Chapter 1 — Introduction

1.1.1

The Rules, and any Directives, operate as a binding contract between SGX-ST and each Trading Member, and between a Trading Member and any other Trading Member.

A person who is not a party to the Rules has no rights under the Contracts (Rights of Third Parties) Act (Cap. 53B) to enforce the Rules, regardless of whether such person has been identified by name, as a member of a class or as answering a particular description.

Amended on 23 January 2009 23 January 2009.

1.1.3

A person is deemed to be bound by the Rules and any Directives upon approval of the person's admission or registration (where applicable) by SGX-ST.

1.1.4

A person admitted or registered by SGX-ST must comply with the Rules:—

(1) in accordance with the spirit, intention and purpose; and

(2) by looking beyond form to substance.

1.2 Waiver of Rules

1.2.1

SGX-ST may waive a rule (or part of a rule) to suit the circumstances of a particular case, unless the rule specifies that SGX-ST will not waive it. SGX-ST may grant a waiver subject to such conditions as it considers appropriate. A waiver is only effective if the conditions are satisfied. If a waiver is granted, SGX-ST will notify all Trading Members of the waiver as soon as practicable.

1.3 Alteration of Rules

1.3.1

The Rules may be amended by the Board in accordance with the Securities and Futures Act.

Amended on 23 January 2009 23 January 2009.

1.4 Directives

1.4.1

SGX-ST may, from time to time, prescribe Directives to supplement the Rules.

1.5 Practice Notes

1.5.1

SGX-ST may, from time to time, issue Practice Notes to provide guidance on the interpretation and application of any rule. A practice note does not bind SGX-ST in the application of a rule.

1.6 Transitional Arrangements

1.6.1

SGX-ST may, from time to time, publish transitional arrangements in relation to any amended or new rule(s).

1.7 Order of Precedence

1.7.1

The order of precedence of the following instruments applicable to SGX-ST and Trading Members shall be (in descending order of precedence):

(1) Legislation;

(2) Rules;

(3) Directives; and

(4) Practice Notes.

Added on 26 April 2013 26 April 2013

1.7.2

In the event of any conflict between the provisions of the aforesaid instruments, the provisions in an instrument with a higher level of precedence shall prevail over the provisions in an instrument with a lower level of precedence.

Added on 26 April 2013 26 April 2013