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2.22.4

Other than suspending the Trading Member, the restrictions and conditions that SGX-ST may impose on the activities of a Trading Member include the following:

(a) requiring the Trading Member immediately to take or not take any action as SGX-ST in its discretion may determine;
(b) requiring any Director or Chief Executive Officer to step down from day-to-day conduct of the business affairs of the Trading Member, and/or require the Trading Member to not appoint any further or other Director or Chief Executive Officer without the prior approval of the SGX-ST; and
(c) appointing one or more persons as Manager, on such terms and conditions as the SGX-ST may specify, to:
(i) advise the Trading Member on the proper management of such of the business of the Trading Member as the SGX-ST may determine, and/or
(ii) take custody or control of the relevant business of the Trading Member as the SGX-ST may determine and/or
(iii) manage the business of the Trading Member.

SGX-ST will determine the remuneration of the Manager, which must be paid by the Trading Member. The Trading Member is solely responsible for the Manager's acts and defaults. The Manager must carry out directions given by SGX-ST in relation to the business of the Trading Member, including carrying on the business of the Trading Member in accordance with the instructions of SGX-ST. The appointment of such Manager may be revoked by the SGX-ST at any time if the SGX-ST is satisfied that the reasons for the appointment have ceased to exist or on any other ground. Upon such revocation, the Manager shall cease to act as such.

Added on 3 June 20193 June 2019.