Future version: Effective from 15 Jul 2026
Rule Violation | Whether composition may be offered | Composition Amount that may be offered by the Depository, where the Depository has determined the Depository Agent to be in violation | Mandatory minimum penalty imposable by the DC | |||
Rule Number | Brief Description of Rule | 1st Violation | 2nd Violation | 3rd Violation | ||
| Rule 3 — Resignation by Depository Agent | ||||||
3.1 | Obligations of a Resigning Depository Agent | |||||
| Depository Agent to comply with procedures for resignation. | Compoundable | $2,000 – $4,000 | $4,000 – $7,000 | $7,000 – $10,000 | N.A. | |
| Depository Agent to pay all outstanding charges owing to the Depository as at the effective date of resignation. | Compoundable | $2,000 – $4,000 | $4,000 – $7,000 | $7,000 – $10,000 | N.A. | |
| Depository Agent to fulfil all outstanding obligations to the Depository, including furnishing of an auditor’s certificate or a banker’s guarantee. | Compoundable | $2,000 – $4,000 | $4,000 – $7,000 | $7,000 – $10,000 | N.A. | |
3.3 | Resigning Depository Agent's Management of Sub-Accounts | |||||
| Depository Agent to give written notice of its resignation to its Sub-Account Holders upon giving the Depository its notice of resignation. | Compoundable | $2,000 – $4,000 | $4,000 – $7,000 | $7,000 – $10,000 | N.A. | |
| Depository Agent to transfer the Deposited Securities it holds for its Sub-Account Holders to such other Depository Agents(s) or accounts indicated by the Sub-Account Holders prior to the effective date of its resignation. | Compoundable | $2,000 – $4,000 | $4,000 – $7,000 | $7,000 – $10,000 | N.A. | |
Added on 15 July 2026.