(1) in the case of a Trading Member that holds a Capital Markets Services Licence, comply with such requirements prescribed in Rules 12.11 and 12.12; and

(2) in the case of a Trading Member that holds a licence specified in Rule 4.1.1(1)(b), comply with such requirements as may be prescribed by the Relevant Regulatory Authority. The Trading Member shall immediately notify SGX-ST on any changes to such requirements. Notwithstanding the foregoing, SGX-ST shall have the discretion to prescribe additional requirements.