12A.6 Appeals Committee

CDP Depository Rules

12A.6 Appeals Committee

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

(a) the Appeals Committee 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;

(b) a majority of the Appeals Committee shall not be directors, officers or employees of any member of SGX or SGX's subsidiaries; and

(c) a majority of the Appeals Committee shall not be substantial shareholders of SGX, or directors, officers or employees of any substantial shareholder of SGX.

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:

(a) hear and decide appeals arising from decisions of the Disciplinary Committee;

(b) hear and decide appeals brought by a Depository Agent pursuant to Rule 10.2B; and

(c) deal with such other matters as the SGX RegCo Board gives it (either generally or in a particular case).

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:

(a) dismiss the appeal;

(b) uphold, reverse or vary the decision of the Disciplinary Committee;

(c) uphold, reverse or vary specific findings of the Disciplinary Committee;

(d) direct that the Depository take a specific course of action;

(e) vary the sanctions imposed by the Disciplinary Committee; or

(f) issue any other order that it deems appropriate.

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.

Added on 15 July 2026.