SGX Rulebooks
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SGX-ST Rules
Schedule A
Rule ViolationWhether composition may be offeredComposition amount that may be offered by SGX-ST, where SGX-ST has determined the Trading Member, Chief Executive Officer and/or Trading Representative to be liableMandatory minimum penalty imposable by the Disciplinary Committee
Rule Chapter/NumberBrief Description of RuleTrading Members (or Designated Market Maker, where applicable)Chief Executive OfficerTrading Representatives (or Market Making Representative, where applicable)
1st Violation2nd Violation3rd Violation1st Violation2nd Violation3rd Violation1st Violation2nd Violation3rd Violation
Chapter 3 — Capital and Financial Requirements
3.2Base Capital Requirement
3.2.1Trading Member not to cause or permit its base capital or net head office funds to fall below the base capital requirementCompoundable$2,000 – $4,000$4,000 – $7,000$7,000 – $10,000$1,000 – $3,000$3,000 – $6,000$6,000 – $8,000N.A.N.A.N.A.N.A.
3.2.3Trading Member to notify SGX-ST in the case of failure to comply or awareness of impending failure to comply with the base capital requirementCompoundable$2,000 – $4,000$4,000 – $7,000$7,000 – $10,000$1,000 – $3,000$3,000 – $6,000$6,000 – $8,000N.A.N.A.N.A.N.A.
3.3Financial Resources Requirement
3.3.2Trading Member not to cause or permit its financial resources or adjusted net head office funds to fall below its total risk requirementCompoundable$2,000 – $4,000$4,000 – $7,000$7,000 – $10,000$1,000 – $3,000$3,000 – $6,000$6,000 – $8,000N.A.N.A.N.A.N.A.
3.3.5Trading Member to notify SGX-ST in the case of failure to comply or awareness of impending failure to comply with the financial resources requirementCompoundable$2,000 – $4,000$4,000 – $7,000$7,000 – $10,000$1,000 – $3,000$3,000 – $6,000$6,000 – $8,000N.A.N.A.N.A.N.A.
3.3.6Trading Member to notify SGX-ST when financial resources or adjust head office funds falls below 150% of its total risk requirementCompoundable$2,000 – $4,000$4,000 – $7,000$7,000 – $10,000$1,000 – $3,000$3,000 – $6,000$6,000 – $8,000N.A.N.A.N.A.N.A.
3.3.7Trading Member to comply with SGX-ST's requirements, when financial resources or adjusted net head office funds fall below 150% of its total risk requirementNot CompoundableNot CompoundableN.A.N.A.N.A.$10,000
3.3.8Trading Member to notify SGX-ST when financial resources or adjusted net head office funds fall below 120% of its total risk requirementCompoundable$2,000 – $4,000$4,000 – $7,000$7,000 – $10,000$1,000 – $3,000$3,000 – $6,000$6,000 – $8,000N.A.N.A.N.A.N.A.
3.3.9Trading Member to comply with SGX-ST's requirements when financial resources or adjusted net head office funds fall below 120% of total risk requirementNot CompoundableNot CompoundableN.A.N.A.N.A.$10,000
3.4Aggregate Indebtedness Requirement
3.4.2Trading Member not to cause or permit the aggregate indebtedness to exceed 1,200% of aggregate resourcesCompoundable$2,000 – $4,000$4,000 – $7,000$7,000 – $10,000$1,000 – $3,000$3,000 – $6,000$6,000 – $8,000N.A.N.A.N.A.N.A.
3.4.3Trading Member to notify SGX-ST of failure to comply or awareness of impending failure to comply with the aggregate indebtedness requirementCompoundable$2,000 – $4,000$4,000 – $7,000$7,000 – $10,000$1,000 – $3,000$3,000 – $6,000$6,000 – $8,000N.A.N.A.N.A.N.A.
3.4.4Trading Member to notify SGX-ST if aggregate indebtedness exceeds 600% of aggregate resourcesCompoundable$2,000 – $4,000$4,000 – $7,000$7,000 – $10,000$1,000 – $3,000$3,000 – $6,000$6,000 – $8,000N.A.N.A.N.A.N.A.
3.4.5Trading Member to comply with SGX-ST's requirements when aggregate indebtedness exceeds 600% of aggregate resourcesNot CompoundableNot CompoundableN.A.N.A.N.A.$10,000
3.5Powers to Impose Other Requirements
3.5.1Trading Member to comply with additional requirements prescribed by SGX-STCompoundable$2,000 – $4,000$4,000 – $7,000$7,000 – $10,000$1,000 – $3,000$3,000 – $6,000$6,000 – $8,000N.A.N.A.N.A.N.A.
3.6Exposure to Single Customer
3.6.2Trading Member to notify SGX-ST if Trading Member's exposure to a single customer exceeds 20% of its average aggregate resourcesCompoundable$2,000 – $4,000$4,000 – $7,000$7,000 – $10,000$1,000 – $3,000$3,000 – $6,000$6,000 – $8,000N.A.N.A.N.A.N.A.
Trading Member to comply with SGX-ST's direction to reduce risk exposure to single customerNot CompoundableNot CompoundableN.A.N.A.N.A.$10,000
3.7Remote Trading Member: Exposure to Single Customer
3.7.1Trading Member to have in place adequate tools and procedures to monitor exposure to a single customerCompoundable$2,000 – $4,000$4,000 – $7,000$7,000 – $10,000$1,000 – $3,000$3,000 – $6,000$6,000 – $8,000N.A.N.A.N.A.N.A.
3.7.2Trading Member to notify SGX-ST if remote Trading Member's exposure to a single customer exceeds its internal thresholdCompoundable$2,000 – $4,000$4,000 – $7,000$7,000 – $10,000$1,000 – $3,000$3,000 – $6,000$6,000 – $8,000N.A.N.A.N.A.N.A.
3.8Exposure to Single Security
3.8.2Trading Member to notify SGX-ST if the Trading Member's exposure exceeds the stipulated limitsCompoundable$2,000 – $4,000$4,000 – $7,000$7,000 – $10,000$1,000 – $3,000$3,000 – $6,000$6,000 – $8,000N.A.N.A.N.A.N.A.
3.8.3Trading Member to comply with risk management requirements imposed by SGX-ST to reduce risk exposure to a single securityNot CompoundableNot CompoundableN.A.N.A.N.A.$10,000
3.8.7Trading Member not to permit exposure to a suspended security quoted on SGX-ST or recognised group A securities exchange above the stipulated limitCompoundable$2,000 – $4,000$4,000 – $7,000$7,000 – $10,000$1,000 – $3,000$3,000 – $6,000$6,000 – $8,000N.A.N.A.N.A.N.A.
3.9Remote Trading Members: Exposure to Single Security
3.9.1Trading Member to have in place adequate tools and procedures to monitor exposure to a single securityCompoundable$2,000 – $4,000$4,000 – $7,000$7,000 – $10,000$1,000 – $3,000$3,000 – $6,000$6,000 – $8,000N.A.N.A.N.A.N.A.
3.9.2Trading Member to notify SGX-ST if Trading Member's exposure to a single security exceeds its internal thresholdCompoundable$2,000 – $4,000$4,000 – $7,000$7,000 – $10,000$1,000 – $3,000$3,000 – $6,000$6,000 – $8,000N.A.N.A.N.A.N.A.
3.10Margin Financing
3.10.2Remote Trading Member to comply with such requirements prescribed by the Relevant Regulatory AuthorityCompoundable$2,000 – $4,000$4,000 – $7,000$7,000 – $10,000$1,000 – $3,000$3,000 – $6,000$6,000 – $8,000N.A.N.A.N.A.N.A.
3.10.3Trading Member to obtain written agreement for margin account arrangementsCompoundable$2,000 – $4,000$4,000 – $7,000$7,000 – $10,000$1,000 – $3,000$3,000 – $6,000$6,000 – $8,000N.A.N.A.N.A.N.A.
3.10.4Trading Member to obtain the specified informed written consent and discretion from its customerCompoundable$2,000 – $4,000$4,000 – $7,000$7,000 – $10,000$1,000 – $3,000$3,000 – $6,000$6,000 – $8,000N.A.N.A.N.A.N.A.
3.10.4AA Trading Member not to enter into contract, arrangement or transaction of which the purpose or effect is to transfer any right, interest, benefit or title in assets or monies received from a retail customer to itself or any other person, other than in the specified casesCompoundable$2,000 – $4,000$4,000 – $7,000$7,000 – $10,000$1,000 – $3,000$3,000 – $6,000$6,000 – $8,000N.A.N.A.N.A.N.A.
3.10.5Margins deposited by the customer to a Trading Member to be in the acceptable formCompoundable$2,000 – $4,000$4,000 – $7,000$7,000 – $10,000$1,000 – $3,000$3,000 – $6,000$6,000 – $8,000N.A.N.A.N.A.N.A.
3.10.6
[Deleted]		[Deleted][Deleted][Deleted][Deleted][Deleted][Deleted][Deleted][Deleted][Deleted][Deleted][Deleted][Deleted]
3.10.7/3.10.8Trading Member not to cause or permit the equity in a customer's margin account to fall to or below the stipulated limit. Where equity in a customer's margin account falls to or below the stipulated limit, Trading Member:
(i) to require the customer to provide additional margin, and
(ii) not to cause or permit any new transaction to be made in the customer’s margin account, unless such transaction increases the percentage of equity over debit balance in the account		Compoundable$2,000 – $4,000$4,000 – $7,000$7,000 – $10,000$1,000 – $3,000$3,000 – $6,000$6,000 – $8,000N.A.N.A.N.A.N.A.
3.10.9Trading Member to conduct daily review of all margin accounts in the prescribed manner, and establish and maintain a framework to govern such reviewsCompoundable$2,000 – $4,000$4,000 – $7,000$7,000 – $10,000$1,000 – $3,000$3,000 – $6,000$6,000 – $8,000N.A.N.A.N.A.N.A.
3.10.11Trading Member not to allow customers to withdraw cash or assets from their accounts when the equity is 110% or less or the amount of cash sought to be withdrawn exceeds the cash balance in their accountsCompoundable$2,000 – $4,000$4,000 – $7,000$7,000 – $10,000$1,000 – $3,000$3,000 – $6,000$6,000 – $8,000N.A.N.A.N.A.N.A.
3.10.12(a)Trading Member not to cause or permit the aggregate of the margin exposures of all customers to exceed the stipulated limitCompoundable$2,000 – $4,000$4,000 – $7,000$7,000 – $10,000$1,000 – $3,000$3,000 – $6,000$6,000 – $8,000N.A.N.A.N.A.N.A.
3.10.12(b)Trading Member not to cause or permit the aggregate of the margin exposures of all customers in respect of Specified Products, other than Specified Products quoted on SGX-ST, to exceed the stipulated limitCompoundable$2,000 – $4,000$4,000 – $7,000$7,000 – $10,000$1,000 – $3,000$3,000 – $6,000$6,000 – $8,000N.A.N.A.N.A.N.A.
3.10.12(c)Trading Member not to cause or permit the debit balance in each customer's margin account to exceed the stipulated limitCompoundable$2,000 – $4,000$4,000 – $7,000$7,000 – $10,000$1,000 – $3,000$3,000 – $6,000$6,000 – $8,000N.A.N.A.N.A.N.A.
3.10.13Transactions in a margin account to be on a ready basisCompoundable$2,000 – $4,000$4,000 – $7,000$7,000 – $10,000$1,000 – $3,000$3,000 – $6,000$6,000 – $8,000N.A.N.A.N.A.N.A.
3.10.14Trading Member to apply haircuts prescribed by SGX-ST in computing the market value of Specified ProductsCompoundable$2,000 – $4,000$4,000 – $7,000$7,000 – $10,000$1,000 – $3,000$3,000 – $6,000$6,000 – $8,000N.A.N.A.N.A.N.A.
3.10.15Trading Member to comply with SGX-ST's requirements for margin financing transactionsCompoundable$2,000 – $4,000$4,000 – $7,000$7,000 – $10,000$1,000 – $3,000$3,000 – $6,000$6,000 – $8,000N.A.N.A.N.A.N.A.
3.11Borrowing and Lending of Specified Products
3.11.1Remote Trading Member to comply with such requirements prescribed by the Relevant Regulatory Authority and principles of good business practice in relation to the areas set out in this Rule 3.11Compoundable$2,000 – $4,000$4,000 – $7,000$7,000 – $10,000$1,000 – $3,000$3,000 – $6,000$6,000 – $8,000N.A.N.A.N.A.N.A.
3.11.2Trading Member to enter into written agreement with the borrower or lender before engaging in activityNot CompoundableNot CompoundableN.A.N.A.N.A.$10,000
3.11.3(b)Trading Member to obtain collateral from borrower before delivering loaned Specified ProductsCompoundable$2,000 – $4,000$4,000 – $7,000$7,000 – $10,000$1,000 – $3,000$3,000 – $6,000$6,000 – $8,000N.A.N.A.N.A.N.A.
3.11.3(c)Trading Member not to accept collateral that is not in the form specified in Regulation 45(9) of the SFR (Licensing and Conduct of Business)Not CompoundableNot CompoundableN.A.N.A.N.A.$10,000
3.11.3(d)Collateral that is obtained from the borrower not to be less than the prescribed levelCompoundable$2,000 – $4,000$4,000 – $7,000$7,000 – $10,000$1,000 – $3,000$3,000 – $6,000$6,000 – $8,000N.A.N.A.N.A.N.A.
3.11.3(e)Trading Member to notify the borrower to provide additional collateral to meet the prescribed levelCompoundable$2,000 – $4,000$4,000 – $7,000$7,000 – $10,000$1,000 – $3,000$3,000 – $6,000$6,000 – $8,000N.A.N.A.N.A.N.A.
Trading Member not to allow new borrowings until the value of the collateral is restored to the prescribed levelCompoundable$2,000 – $4,000$4,000 – $7,000$7,000 – $10,000$1,000 – $3,000$3,000 – $6,000$6,000 – $8,000N.A.N.A.N.A.N.A.
3.11.3(g)Trading Member not to allow a borrower to withdraw collateral unless the specified conditions are metCompoundable$2,000 – $4,000$4,000 – $7,000$7,000 – $10,000$1,000 – $3,000$3,000 – $6,000$6,000 – $8,000N.A.N.A.N.A.N.A.
3.12Submission of Returns
3.12.1(a)Trading Member to submit indicated financial returns and statementsCompoundable$2,000 – $4,000$4,000 – $7,000$7,000 – $10,000$1,000 – $3,000$3,000 – $6,000$6,000 – $8,000N.A.N.A.N.A.N.A.
3.12.1(b)Remote Trading Member to submit indicated financial returns and statementsCompoundable$2,000 – $4,000$4,000 – $7,000$7,000 – $10,000$1,000 – $3,000$3,000 – $6,000$6,000 – $8,000N.A.N.A.N.A.N.A.
3.12.3Trading Member to request for any extension of time at least three Market Days prior to the due dateCompoundable$2,000 – $4,000$4,000 – $7,000$7,000 – $10,000$1,000 – $3,000$3,000 – $6,000$6,000 – $8,000N.A.N.A.N.A.N.A.
3.12.4Trading Member to resubmit statements and documents and take other steps SGX-ST may require if they are inaccurate or incompleteCompoundable$2,000 – $4,000$4,000 – $7,000$7,000 – $10,000$1,000 – $3,000$3,000 – $6,000$6,000 – $8,000N.A.N.A.N.A.N.A.
3.13Annual Financial Audit
3.13.1Trading Member to obtain SGX-ST's prior approval for any change of its existing external auditors, or to notify SGX-ST by the prescribed time, as applicableCompoundable$500$1,000$2,000$250$500$1,000N.A.N.A.N.A.N.A.
3.13.2Trading Member to comply with SGX-ST's direction for the removal and appointment of another external auditorNot CompoundableNot CompoundableN.A.N.A.N.A.$10,000
3.13.3Trading Member to furnish the indicated information to SGX-STCompoundable$2,000 – $4,000$4,000 – $7,000$7,000 – $10,000$1,000 – $3,000$3,000 – $6,000$6,000 – $8,000N.A.N.A.N.A.N.A.
3.13.4Trading Member to procure that the Trading Member's auditor report immediately the indicated matters to SGX-STCompoundable$2,000 – $4,000$4,000 – $7,000$7,000 – $10,000$1,000 – $3,000$3,000 – $6,000$6,000 – $8,000N.A.N.A.N.A.N.A.
3.13.6Trading Member to request for any extension of time at least three Market Days prior to the due dateCompoundable$2,000 – $4,000$4,000 – $7,000$7,000 – $10,000$1,000 – $3,000$3,000 – $6,000$6,000 – $8,000N.A.N.A.N.A.N.A.
3.14Provision in Annual Accounts
3.14.1Trading Member to make provisions in its annual accounts as required by SGX-STCompoundable$2,000 – $4,000$4,000 – $7,000$7,000 – $10,000$1,000 – $3,000$3,000 – $6,000$6,000 – $8,000N.A.N.A.N.A.N.A.
3.15Other Financial Requirements
3.15.2Trading Member not to reduce its paid-up ordinary share capital without prior written approval of SGX-STCompoundable$2,000 – $4,000$4,000 – $7,000$7,000 – $10,000$1,000 – $3,000$3,000 – $6,000$6,000 – $8,000N.A.N.A.N.A.N.A.
3.15.3(a)Trading Member to notify SGX-ST prior to the issue of any preference shareCompoundable$2,000 – $4,000$4,000 – $7,000$7,000 – $10,000$1,000 – $3,000$3,000 – $6,000$6,000 – $8,000N.A.N.A.N.A.N.A.
3.15.3(b)Trading Member not to redeem any redeemable preference shares when the necessary conditions are not metCompoundable$2,000 – $4,000$4,000 – $7,000$7,000 – $10,000$1,000 – $3,000$3,000 – $6,000$6,000 – $8,000N.A.N.A.N.A.N.A.
3.15.4(a)Trading Member to obtain prior approval of SGX-ST if it enters a subordinated loan agreement in a format other than prescribed formatCompoundable$2,000 – $4,000$4,000 – $7,000$7,000 – $10,000$1,000 – $3,000$3,000 – $6,000$6,000 – $8,000N.A.N.A.N.A.N.A.
3.15.4(b)Trading Member to notify SGX-ST of the drawing down of a qualifying subordinated loan by the prescribed timeCompoundable$500$1,000$2,000$250$500$1,000N.A.N.A.N.A.N.A.
3.15.4(c)Trading Member not to repay any subordinated loan principal before the maturity date without prior approval of SGX-STCompoundable$2,000 – $4,000$4,000 – $7,000$7,000 – $10,000$1,000 – $3,000$3,000 – $6,000$6,000 – $8,000N.A.N.A.N.A.N.A.
3.15.4(d)Trading Member not to repay any subordinated loan principal that has matured when the stipulated conditions are not metCompoundable$2,000 – $4,000$4,000 – $7,000$7,000 – $10,000$1,000 – $3,000$3,000 – $6,000$6,000 – $8,000N.A.N.A.N.A.N.A.
3.15.5Trading Member not to make any unsecured loan or advance, payment of dividend or increase in director's remuneration when conditions are not metCompoundable$2,000 – $4,000$4,000 – $7,000$7,000 – $10,000$1,000 – $3,000$3,000 – $6,000$6,000 – $8,000N.A.N.A.N.A.N.A.
3.15.6Remote Trading Member to notify SGX-ST immediately of any actions taken relating to the prescribed activitiesCompoundable$2,000 – $4,000$4,000 – $7,000$7,000 – $10,000$1,000 – $3,000$3,000 – $6,000$6,000 – $8,000N.A.N.A.N.A.N.A.
3.15.7Trading Member that holds a Capital Markets Services Licence not to issue or allot partly paid sharesCompoundable$2,000 – $4,000$4,000 – $7,000$7,000 – $10,000$1,000 – $3,000$3,000 – $6,000$6,000 – $8,000N.A.N.A.N.A.N.A.

Added on 3 June 20193 June 2019 and amended on 1 April 2025.