SGX Rulebooks
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CDP Depository Rules
Current version: Effective up to 14 Jul 2026

10.1 Termination

Current version: Effective up to 14 Jul 2026

The Depository may terminate any Depository Agent immediately and without any prior notice upon the occurrence of any of the following events:

10.1.1 the failure of the Depository Agent to perform or observe any of its duties or obligations or representations or warranties under the Depository Agent Terms within five (5) business days of any notice from the Depository to remedy such failure; or
10.1.2 the voluntary liquidation of the Depository Agent otherwise than for the purpose of reconstruction or amalgamation approved by the Depository, or an Order of Court being made for its compulsory liquidation; or
10.1.3 the Depository Agent entering into any composition or arrangement with its creditors; or
10.1.4 the Depository Agent having a receiver or judicial manager or similar officer appointed over the whole or any part of its undertaking or its properties, revenues or assets; or
10.1.5 any distress or execution being levied or enforced upon or sued out against any of the chattels or property of the Depository Agent.

10.1A Notice and Effective Date

Future Version: Effective from 15 Jul 2026

If the Depository intends to take action against a Depository Agent under Rule 10.1, it will inform the Depository Agent in writing. Such action will be effective on the date specified and/or subject to the conditions specified in the written notice.

Added on  15 July 2026.

10.2 Notice to Terminate

Current version: Effective up to 14 Jul 2026

Notwithstanding Rule 10.1, the Depository may also terminate any Depository Agent, without giving any reason therefor, on giving not less than three (3) months in writing. The Depository Agent shall transfer its Deposited Securities to another Depository Agent within three (3) months of such notice of termination.

10.2B Appeal against Restriction and/or Imposition of Conditions

Future Version: Effective from 15 Jul 2026

A Depository Agent on whom activities the Depository has imposed restrictions and/or conditions or who has been terminated pursuant to Rule 10.1 may, within 14 days, appeal to the Appeals Committee against the said restriction and/or imposition of conditions. Notwithstanding such appeal, the Depository’s restriction of and/or imposition of conditions on the Depository Agent’s activities or termination of the Depository Agent shall continue in effect until such time as it is revoked or lifted by the Depository or the Appeals Committee.

Added on 15 July 2026.

10.2C Notification to SGX-ST and other Depository Agents

Future Version: Effective from 15 Jul 2026

The Depository may notify SGX-ST and other Depository Agents of any action taken under Rule 10.1.

Added on 15 July 2026.

10.2A Restrictions and Conditions on Depository Agent’s Activities

Future Version: Effective from 15 Jul 2026

10.2A.1 The Depository may restrict and/or impose conditions on the activities of a Depository Agent under Rule 10.1 in any one or more of the following ways as the Depository shall specify:

(a) prohibit the Depository Agent from carrying out any transactions or payments in respect of Deposited Securities without the approval of the Depository;
(b) prohibit the Depository Agent from opening any new Sub-Accounts;
(c) prohibit the Depository Agent from onboarding new clients;
(d) require the Depository Agent to take such action or cease to take such action as the Depository deems necessary or desirable.

10.2A.2 Failure by the Depository Agent to comply with any restriction and/or conditions will constitute a breach of these CDP Rules.

10.2A.3 Any restriction and/or imposition of conditions shall be for such duration as the Depository determines, save where imposed on the grounds under Rule 10.1.5 in which case the restriction and/or imposition of conditions shall end when the relevant entity is acquitted, the charge is not proceeded with, or no further action is taken in respect of the investigation.

10.2A.4 Unless otherwise notified by the Depository, a Depository Agent whose activities are subject to any restriction and/or conditions continues to be bound by these CDP Rules.

Added on 15 July 2026.

10.3 Obligations of Depository Agent

Current version: Effective up to 14 Jul 2026

In the event that any Depository Agent is terminated for any reason whatsoever, the Depository Agent shall, as soon as possible:

10.3.1 give notice of the termination to its Sub-Account Holders; and
10.3.2 unless terminated under Rule 10.2, thereafter transfer the Deposited Securities of the Sub-Account Holders to such other accounts indicated by the Sub-Account Holders.

10.4 Obligations of Depository

Current version: Effective up to 14 Jul 2026

From the effective date of termination of any Depository Agent, the Depository is not obliged to perform any of its obligations under these CDP Rules to the Depository Agent in respect of Sub-Accounts maintained with the Depository Agent.

10.5 Duties of Depository Agent

Current version: Effective up to 14 Jul 2026

The terminated Depository Agent shall:

10.5.1 pay all outstanding charges owing to the Depository;
10.5.2 fulfill all outstanding obligations to the Depository, including furnishing of auditor's certificate or banker's guarantee; and
10.5.3 until its termination is effective, continue to comply with the Depository Agent Terms.

10.6 Depository Agent's Outstanding Liabilities

Current version: Effective up to 14 Jul 2026

Notwithstanding the termination, the Depository Agent shall remain liable for all outstanding liabilities incurred under the Depository Agent Terms.

10.7 Termination of Securities Account

Current version: Effective up to 14 Jul 2026

The Depository may terminate any Securities Account on such terms that it may prescribe.