12A.1.1 The Depository may investigate a Depository Agent:

12A.1.2 The Depository shall conduct an investigation if MAS directs it.

12A.1.3 The Depository may require a Depository Agent, or any of its directors, officers, employees or agents to:

12A.1.4 A Depository Agent, or any of its directors, officers, employees or agents shall not wilfully make, furnish or permit the making or furnishing of any false or misleading information, statement or report to the Depository.

12A.1.5 The Depository may appoint any person or persons to assist in its investigation (the "Depository Examiner").

12A.1.6 The Depository may delegate all or any of its powers under this Rule 12A.1 to the Depository Examiner. The Depository Examiner shall report the results of the investigation to the Depository.

Added on 15 July 2026.

12A.5.1 The Depository may initiate disciplinary proceedings and charge a Depository Agent before the Disciplinary Committee if the Depository is of the opinion that the Depository Agent or where it is a nominee company, the Regulated Entity for which it provides custodial services, has committed any of the following:

12A.5.2 The Disciplinary Committee shall comprise persons appointed by the SGX RegCo Board and shall not have a member who is, or who within three years of the proposed appointment date was, a director, officer or employee of SGX or a related corporation of SGX.

12A.5.3 The SGX RegCo Board shall appoint the chairman and deputy chairman of the Disciplinary Committee. In the absence of the chairman, the deputy chairman shall have all the authority of the chairman.

12A.5.4 The Disciplinary Committee shall, as a tribunal of first instance, hear and determine charges brought by the Depository against a Depository Agent pursuant to Rule 12A.5.1. The Disciplinary Committee may exercise its powers against a Depository Agent if it is satisfied, on a balance of probabilities, that the Depository Agent has committed any of the matters set out in Rule 12A.5.1.

12A.5.5 The Disciplinary Committee may exercise its powers against a Depository Agent if a director, officer, employee or agent breaches, or causes the Depository Agent to breach the Depository Agent Terms.

12A.5.6 The Disciplinary Committee may hear and determine charges against a former Depository Agent in respect of acts occurring when the Depository Agent was a Depository Agent, even if the Depository Agent is no longer a Depository Agent at the time of the Disciplinary Committee hearing.

12A.5.7 Procedures may be issued in relation to Disciplinary Committee proceedings. The procedures are binding on all the parties to the proceedings and may be varied by the Disciplinary Committee as provided in the procedures or these CDP Rules. Where any matter is not dealt with by the procedures or these CDP Rules, the Disciplinary Committee may establish its own procedures.

Refer to the Disciplinary Committee and Appeals Committee Handbook.

12A.5.8 The Disciplinary Committee may impose one or more of the following sanctions:

12A.5.9 Where a mandatory minimum penalty has been stipulated for a particular Rule violation in the thirteenth column of Schedule A, the Disciplinary Committee:

12A.5.10 A failure to comply with any sanction imposed by the Disciplinary Committee constitutes a breach of these CDP Rules.

12A.5.11 The Disciplinary Committee may, pending an appeal to the Appeals Committee, order a stay of the penalty imposed.

12A.5.12 The Disciplinary Committee shall provide its written grounds of decision, which shall include any sanctions imposed against the Depository Agent, within a reasonable period after the conclusion of the hearing.

12A.5.13 The Disciplinary Committee shall cause its written grounds of decision to be published, unless the sanction imposed involves the issuance of a private reprimand. Where a private reprimand is issued by the Disciplinary Committee, the Disciplinary Committee shall determine whether the written grounds of decision are to be published and if so, whether the written grounds of decision are to be published in part or in whole.

12A.5.14 Each Depository Agent irrevocably consents to the publication of the Disciplinary Committee's written grounds of decision pursuant to Rule 12A.5.12. The consent will remain valid and effective even when the Depository Agent ceases to be a Depository Agent. A Depository Agent cannot initiate any action or proceeding against the Depository or the Disciplinary Committee for such publication.

12A.6.1 The Appeals Committee shall comprise persons appointed by the SGX RegCo Board and approved by MAS provided that:

12A.6.2 The SGX RegCo Board shall appoint the chairman and the deputy chairman of the Appeals Committee. In the absence of the chairman, the deputy chairman will have all the powers of the chairman.

12A.6.3 The Appeals Committee shall:

12A.6.4 The Appeals Committee will determine the appeal by way of rehearing. It will only rehear that part of the decision of the Disciplinary Committee or the Depository that is appealed against.

12A.6.5 Procedures may be issued in relation to Appeals Committee proceedings. The procedures are binding on all the parties to the proceedings and may be varied by the Appeals Committee as provided in the procedures or the Rules. Where any matter is not dealt with by the procedures or the Rules, the Appeals Committee may establish its own procedures.

Refer to the Disciplinary Committee and Appeals Committee Handbook.

12A.6.6 The Appeals Committee may hear and determine appeals concerning a former Depository Agent in respect of acts occurring when the Depository Agent was a Depository Agent, even if the Depository Agent is no longer a Depository Agent at the time of the Appeals Committee hearing.

12A.6.7 The Appeals Committee may take any of the following actions:

12A.6.8 In imposing sanctions, the Appeals Committee shall have all the powers of the Disciplinary Committee under Rule 12A.5.8.

12A.6.9 A failure to comply with any sanction imposed by the Appeals Committee constitutes a breach of these CDP Rules.

12A.6.10 A Depository Agent may apply to the Appeals Committee for, and the Appeals Committee may grant, an extension of the relevant timelines to comply with the sanctions imposed by the Appeals Committee.

12A.6.11 The Appeals Committee shall provide written grounds of its decision, which shall include any sanctions imposed against the Depository Agent, within a reasonable period after the conclusion of the hearing.

12A.6.12 The Appeals Committee shall cause its written grounds of decision to be published, unless the sanction imposed involves the issuance of a private reprimand. Where a private reprimand is issued by the Appeals Committee, the Appeals Committee shall determine whether the written grounds of decision are to be published, and if so, whether the written grounds of decision is to be published in part or in whole.

12A.6.13 Each Depository Agent irrevocably consents to the publication of the Appeals Committee's written grounds of decision pursuant to Rule 12A.6.12. The consent will remain valid and effective notwithstanding the resignation, termination or expulsion of a Depository Agent. A Depository Agent cannot initiate any action or proceeding against the Depository or the Appeals Committee for such publication.

12A.6.14 A decision of the Appeals Committee shall be final and binding on the parties to the appeal.