member for clearing | Compoundable | $2,000 – $4,000 | $4,000 – $7,000 | $7,000 – $10,000 | $1,000 – $3,000 | $3,000 – $6,000 | $6,000 – $8,000 | N.A. | N.A. | N.A. | N.A. |
| 4.8 | Resignation | |||||||||||
| 4.8.1(1) | Trading Member to give necessary written notice of resignation. | Compoundable | $2,000 – $4,000 | $4,000 – $7,000 | $7,000 – $10,000 | $1,000 – $3,000 | $3,000 – $6,000 | $6,000 – $8,000 | N.A. | N.A. | N.A. | N.A. |
| 4.8.1(2) | Trading Member not to enter into a contract 7 Market Days from date of notice of resignation without written approval of SGX-ST. | Compoundable | $2,000 – $4,000 | $4,000 – $7,000 | $7,000 – $10,000 | $1,000 – $3,000 | $3,000 – $6,000 | $6,000 – $8,000 | N.A. | N.A. | N.A. | N.A. |
Added on 16 May 201116 May 2011.
Amended on 18 September 201218 September 2012.