(1) be a corporation with a minimum base capital of $250,000 and sufficient professional indemnity insurance to cover its proposed sponsor activities;

(2) have established and operate out of a physical office in Singapore;

(3) have substantial shareholders, directors and key officers who are, in the Exchange's opinion, fit and proper;

(4) be experienced in corporate finance advisory work or compliance advisory work;

(5) have, in the Exchange's opinion, a satisfactory reputation and work record in all places where it has operated;

(6) not be in breach of any relevant rule or law in any place where it operates, including being the subject of any disciplinary proceedings, or any investigation which might lead to disciplinary action by any regulatory authority. The Exchange will take into consideration any previous breaches by the applicant of any relevant rule or law, and past disciplinary action by any regulatory authority. The Exchange will normally not accept an applicant if complaints, warning letters, fines, private or public censures or reprimands, or other disciplinary action by any regulatory authority has occurred in the last 2 years;

(7) have sufficient skills and resources to discharge its obligations as a sponsor, including upon authorisation, employing at least 2 professionals who meet the criteria in Rule 212 for registered professionals, where:

(8) once authorised, be independent of, and have no conflicts of interest with, the entities it sponsors.