SGX Rulebooks
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2.8.1

CDP may, in its discretion, suspend the settlement of or cancel all or any of a Settlement Participant's Settlement Instructions and/or suspend or restrict the Settlement Participant's participation in settlement if:

(a) the Settlement Participant fails to comply with or is, in the opinion of CDP, in breach of any provision of these Rules or of any agreement, understanding or arrangement which the Settlement Participant has from time to time with CDP;
(b) the Settlement Participant ceases to be, or is suspended in its capacity as, a Clearing Member or Depository Agent;
(c) the Settlement Participant breaches any term, condition or restriction imposed by CDP pursuant to its powers under these Rules;
(d) the Settlement Participant is wound-up;
(e) the Settlement Participant is, in CDP's opinion, in financial or operating difficulty, including but not limited to not meeting cash calls or settlement requirements, being insolvent or being put in judicial management or administration;
(f) the Settlement Participant is, in CDP's opinion, conducting its activities in a manner detrimental to the financial integrity, reputation or interests of CDP, or clearing or settlement facilities established or operated by CDP;
(g) the Settlement Participant is, in CDP's opinion based on the Authority's guidelines on fit and proper criteria, no longer fit and proper to continue participating in settlement;
(h) it is necessary or desirable in the interests of ensuring a safe and efficient settlement facility, or for ensuring the integrity of the market or for proper management of systemic risk, or for investor protection, or it is directed by any authority; or
(i) an Event of Default as set out under the CDP Clearing Rules has occurred in respect of the Settlement Participant who is also a Clearing Member.

Added on 10 December 201810 December 2018.

2.8.2

A Settlement Participant that is suspended shall not have any of the privileges of a Settlement Participant during the period of its suspension. A suspended Settlement Participant may be reinstated upon such conditions as CDP may impose.

A Settlement Participant whose settlement activities are restricted by CDP shall have its settlement privileges restricted, as may be specified by CDP during the period of restriction. Failure of the Settlement Participant to comply with any restriction will constitute a breach of this Rule.

Added on 10 December 201810 December 2018.

2.8.3

Unless otherwise decided by CDP, a Settlement Participant who is suspended or whose settlement privileges are restricted by CDP continues to be liable to settle any and all Settlement Instructions that are submitted by itself or on its behalf, and continues to be bound by these Rules.

Added on 10 December 201810 December 2018.

2.8.4

CDP may notify SGX-ST or any other Exchange of any action or proceedings taken against a Settlement Participant.

Added on 10 December 201810 December 2018.

2.8.5

When a Settlement Participant has been suspended or when its settlement activities have been restricted, CDP may designate itself or one or more other Settlement Participants to deal with any Settlement Instructions of the suspended or restricted Settlement Participant in accordance with CDP's direction, and/or require one or more Settlement Participants to assist CDP in the settlement of Settlement Instructions where CDP considers such assistance necessary to facilitate the operation of a safe and efficient settlement system. The relevant Settlement Participant(s) shall render such assistance as CDP may require.

Added on 10 December 201810 December 2018.