12A.5 Disciplinary Committee

CDP Depository Rules

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:

(a) subject to Rule 12A.4.2 and Rule 12A.4.6, breached the Depository Agent Terms;

(b) breached the Securities and Futures Act or any other laws, regulations or requirements that govern its business activities;

(d) engaged in fraud or dishonesty, whether in or out of Singapore;

(e) engaged in conduct that has the effect of circumventing the Depository Agent Terms, the Securities and Futures Act, or any other laws, regulations or requirements that govern its business activities;

(f) engaged in conduct that is inconsistent with just and equitable principles of custody, settlement or trading; or

(g) engaged in conduct that is detrimental to the financial integrity, reputation or interests of the Depository, SGX-ST, any other organised markets established or operated by SGX-ST, or the investing public.

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:

(a) expel a Depository Agent (the Disciplinary Committee may order a former Depository Agent to be expelled notwithstanding that the Depository Agent is no longer a Depository Agent);

(b) suspend a Depository Agent;

(d) impose a fine not exceeding $250,000 per charge on a Depository Agent, or in the case of multiple charges, not exceeding $1,000,000 per hearing;

(e) reprimand (publicly or privately) a Depository Agent;

(f) require a Depository Agent to undertake an education or compliance programme;

(g) require a Depository Agent to pay reimbursement or compensation; and

(h) order payment of payment of fines by instalments, which shall not exceed 12 months from the date of imposition of the fine, unless otherwise permitted by the Disciplinary Committee.

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:

(a) shall impose a penalty not lower than such minimum amount; and

(b) may choose to impose, in addition to the penalty in Rule 12A.5.9(a), any one or more of the sanctions set out in Rule 12A.5.8.

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.

Added on 15 July 2026.