Without derogating from Rule 6.2.2, the factors that SGX-ST may consider when approving an application to be a Designated Market-Maker include but are not limited to the following:
(a) whether the applicant or its substantial shareholders, is in the course of being wound up, or a resolution to do so is passed by shareholders, or a court order is made, to wind it up, whether in or out of Singapore;
(b) whether execution against the applicant or its substantial shareholders, in respect of a judgment debt has been returned unsatisfied in whole or in part, whether in or out of Singapore;
(c) whether the applicant or its substantial shareholders, has entered into an arrangement or composition with its creditors that is still in operation, whether in or out of Singapore;
(d) whether a receiver, a receiver and manager, judicial manager or such other person having similar powers and duties, has been appointed, whether in or out of Singapore, in relation to any property of the applicant, or its substantial shareholders;
(e) whether SGX-ST is not satisfied with the financial standing of the applicant or its substantial shareholders;
(f) whether SGX-ST is not satisfied with the manner in which the applicant's business is to be conducted;
(g) whether the applicant, or any of its substantial shareholders, Chief Executive Officer or Directors is convicted of an offence involving fraud or dishonesty or is found by a court of law to have acted fraudulently or dishonestly, whether in or out of Singapore;
(h) whether the applicant, or any of its substantial shareholders, Chief Executive Officer or Directors has been convicted of an offence under the Securities and Futures Act or any other relevant applicable laws and regulatory requirements relating to the regulation of markets and licenced entities;
(i) whether the applicant, or any of its substantial shareholders, Chief Executive Officer or Directors is the subject of an investigation involving an allegation of fraud or dishonesty, whether in or out of Singapore;
(j) whether SGX-ST is not satisfied with the applicant's record of past performance;
(k) whether SGX-ST is not satisfied that the applicant, any of its Chief Executive Officer or Directors are able to satisfy such experience and competency requirements as SGX-ST may prescribe;
(l) whether SGX-ST has reason to believe that the applicant or any of its Chief Executive Officer or Directors may not perform their functions efficiently, honestly and fairly;
(m) whether SGX-ST has reason to believe that the applicant may not act in the best interests of its customers;
(n) whether the applicant, unless exempted, does not have the requisite licence(s) with the Authority;
(o) whether the applicant, if it does not hold a Capital Markets Services Licence, is not regulated in a jurisdiction with regulatory standards comparable to those contemplated under the Securities and Futures Act and these Rules;
(p) whether the applicant's regulatory authority does not have an information sharing and co-operation arrangements with the Authority; and
(q) whether in SGX-ST's opinion, it would be contrary to the interests of the public to register the applicant as a Designated Market-Maker.
Added on 3 June 20193 June 2019.
