Amended on 29 December 201429 December 2014.

In this Chapter,

A   B   C   D   E   F   G   H   I   J   K   L   M   N   O   P   Q   R   S   T   U   V   W   X   Y   Z

Amended on 23 January 200923 January 2009, 19 May 201419 May 2014, 29 December 201429 December 2014 and 22 April 201922 April 2019.

Unless the context requires otherwise, where the terms defined in Rule 11.1.1 are defined in relation to a holder of a Capital Markets Services Licence, such definitions shall, with the necessary modifications, apply to a Trading Member, as those definitions apply to a holder of a Capital Markets Services Licence whether or not that Trading Member holds a Capital Markets Services Licence.

Added on 29 December 201429 December 2014.

The following requirements apply in relation to Trading Members:—

Added on 19 May 201419 May 2014 and amended on 29 December 201429 December 2014.

Deleted on 22 April 201922 April 2019.

Amended on 29 December 201429 December 2014 and 22 April 201922 April 2019.

The base capital requirement of:—

If a Trading Member fails to comply or becomes aware that it will fail to comply with the base capital requirement prescribed under Rule 11.2, or such higher base capital requirement as SGX-ST may have imposed under Rule 11.5, it shall immediately notify SGX-ST.

SGX-ST may refer the matter to the Disciplinary Committee, and may take such interim control measures, including but not limited to do all or any of the following, as SGX-ST deems fit and appropriate:—

Amended on 22 April 201922 April 2019.

Deleted on 22 April 201922 April 2019.

Deleted on 22 April 201922 April 2019.

Deleted on 22 April 201922 April 2019.

Deleted on 22 April 201922 April 2019.

Deleted on 22 April 201922 April 2019.

This Rule 11.3 shall apply to a Trading Member that holds a Capital Markets Services Licence.

Amended on 19 May 201419 May 2014 and 29 December 201429 December 2014.

A Trading Member shall not cause or permit:—

to fall below its total risk requirement.

Amended on 29 December 201429 December 2014.

Financial resources and adjusted net head office funds shall be calculated in the same manner as prescribed in Regulation 2 of the SFR (Financial and Margin Requirements).

Amended on 29 December 201429 December 2014.

Total risk requirement shall be calculated in the same manner as prescribed in the Notice on Risk Based Capital Adequacy Requirements for Holders of Capital Markets Services Licences.

Amended on 29 December 201429 December 2014.

Deleted on 29 December 201429 December 2014.

If a Trading Member fails to comply or becomes aware that it will fail to comply with the financial resources requirement prescribed under Rule 11.3, or such higher financial resources requirement as SGX-ST may have imposed under Rule 11.5, it shall immediately notify SGX-ST.

Regardless whether or not there has been any notification by a Trading Member under Rule 11.3.5, if the financial resources or adjusted net head office funds of the Trading Member, as the case may be, are below the total risk requirement prescribed under Rule 11.3 or such higher percentage of the total risk requirement as SGX-ST may have imposed under Rule 11.5, it shall be deemed a breach of a provision of the SGX-ST Rules by the Trading Member. SGX-ST may refer the matter to the Disciplinary Committee, and may take such interim control measures, including but not limited to do all or any of the following, as SGX-ST deems fit and appropriate:—

A Trading Member shall immediately notify SGX-ST if:—

fall below 120% of its total risk requirement.

If SGX-ST is notified by a Trading Member under Rule 11.3.7 or becomes aware (whether or not there has been any notification by the Trading Member under Rule 11.3.7) that the Trading Member's financial resources or adjusted net head office funds, as the case may be, have fallen or will fall below 120% of its total risk requirement, or such higher percentage as SGX-ST may have imposed under Rule 11.5, SGX-ST shall be entitled to require the Trading Member to comply with any or all of the directions prescribed under Regulation 7(3) of the SFR (Financial and Margin Requirements).

A Trading Member shall immediately notify SGX-ST if:—

fall below 150% of its total risk requirement.

If SGX-ST is notified by a Trading Member under Rule 11.3.9 or becomes aware (whether or not there has been any notification by the Trading Member under Rule 11.3.9) that the Trading Member's financial resources or adjusted net head office funds, as the case may be, have fallen or will fall below 150% of its total risk requirement, or such higher percentage as SGX-ST may have imposed under Rule 11.5, SGX-ST shall be entitled to require the Trading Member to:—

Deleted on 29 December 201429 December 2014.

This Rule 11.4 shall apply to a Trading Member that holds a Capital Markets Services Licence.

Amended on 19 May 201419 May 2014 and 29 December 201429 December 2014.

A Trading Member shall not cause or permit its aggregate indebtedness to exceed 1200% of its aggregate resources.

If a Trading Member fails to comply or becomes aware that it will fail to comply with the aggregate indebtedness requirement prescribed under Rule 11.4, or such lower percentage of aggregate indebtedness over aggregate resources as SGX-ST may have imposed under Rule 11.4, it shall immediately notify SGX-ST.

Regardless of whether or not there has been any notification by a Trading Member under Rule 11.4.2, if the aggregate indebtedness of the Trading Member exceeds 1200% of its aggregate resources prescribed under Rule 11.4, or such lower percentage of aggregate indebtedness over aggregate resources as SGX-ST may have imposed under Rule 11.5, it shall be deemed a breach of a provision of the SGX-ST Rules by the Trading Member. SGX-ST may refer the matter to the Disciplinary Committee, and may take such interim control measures, including but not limited to do all or any of the following, as SGX-ST deems fit and appropriate:—

A Trading Member shall immediately notify SGX-ST if its aggregate indebtedness exceeds 600% of its aggregate resources.

If SGX-ST is notified by a Trading Member under Rule 11.4.4 or becomes aware (whether or not there has been any notification by the Trading Member under Rule 11.4.4) that the Trading Member's aggregate indebtedness has exceeded or will exceed 600% of its aggregate resources, or such lower percentage as SGX-ST may have imposed under Rule 11.5, SGX-ST shall be entitled to require the Trading Member to comply with any or all of the directions prescribed under Regulation 17(2) of the SFR (Financial and Margin Requirements).

Added on 29 December 201429 December 2014.

SGX-ST may prescribe for 1 or more Trading Members, capital, financial and other requirements in excess of the minimum prescribed under Chapter 11 herein on the basis of volume, risk exposure of positions carried, risk concentration, margin policies, nature of business conducted or to be conducted or its membership in any exchange or market and such other criteria as deemed necessary by SGX-ST.

Deleted on 30 May 200730 May 2007.

This Rule 11.7 shall apply to a Trading Member that holds a Capital Markets Services Licence.

Amended on 19 May 201419 May 2014 and 29 December 201429 December 2014.

A Trading Member shall immediately notify SGX-ST if the Trading Member's exposure to a single customer exceeds 20% of its average aggregate resources. To reduce the Trading Member's risk exposure to a single customer, SGX-ST shall have the right to impose on the Trading Member such risk management measures as it deems necessary.

For the purpose of Rule 11.7.1, the full amount of the letter(s) of credit or any part thereof deposited pursuant to Rule 11.4.6 may be taken into account for the calculation of aggregate resources.

Amended on 29 December 201429 December 2014.

In this Rule, "exposure to a single customer" means:—

Amended on 3 April 20083 April 2008, 23 January 200923 January 2009 and 1 July 20161 July 2016.

For the purposes of Rule 11.7.3, a security or futures contract is deemed to be carried in a customer's account (other than a margin account) carried on the books of the Trading Member on the contract date specified in the contract note in respect of the transaction in that security or futures contract or on the exercise date specified in the exercise notice in respect of an option in that security which has been exercised.

Amended on 23 January 200923 January 2009 and 1 July 20161 July 2016.

In this Rule:—

"single customer" means, in relation to a customer who is:—

This Rule 11.7A shall apply to a Trading Member that holds a licence specified in Rule 4.1.1(1)(b). Such Trading Member shall have in place adequate tools and procedures to monitor its exposure to a single customer. SGX-ST shall have the right to require such Trading Member to demonstrate the adequacy of such tools and procedures as it deems necessary.

Added on 19 May 201419 May 2014.

The Trading Member shall immediately notify SGX-ST if the Trading Member's exposure to a single customer exceeds its internal threshold.

Added on 19 May 201419 May 2014.

In this Rule 11.7A, "single customer" and "exposure to a single customer" shall have the meaning ascribed to it in Rule 11.7.

Added on 19 May 201419 May 2014.

This Rule 11.8 shall apply to a Trading Member that holds a Capital Markets Services Licence.

Amended on 19 May 201419 May 2014 and 29 December 201429 December 2014.

A Trading Member shall immediately notify SGX-ST if the Trading Member's exposure to a single security exceeds:—

To reduce a Trading Member's risk exposure to a single security, SGX-ST shall have the right to impose on the Trading Member such risk management requirements as it thinks fit.

For the purpose of Rule 11.8.1, the full amount of the letter(s) of credit or any part thereof deposited pursuant to Rule 11.4.6 may be taken into account for the calculation of aggregate resources.

Amended on 29 December 201429 December 2014.

For the purpose of Rule 11.8.1, "exposure to a single security" means:—

Amended on 23 January 200923 January 2009, 29 December 201429 December 2014, 1 July 20161 July 2016 and 8 October 20188 October 2018.

For the purposes of this Rule, a security is deemed to be carried in a customer's cash account or a Trading Member's own account (such account being an account carried on the books of the Trading Member) on the contract date specified in the contract note in respect of the transaction in that security or on the exercise date specified in the exercise notice in respect of an option in that security which has been exercised.

Amended on 1 July 20161 July 2016.

For the purposes of this Rule, in calculating exposure in any particular security, all outstanding options exercisable into that security shall be included in such computation.

For the purposes of Rule 11.8.4(2) and Rule 11.8.4(4), in calculating exposure in any particular security, all futures contracts with that security as an underlying shall be included in such computation.

Added on 3 April 20083 April 2008.

This Rule shall not apply to:—

For the purposes of this Rule, where a security quoted on SGX-ST or any recognised group A securities exchange has been suspended for more than 30 consecutive days, a Trading Member shall not permit its exposure to the security to increase in monetary value above the level subsisting on the thirtieth consecutive day of suspension until such time that the suspension has been lifted.

In this Rule:—

"single security" includes ordinary and preference shares, loan stocks, company warrants, structured warrants, transferable subscription rights, bonds, debentures, depository receipts, options and any other debt instruments or equity securities.

Amended on 3 April 20083 April 2008.

This Rule 11.8A shall apply to a Trading Member that holds a licence specified in Rule 4.1.1(1)(b). Such Trading Member shall have in place adequate tools and procedures to monitor its exposure to a single security. SGX-ST shall have the right to require such Trading Member to demonstrate the adequacy of such tools and procedures as it deems necessary.

Added on 19 May 201419 May 2014.

The Trading Member shall immediately notify SGX-ST if the Trading Member's exposure to a single security exceeds its internal threshold.

Added on 19 May 201419 May 2014.

In this Rule 11.8A, "single security" and "exposure to a single security" shall have the meaning ascribed to it in Rule 11.8.

Added on 19 May 201419 May 2014.

Subject to the margin financing requirements of this Rule, a Trading Member who is licensed to conduct product financing may extend credit facilities to customers for transactions in Specified Products.

Amended on 23 January 200923 January 2009 and 8 October 20188 October 2018.

Added on 19 May 201419 May 2014 and amended on 29 December 201429 December 2014.

Margin financing arrangements shall be evidenced in the form of a written agreement executed between the Trading Member and the customer.

Amended on 23 January 200923 January 2009.

If a Trading Member seeks to mortgage, pledge or hypothecate the Specified Products or property of any customer who operates a margin financing account with a Trading Member (such account being an account carried on the books of the Trading Member) shall authorise the Trading Member to mortgage, pledge or hypothecate the customer's securities or property for a sum not exceeding the debit balance in the margin financing account and without obligation to retain in its possession or control Specified Products of like character. The Trading Member shall also be given the discretion to sell or dispose of any or all the Specified Products in any manner in order to meet with the prescribed margin financing requirements.

Amended on 23 January 200923 January 2009, 1 July 20161 July 2016 and 8 October 20188 October 2018.

A Trading Member shall not cause or permit any new transaction made in a customer's margin financing account (such account being an account carried on the books of the Trading Member) unless the resulting equity in the account is not less than 140% of the debit balance, or the Trading Member has required the customer to deposit margin in the margin financing account within 2 Market Days from the date of the Specified Products transaction to bring the equity to not less than 140% of the debit balance.

Amended on 23 January 200923 January 2009, 1 July 20161 July 2016 and 8 October 20188 October 2018.

A Trading Member who provides margin financing must obtain margin from each customer in respect of any margin financing account (such account being an account carried on the books of the Trading Member) and in respect of any credit facility provided to the customer for Specified Products transactions. The margin deposited by customers with the Trading Member shall be in the form of acceptable collateral and such other instruments as SGX-ST may from time to time prescribe.

Amended on 10 November 200610 November 2006 and 8 October 20188 October 2018.

Amended on 10 November 200610 November 2006, 23 January 200923 January 2009, 1 July 20161 July 2016 and 8 October 20188 October 2018.

Deleted on 14 November 200514 November 2005.

A Trading Member shall cause daily review to be made of all margin financing accounts carried on the books of the Trading Member to ensure that credit is not over-extended beyond the approved facility and that the margin financing requirements prescribed above are met at all times. For the purpose of computing margin financing requirements in a margin financing account, the last done price of the Specified Product on the preceding Market Day, or in the case of a Prescribed Instrument, the closing price of the Prescribed Instrument on the preceding Market Day, shall be used. All transactions done on the same day shall be combined on a transaction date basis and the total cost of purchase or the net proceeds of sale including any commission charged and other expenses shall be taken into account for computing margin financing requirements.

Amended on 23 January 200923 January 2009, 24 February 201424 February 2014, 1 July 20161 July 2016 and 8 October 20188 October 2018.

A Trading Member shall have the discretion to impose higher margin financing requirements on any of its customers.

Amended on 23 January 200923 January 2009.

A customer may withdraw cash or Specified Products from his margin financing account carried on the books of his Trading Member provided that the equity in his account does not fall to 140% of the debit balance or less.

Amended on 23 January 200923 January 2009, 1 July 20161 July 2016 and 8 October 20188 October 2018.

A Trading Member shall not cause or permit:

Amended on 12 October 200512 October 2005, 23 January 200923 January 2009, 1 July 20161 July 2016 and 8 October 20188 October 2018.

Deleted on 12 October 200512 October 2005.

All transactions in a margin account carried on the books of the Trading Member shall be on an immediate or a ready basis. The margin account shall not be used to subscribe for new issue of securities, or to meet margin requirements in respect of Marginable Futures Contracts.

Amended on 23 January 200923 January 2009 and 1 July 20161 July 2016.

In computing the market value of Specified Products bought and carried in a customer's margin financing account (such account being an account carried on the books of the Trading Member) and the market value of securities deposited as collateral by the margin customer, the Trading Member shall apply such applicable discounts as SGX-ST may prescribe from time to time.

Amended on 23 January 200923 January 2009, 1 July 20161 July 2016 and 8 October 20188 October 2018.

SGX-ST shall have the absolute discretion to vary any or all of the margin financing requirements stipulated in Rule 11.9, and impose such other requirements for margin financing transactions from time to time as it deems fit and appropriate.

Amended on 23 January 200923 January 2009.

In this Rule:—

Amended on 12 October 200512 October 2005 and 10 November 200610 November 2006.

Amended on 19 May 201419 May 2014.

A Trading Member shall submit to SGX-ST financial returns as follows:

Refer to SGX Data Submission Website (https://esub.sgx.com) for the submission template.

Amended on 3 January 20073 January 2007, 19 May 201419 May 2014, 29 December 201429 December 2014 and 22 April 201922 April 2019.

Where a Trading Member fails to submit the statements required in Rule 11.10.1 within the prescribed time, there shall be imposed upon the Trading Member a late fee of $100 for each day that the statements are not submitted in the prescribed time, unless an extension of time has been granted.

Requests for extension of time shall be submitted to SGX-ST at least 3 Market Days prior to the due date for submission of the statements.

A Trading Member shall be required to resubmit the statements and documents prescribed under Rule 11.10.1 and take such other steps as SGX-ST may require upon SGX-ST's notification that the statements and documents are inaccurate or incomplete.

A Trading Member shall:

Amended on 19 May 201419 May 2014 and 29 December 201429 December 2014.

If SGX-ST is not satisfied with the performance of duties by an external auditor appointed by a Trading Member in relation to the Trading Member's activities on SGX-ST, it may:

Added on 19 May 201419 May 2014.

A Trading Member shall, within 5 months after the close of the financial year, furnish to SGX-ST the following information:

Amended on 12 October 200512 October 2005, 19 May 201419 May 2014, 29 December 201429 December 2014, 8 October 20188 October 2018 and 22 April 201922 April 2019.

Where, in the performance of his duties, the Trading Member's auditor becomes aware:—

the auditor shall immediately report the matter to SGX-ST.

Amended on 19 May 201419 May 2014 and 8 October 20188 October 2018.

A Trading Member which is incorporated in Singapore shall make such provisions in its annual accounts as SGX-ST may from time to time require.

Deleted on 20 June 200520 June 2005.

Deleted on 20 June 200520 June 2005.

A Trading Member which is incorporated in Singapore shall not reduce its paid-up ordinary share capital or paid-up irredeemable and non-cumulative preference share capital without the prior written approval of SGX-ST.

Amended on 10 November 200610 November 2006 and 29 December 201429 December 2014.

Amended on 29 December 201429 December 2014.

Amended on 29 December 201429 December 2014.

A Trading Member shall not, without the prior written approval of SGX-ST, make any unsecured loan or advance, pay any dividend or director's fees or increase any director's remuneration if:—

Amended on 29 December 201429 December 2014.

Rules 11.13.1 to 11.13.4 shall not apply to a Trading Member that holds a licence specified in Rule 4.1.1(1)(b). Such a Trading Member shall notify the Exchange immediately of any actions taken relating to:

Added on 19 May 201419 May 2014 and amended on 22 April 201922 April 2019.

A Trading Member that holds a Capital Markets Services Licence licence shall keep a register of its directors and their connected persons. For the purpose of this Rule, a "connected person" has the meaning ascribed to it in Section 2 of the SFA.

Amended on 19 May 201419 May 2014 and 29 December 201429 December 2014.

A Trading Member, Director or Trading Representative must:—

Refer to Directive No. 4.

Amended on 18 September 201218 September 2012, 19 May 201419 May 2014 and 29 December 201429 December 2014.

A Trading Member must ensure the integrity, security and confidentiality in the transmission and storage of all records.

A Trading Member must make records available to SGX-ST at such time as SGX-ST requires.

Added on 18 September 201218 September 2012.

A Trading Member and its Trading Representative must maintain confidentiality of a customer's information, unless:—

A Trading Member must ensure that a person to whom it discloses a customer's information under Rules 12.2.1(2) and (3) maintains confidentiality of such information.

Before opening an individual customer account on its books, a Trading Member must:—

Refer to Practice Note 12.3.1, Practice Note 12.3.1, 12.3.2 and Practice Note 12.3.1, 12.3.4.

Amended on 1 July 20161 July 2016.

Before opening a corporate customer account on its books, a Trading Member must:—

Refer to Practice Note 12.3.1, 12.3.2.

Amended on 3 April 20083 April 2008, 1 July 20161 July 2016 and 8 October 20188 October 2018.

For an agency customer account carried on the books of a Trading Member, the Trading Member must have on file:—

Amended on 1 July 20161 July 2016.

Refer to Practice Note 12.3.1, 12.3.4.

Amended on 14 May 200914 May 2009 and 1 July 20161 July 2016.

Amended on 1 July 20161 July 2016.

A Trading Member must ensure that the customer is aware of and must obtain a written acknowledgement from the customer that the customer is aware of and understands the risks associated with holding and trading securities and futures contracts in accordance with:

Amended on 3 April 20083 April 2008, 18 September 201218 September 2012, 19 May 201419 May 2014, 29 December 201429 December 2014 and 8 October 20188 October 2018.

Amended on 18 September 201218 September 2012, 26 April 201326 April 2013 and 1 July 20161 July 2016.

In this Rule 12.3, a customer account on the books of a Trading Member includes an account of a Trading Representative.

Amended on 1 July 20161 July 2016.

Deleted on 1 July 20161 July 2016.

Save for Accredited Investors and Institutional Investors, a Trading Member must provide its Internet Trading customers with adequate information, guidance and training on:—

With respect to Accredited Investors and Institutional Investors, a Trading Member's obligation relates solely to the provision of adequate information in relation to prohibited trading practices.

Added on 18 September 201218 September 2012.

Before accepting any orders from a third party, a Trading Member must obtain written authorisation from the customer empowering the third party to trade for the customer's account carried on the books of the Trading Member.

Amended on 1 July 20161 July 2016.

Unless SGX-ST decides otherwise, the commission rate chargeable for the purchase or sale of securities or futures contracts is negotiable.

Amended on 3 April 20083 April 2008 and 8 October 20188 October 2018.

All charges and expenses, including any fees imposed by CDP and/or SGX-ST, stamp duty and Goods and Services Tax, to be borne by the customer (whether included as part of the brokerage or otherwise) must be accurately disclosed to the customer and agreed between the customer and the Trading Member.

Amended on 1 July 20161 July 2016.

A Trading Member must send its customer a contract note for the purchase or sale of securities or futures contracts.

Refer to Practice Note 12.6.1.

Amended on 3 April 20083 April 2008, 19 May 201419 May 2014, 1 July 20161 July 2016 and 8 October 20188 October 2018.

The contract note must state that the contract is subject to the Rules and Directives of SGX-ST if the trade is:—

Amended on 3 April 20083 April 2008.

In the case of a Trading Member that holds a Capital Markets Services Licence<:

Amended on 23 January 200923 January 2009, 19 May 201419 May 2014, 29 December 201429 December 2014 and 1 July 20161 July 2016.

In the case of a Trading Member that holds a licence specified in Rule 4.1.1(1)(b), a contract note must comply with such requirements as may be prescribed by the Relevant Regulatory Authority, including requirements relating to a customer's contract note in electronic form. The Trading Member shall immediately notify SGX-ST on any changes to such requirements. Notwithstanding the foregoing, SGX-ST shall have the discretion to prescribe additional requirements.

Amended on 19 May 201419 May 2014.

[Rule has been deleted.]

Deleted on 19 May 201419 May 2014.

[Rule has been deleted.]

Deleted on 19 May 201419 May 2014.

If asked by SGX-ST, a Trading Member must produce the contract notes in substantially the same form and containing the same trading information as were given to customers.

Amended on 19 May 201419 May 2014.

A Trading Member must send its customer statements of account on a regular basis in accordance with:

Amended on 19 May 201419 May 2014, 1 July 20161 July 2016 and 8 October 20188 October 2018.

[Rule has been deleted.]

Deleted on 8 October 20188 October 2018.

[Rule has been deleted.]

Deleted on 19 May 201419 May 2014.

[Rule has been deleted.]

Deleted on 19 May 201419 May 2014.

If asked by SGX-ST, a Trading Member must produce the statement of accounts in substantially the same form and containing the same information as were given to customers.

A Trading Member may amend a contract if there is a valid reason for the amendment.

At least 1 senior management staff independent of sales or dealing of a Trading Member, or a senior management staff of a related corporation of that Trading Member charged with the contract amendment function, must approve the amendment of contract.

The approval must be given before the contract is amended.

A Trading Member must communicate directly with its customers in respect of statements, contract notes, or all other information, whether in writing or electronically, unless the customer has authorised otherwise in writing.

A Trading Member must not allow any person other than the customer to collect any cash, share certificates, contract notes, credit or debit notes, cheques or statements, unless the customer has authorised that person in writing.

All cheques to customers must be crossed, unless:—

A Trading Member must not accept a house cheque (a crossed cheque issued by the Trading Member in favour of a customer) from a customer unless:—

Subject to Rule 12.10A.2, a Trading Member must discharge its fiduciary obligations to its Customers by:

Added on 19 May 201419 May 2014.

A Trading Member shall:

Added on 19 May 201419 May 2014 and amended on 29 December 201429 December 2014.

A Trading Member must comply with Part III, Divisions 2 and 4 of the Securities and Futures (Licensing and Conduct of Business) Regulations on customer's money. For the purpose of this Rule, "customer" includes a Remisier, unless otherwise specified.

Amended on 23 January 200923 January 2009.

Regulation 16(1)(b) of the Securities and Futures (Licensing and Conduct of Business) Regulations does not apply to a Remisier. A Trading Member must deposit all money received on account of a Remisier in a trust account.

Amended on 23 January 200923 January 2009.

A Trading Member must designate the accounts maintained with a financial institution specified in Regulation 17 of the Securities and Futures (Licensing and Conduct of Business) Regulations for a customer or a Remisier as a trust account, or customer or Remisier account, as the case may be.

Amended on 23 January 200923 January 2009.

A Trading Member must deposit money received on account of customers in a separate trust account from Remisiers.

Amended on 23 January 200923 January 2009.

A Trading Member must not commingle money received on account of its customers or its Remisiers with its own funds. However, a Trading Member may deposit its own funds into a trust account under the circumstances specified in Regulation 23(1) of the Securities and Futures (Licensing and Conduct of Business) Regulations.

Amended on 23 January 200923 January 2009.

A Trading Member must not withdraw a Remisier's money from a trust account except to:—

A Trading Member must notify the Remisier of the withdrawal made under Rule 12.11.6 by the next business day.

This Rule shall not apply to a Trading Member that holds a licence specified in Rule 4.1.1(1)(b).

Added on 19 May 201419 May 2014.

A Trading Member must comply with Part III, Divisions 3 and 4 of the Securities and Futures (Licensing and Conduct of Business) Regulations on customer's assets. For the purpose of this Rule, "customer" includes a Remisier, unless otherwise specified.

Amended on 23 January 200923 January 2009.

Regulations 30, 33 and 34 of the Securities and Futures (Licensing and Conduct of Business) Regulations do not apply to a Remisier.

Amended on 23 January 200923 January 2009.

A Trading Member must designate the accounts maintained with a financial institution specified in Regulation 27 of the Securities and Futures (Licensing and Conduct of Business) Regulations for a customer or a Remisier as a trust account, or customer or Remisier account, as the case may be.

Amended on 23 January 200923 January 2009.

A Trading Member must deposit assets of its customers in a separate custody account from Remisiers.

Amended on 23 January 200923 January 2009.

A Trading Member must not commingle the assets of a customer or Remisier with its own assets.

A Trading Member must not withdraw a Remisier's assets from a custody account except to:—

A Trading Member must notify the Remisier of the withdrawal under Rule 12.12.6 by the next business day.

For the purpose of this Rule, "Remisier's assets" means any securities and assets (other than money) that are beneficially owned by a Remisier.

This Rule shall not apply to a Trading Member that holds a licence specified in Rule 4.1.1(1)(b).

Added on 19 May 201419 May 2014.

A Trading Member that holds a Capital Markets Services Licence must inform SGX-ST (or any third party to whom SGX-ST has outsourced its operational functions) of the particulars of any customer account carried on the books of the Trading Member that it considers to be a delinquent account. SGX-ST (or the third party) may disseminate such information to all other Trading Members that holds a Capital Markets Services Licence.

Amended on 19 May 201419 May 2014, 29 December 201429 December 2014 and 1 July 20161 July 2016.

A Trading Member must have processes in place to minimise and manage any conflicts of interest, including but not limited to separating its front office and back office functions to prevent any conflict of interests.

Amended on 18 September 201218 September 2012.

All purchases and sales of securities or futures contracts by a Trading Member for its proprietary account must be made under a separate Stock Account of the Trading Member.

Amended on 3 April 20083 April 2008 and 8 October 20188 October 2018.

A Stock Account must be operated by a Director, or his designate, who is licensed to trade.

Amended on 3 April 20083 April 2008.

A Trading Member must not allow a Remisier to operate a Stock Account.

Amended on 3 April 20083 April 2008.

Deleted on 1 July 20161 July 2016.

Amended on 3 April 20083 April 2008 and 23 January 200923 January 2009 and deleted on 1 July 20161 July 2016

Deleted on 1 July 20161 July 2016.

Deleted on 1 July 20161 July 2016.

Deleted on 1 July 20161 July 2016.

A Trading Member must require a Director, Officer, Dealer and employee to obtain the prior written approval of a senior management staff independent of sales or dealing of a Trading Member, or a senior management staff of a related corporation of that Trading Member charged with the approval function, for each trade in his or her personal account or an account over which he or she has control or influence (other than a customer's Discretionary Account) (such account(s) being an account carried on the books of the Trading Member).

Refer to Practice Note 12.17.1.

Amended on 3 April 20083 April 2008 and 1 July 20161 July 2016.

A Trading Representative of the Trading Member must not execute an order for an account referred to in Rule 12.17.1, unless the order is authorised in writing as required under Rule 12.17.1.

A Trading Member must require a Director, Officer, Trading Representative or employee of the Trading Member to trade through it. However, if this is impractical, the Trading Member meets this Rule if it has procedures to monitor such trades and it documents the circumstances that give rise to the impracticality.

A Trading Member must not knowingly buy or sell securities or futures contracts for a Director, Officer, Trading Representative or employee of another Trading Member, except with the prior written approval of the other Trading Member.

Amended on 3 April 20083 April 2008 and 8 October 20188 October 2018.

A Trading Member must have in place procedures to ensure that agents who are privy to confidential information relating to dealing in securities or trading in futures contracts, do not use such information to trade for their own benefit.

Amended on 3 April 20083 April 2008 and 8 October 20188 October 2018.

A Trading Member must have in place procedures to monitor the trading activities of its Directors, Officers, Trading Representatives and employees.

Refer to Practice Note 12.17.1.

A Trading Member must carry out checks from time to time to ensure compliance with:

Amended on 19 May 201419 May 2014.

The checks must be carried out by an internal audit or compliance department/person whose reporting line is independent of dealing, sales and operations.

Added on 19 May 201419 May 2014.

A Trading Member linked to a broker-linked balance must have a written agreement with the holder of the broker-linked balance setting out (a) the circumstances under which the Trading Member may cause securities to be delivered or transferred into the broker-linked balance; and (b) the conditions to which the Trading Member's rights over the securities in the broker-linked balance are subject. The Trading Member must provide the written agreement to SGX-ST for inspection if requested.

Added on 10 December 201810 December 2018.

The Trading Member shall act in accordance with the written agreement, the Rules and the Act, save that nothing in the Rules shall prevent a Trading Member from releasing securities from the broker-linked balance linked to it into the customer's main balance.

Added on 10 December 201810 December 2018.

Subject to Rule 12.18A.4, a Trading Member must approve the release of securities from the broker-linked balance linked to it by the end of the Market Day following the day on which it receives the customer's request for such release. SGX-ST may, at its discretion, waive or vary this timeline. In accordance with Rule 12.1.1, a Trading Member must maintain proper, complete and accurate records of each customer's requests and its response to such requests.

Added on 10 December 201810 December 2018.

A Trading Member may withhold approval for the release of any securities from a broker-linked balance linked to it only to the extent necessary to secure an obligation owed to it by the holder of the broker-linked balance.

Added on 10 December 201810 December 2018.

A Trading Member that does not approve a customer's request for release of any securities must:

Added on 10 December 201810 December 2018.

SGX-ST may, in respect of any Securities Account that is maintained directly with it:

Added on 10 December 201810 December 2018.

A resigning Trading Member must, in respect of each customer that has a broker-linked balance linked to it, release all securities in the broker-linked balance into the customer's main balance by the effective date of resignation.

Added on 10 December 201810 December 2018.

A Trading Member must ensure that any advertising or publicity:—

A Trading Member that holds a licence specified in Rule 4.1.1(1)(b) shall not direct any advertising or publicity to deal in securities or futures contracts on SGX-ST to customers domiciled in Singapore or to the extent that it may be acted upon by customers in Singapore.

Added on 19 May 201419 May 2014 and amended on 8 October 20188 October 2018.

A Trading Member and its Trading Representatives may receive goods and services from a broker for directing business to the broker if:—

Refer to Practice Note 12.20.1.

A Trading Member may pay for goods and services to customers for directing business to the Trading Member if:—

Refer to Practice Note 12.20.1.

A Trading Member must not allow any unauthorised person to use, or operate out of, its office premises.

A Trading Member must use forms that SGX-ST prescribes.

The following Rules shall not apply to a Trading Member that holds a licence specified in Rule 4.1.1(1)(b).

Added on 19 May 201419 May 2014 and amended on 1 July 20161 July 2016.

A Trading Member that holds a licence specified in Rule 4.1.1(1)(b) shall comply with such requirements established by the Relevant Regulatory Authority, if any, and principles of good business practice in relation to the areas set out in Rule 12.23.1.

Added on 19 May 201419 May 2014.

In this Chapter 12A:-

"Authorized Trading Member" means a Trading Member who has been duly authorized under Rule 5A.4 of the Clearing Rules by its qualifying Clearing Member to open and maintain Position Accounts or to open, maintain and allocate positions to Position Accounts, as the case may be.

"Authorized Account" means the Position Account (of the Authorized Trading Member or of the Authorized Trading Member's customer) that an Authorized Trading Member is authorized by its qualifying Clearing Member to open and maintain or to open, maintain and allocate positions to, under Rule 5A.4 of the Clearing Rules.

"TPC Trading Member" means a Trading Member who is qualified by a third-party Clearing Member and includes, unless otherwise specified, an Authorized Trading Member.

Added on 1 July 20161 July 2016.

Where an Authorized Trading Member is authorized by a Clearing Member to open and maintain Authorized Accounts under Rule 5A.4.1(a) of the Clearing Rules, Rules 5A.1 and 5A.2 of the Clearing Rules shall, with the necessary modifications, apply to the Authorized Trading Member in respect of each Authorized Account, as those provisions apply to the Clearing Member.

Added on 1 July 20161 July 2016.

Where an Authorized Trading Member is authorized by a Clearing member to open, maintain and allocate positions to the Authorized Accounts under Rule 5A.4.1(b) of the Clearing Rules, Rules 5A.1, 5A.2, 5A.3 and 5A.6 of the Clearing Rules shall, with the necessary modifications, apply to the Authorized Trading Member in respect of each of its Authorized Account, as those provision apply to the Clearing Member.

Added on 1 July 20161 July 2016.

Subject to Rule 12A.3.2., an Authorized Trading Member shall identify, or ensure that such information is made available, to SGX-ST any underlying beneficial owner and/or any controlling party of any Authorized Account. This shall be provided upon request by SGX-ST within such time as SGX-ST may require.

Added on 1 July 20161 July 2016.

If the Authorized Account holder does not want the identity of any underlying beneficial owner and/or any controlling party of such account to be disclosed to its Trading Member, the Authorized Account holder may apply to the SGX-ST, through its Trading Member, to provide such information as SGX-ST may require directly to SGX-ST.

Added on 1 July 20161 July 2016.

Each TPC Trading Member shall instruct its qualifying Clearing Member to allocate the position of each trade executed by the Trading Member to the Trading Member's Position Account or, where the position is of a trade executed for a customer, in accordance with that customer's instructions, as soon as practicable, and in any event no later than such time as may be required for timely and orderly settlement of such trade into the intended Securities Account.

Refer to Practice Note 12A.4.1, 12A.5.2.

Added on 1 July 20161 July 2016.

A customer's Position Account must only be used for that customer's positions. However, a TPC Trading Member may instruct its qualifying Clearing Member to sub-allocate a position carried in a Position Account (the "originating Position Account") to another Position Account (the "destination Position Account"), provided that:

Added on 1 July 20161 July 2016.

This Rule 12A.4 shall not apply to an Authorized Trading Member who is authorized to allocate trades to the Authorized Accounts under Rule 5A.4.1(b) of the Clearing Rules.

Added on 1 July 20161 July 2016.

A Position Account in the name of the Trading Member may be used to hold positions of trades for different customers, provided that the Trading Member has procedures to ensure fair allocation to the customers.

Added on 1 July 20161 July 2016.

If a customer's order is unlikely to be completed during a Market Day, the Trading Member may warehouse the customer's trades until the order is completed. The Trading Member must ensure that no customer's trade is warehoused for more than one Market Day, unless under exceptional circumstances. In such cases, the Trading Member must document the reasons for the extension of time.

Refer to Practice Note 12A.4.1, 12A.5.2.

Added on 1 July 20161 July 2016 and amended on 10 December 201810 December 2018.

If a Trading Member or its Trading Representative wants to trade as principal with a customer who is not a holder of a Capital Markets Services Licence, the customer must first be informed.

Amended on 29 December 201429 December 2014.

This Rule shall apply only to a Trading Member that holds a Capital Markets Services Licence. Any contract note relating to the above transaction must show that the Trading Member or Trading Representative acted as principal.

Amended on 19 May 201419 May 2014 and 29 December 201429 December 2014.

This Rule does not apply to trades that are matched on the Trading System without the Trading Member's or Trading Representative's knowledge.

Amended on 3 April 20083 April 2008.

When acting as agent, a Trading Member and its Trading Representative must:

Amended on 3 April 20083 April 2008 and 8 October 20188 October 2018.

A Trading Member must ensure that a person to whom it discloses a customer's order under Rules 13.2.1(9)(b) and (c) maintains confidentiality of such information.

A Trading Member must have procedures to prevent any conflict of interest between its customer trading activities and proprietary trading activities.

A Trading Member or a Trading Representative must not deal in securities or trade in futures contracts for his or her own account or for a Prescribed Person's account if the Trading Representative has an unexecuted order on the same terms from a customer. However, this Rule does not apply if:—

Refer to Practice Note 13.4.1.

Amended on 1 July 20051 July 2005, 3 April 20083 April 2008 and 8 October 20188 October 2018.

In this Rule, "Prescribed Person" means:—

Amended on 1 July 20051 July 2005.

In this Rule, "own account" means an account in which the Trading Member or the Trading Representative has a beneficial interest in.

Amended on 1 July 20051 July 2005.

A Trading Member or its Trading Representative must not:—

Amended on 1 July 20161 July 2016.

Where the Trading Member collects margins from the customer in connection with trades executed on SGX-ST, regardless of whether it is required to under the Rules, the following shall apply:

Added on 21 January 201321 January 2013.

A Trading Representative must not:—

A Trading Member or a Trading Representative, when acting as agent, must not encourage transactions if the sole object is generating commission.

A Trading Member or a Trading Representative must not engage in, or knowingly act with any other person in, any act or practice that will or is likely to:—

Refer to Practice Note 13.8.1.

Amended on 3 April 20083 April 2008 and 8 October 20188 October 2018.

The following factors are relevant when considering whether an act or practice may breach Rule 13.8.1:—

Refer to Practice Note 13.8.1.

Amended on 3 April 20083 April 2008 and 8 October 20188 October 2018.

A Trading Member or a Trading Representative must not enter a buy order or a sell order on the Trading System if there is an existing opposite order from that same Trading Member or Trading Representative in the same security or futures contract for the same price. This Rule does not apply if:—

Refer to Practice Note 13.8.1.

Amended on 3 April 20083 April 2008 and 8 October 20188 October 2018.

A Trading Member or a Trading Representative must not directly or indirectly deal in securities which involve no change of beneficial ownership as defined in Section 197(5) of the Securities and Futures Act, or knowingly execute, or hold himself out as having executed, an order for the bona fide purchase or sale of futures contracts without having effected a bona fide purchase or sale of futures contracts as defined in Section 207(1) of the Securities and Futures Act. It is a defence if the Trading Member or Trading Representative can show that it, or he or she had no reason to suspect, or no reasonable Trading Member or Trading Representative ought to have suspected or known, that the transaction was a wash sale.

Amended on 3 April 20083 April 2008, 23 January 200923 January 2009 and 8 October 20188 October 2018.

A Trading Member or a Trading Representative must not deal in securities or trade in futures contracts in a manner that will or may affect or maintain the price of the securities, futures contract or their underlying, with intent to induce other persons to subscribe for, buy or sell the securities or futures contracts. This Rule does not apply to stabilising action carried out in accordance with Regulation 3 of the Securities and Futures (Market Conduct) (Exemptions) Regulations.

Amended on 3 April 20083 April 2008, 23 January 200923 January 2009 and 8 October 20188 October 2018.

A Trading Member or a Trading Representative must not disseminate information that is false or misleading if the Trading Member or Trading Representative:

A Trading Member or a Trading Representative must not participate in any prohibited market conduct in securities or futures contracts or in any insider trading, or knowingly assist a person in such conduct.

Amended on 3 April 20083 April 2008 and 8 October 20188 October 2018.

A Trading Member or a Trading Representative must immediately inform SGX-ST if it or he or she reasonably suspects, or knows of, any attempted market manipulation, creation of a false market or insider trading.

A Trading Member must have in place processes to review orders and trades for the purpose of detecting suspicious trading behaviour.

Refer to Practice Note 13.8.9.

Added on 18 September 201218 September 2012.

A Trading Member or a Trading Representative must ensure that a daily record of orders received from customers is maintained. The record must show the identity of the Trading Representative, account identification of each customer, the specific order, date and the time the order was received, transmitted, amended, and executed or cancelled. For avoidance of doubt, the record may be kept in the order management system.

A Trading Member must have a robust system to prevent tampering of the audit trail of orders entered into the Trading System.

A Trading Member may appoint a person to enter orders on the Trading System on instructions given by a Trading Representative or team of Trading Representatives. A Trading Member must ensure that a Trading Representative is supported by no more than 1 order entry person. For avoidance of doubt, an order entry person who supports a Remisier must be appointed by a Trading Member.

Amended on 3 April 20083 April 2008.

A Trading Member must ensure that the order entry person does not:—

Amended on 3 April 20083 April 2008 and 8 October 20188 October 2018.

A Trading Member must provide SGX-ST with the name and identity card/passport number of the order entry persons appointed.

A Trading Member must inform SGX-ST in writing if an order entry person ceases to act. If possible, at least 7 days prior notice should be given.

A Trading Member is responsible for the accuracy of all orders entered into the Trading System by its Trading Representatives and any order entry person.

Amended on 3 April 20083 April 2008.

A Trading Representative is responsible for the accuracy of orders entered into the Trading System by or on behalf of the Trading Representative.

Amended on 3 April 20083 April 2008.

Orders must be entered in accordance with any procedures SGX-ST prescribes.

A Trading Member must have in place controls to prevent unauthorised changes to order information entered into the Trading System, including Trading Representative identification numbers.

Added on 18 September 201218 September 2012.

A Trading Representative must have a unique identification number of not more than 3 characters and password to enter orders into the Trading System and must maintain confidentiality of the identification number and password.

Amended on 3 April 20083 April 2008 and 18 September 201218 September 2012.

A Trading Member must submit, upon admission, a list of Trading Representative identification numbers and names to SGX-ST, and notify SGX-ST of any amendments to the list on an ongoing basis.

Added on 18 September 201218 September 2012.

Before allowing its Trading Representatives to carry out dealing activities outside its office premises, a Trading Member must inform SGX-ST.

A Trading Member must inform all customers that Trading Representatives are operating away from its office premises and of any resulting limitations that might affect customer service and get written acknowledgement.

A Trading Member must ensure its Trading Representatives do not misuse customers' accounts for third party trading. In this regard, contract notes and statements must be sent to the customer's residential address, and not to "care-of" address, "PO Box" address or the Trading Representative's address. However, if the customer chooses otherwise, the Trading Member must explain the risk of unauthorised trading to the customer, get written acknowledgement, and monitor the trading activities for any unauthorised trading in customers' accounts.

Rules 13.13.1 to 13.13.3 shall apply only to a Trading Member that holds a Capital Markets Services Licence. A Trading Member that holds a licence specified in Rule 4.1.1(1)(b) shall comply with such requirements established by the Relevant Regulatory Authority, if any, and principles of good business practice in relation to carrying out dealing activities outside its office premises.

Added on 19 May 201419 May 2014 and amended on 29 December 201429 December 2014.

A Trading Member and a Trading Representative must not knowingly take advantage of a situation arising from:—

Amended on 3 April 20083 April 2008.

SGX-ST may conduct an investigation if:—

Amended on 19 May 201419 May 2014.

SGX-ST will conduct an investigation if the Authority directs.

SGX-ST may require a Trading Member, any of its Directors, Trading Representatives, Officers, employees or agents to:—

A Trading Member, Director, Trading Representative, Officer, employee or agent must not wilfully make, furnish or permit the making or furnishing of any false or misleading information, statement or report to SGX-ST.

SGX-ST may appoint any person or persons to assist in its investigation (the "Exchange Examiners").

SGX-ST may delegate all or any of its powers under this Rule to the Exchange Examiner. The Exchange Examiner must report the results of the investigation to SGX-ST.

SGX-ST may conduct an inspection on a Trading Member at any time, and may appoint any person or persons to conduct the inspection (the "Exchange Inspectors").

A Trading Member, Director, Trading Representative, Officer, employee or agent must give the Exchange Inspector access to all information, books and records as requested.

SGX-ST will give a copy of the inspection report to the Trading Member concerned.

SGX-ST may charge a fee for the inspection. The fee is payable immediately by Trading Members.

If an investigation or inspection reveals that a Trading Member, any of its Directors, Trading Representatives, Officers, employees or agents has breached any Rule or Directive, SGX-ST may take any of the following forms of disciplinary action, namely:

Amended on 16 May 201116 May 2011.

If an investigation or inspection reveals that a Trading Representative may have breached any Rule or Directive, SGX-ST may take any of the following forms of disciplinary action, namely:

Amended on 16 May 201116 May 2011.

If the Trading Member, Approved Executive Director or Trading Representative does not accept the offer of composition or comply with the terms of the composition within the stipulated time as prescribed by SGX-ST, SGX-ST may refer the said Trading Member, Approved Executive Director or Trading Representative to the Disciplinary Committee.

Added on 16 May 201116 May 2011.

SGX-ST may make an offer of composition to a Trading Member, an Approved Executive Director or a Trading Representative who has breached any Rules. The terms of the offer of composition include payment of a specified sum to SGX-ST and may include the fulfillment of any accompanying terms that SGX-ST may prescribe.

Added on 16 May 201116 May 2011.

Upon payment of the specified sum and fulfillment of the accompanying terms within the stipulated time, no further proceedings shall be taken against that Trading Member, an Approved Executive Director or a Trading Representative for that Rule violation.

Added on 16 May 201116 May 2011.

Acceptance of the offer of composition by the Trading Member, an Approved Executive Director or a Trading Representative amounts to an admission of liability and the Trading Member, Approved Executive Director or Trading Representative will be deemed to have committed the conduct described in the charge.

Added on 16 May 201116 May 2011.

In respect of Rule violations which SGX-ST may offer composition, guidelines on the range of composition which SGX-ST may offer to a Trading Member, an Approved Executive Director or a Trading Representative who has committed a Rule violation are indicated in Schedule A.

Added on 16 May 201116 May 2011.

SGX-ST retains the discretion to offer composition to a Trading Member, an Approved Executive Director or a Trading Representative of an amount which is lower or higher than the guidelines, except that the amount of composition that SGX-ST may offer shall not exceed S$10,000 for each Rule violation.

Added on 16 May 201116 May 2011.

Notwithstanding that a Rule violation is indicated as being compoundable or may be compoundable under Schedule A, SGX-ST retains the discretion not to make an offer of composition to the Trading Member, an Approved Executive Director or a Trading Representative and instead, to charge the said Trading Member, an Approved Executive Director or a Trading Representative before the Disciplinary Committee.

Added on 16 May 201116 May 2011.

If SGX-ST has made an offer of composition, it will not commence disciplinary proceedings against a Trading Member, an Approved Executive Director or a Trading Representative until after the stipulated period for the offer lapses.

Added on 16 May 201116 May 2011.

For the purposes of determining whether a Rule violation is classified as a first, second, third or subsequent offence under Schedule A, only previous violations under the same Rule will be taken into consideration.

Added on 16 May 201116 May 2011.

The Disciplinary Committee comprises persons appointed by the SGX RegCo Board. No Director, Officer or employee of SGX or any of its related corporations may be appointed.

Amended on 15 September 201715 September 2017.

The SGX RegCo Board determines the Chairman and Deputy Chairman of the committee. In the absence of the Chairman, the Deputy Chairman will have all the powers of the Chairman.

Amended on 15 September 201715 September 2017.

The Disciplinary Committee has a quorum of 3 (including the Chairman) when the meeting proceeds to business but may complete any business of a meeting with 2 members. In the case of an equality of votes, the Chairman of the meeting will be entitled to a casting vote.

The Chairman will appoint a date, time and place for the hearing. SGX-ST and the person charged must be given reasonable notice of the hearing.

Members of the Disciplinary Committee must notify the Chairman before, or during, the hearing of any possible conflict of interest in relation to a charge. The Chairman will decide whether the member concerned should attend the hearing of that charge. The Chairman must abstain from hearing a charge in which he may have a conflict of interest.

The Disciplinary Committee may adjourn and reconvene its proceedings as it thinks fit.

Except where it is expressly provided in the Rules, the Disciplinary Committee may establish its own procedures.

The Disciplinary Committee may exercise its powers against a Trading Member, an Approved Executive Director or a Trading Representative who:—

Amended on 19 May 201419 May 2014.

The Disciplinary Committee may exercise its powers against a Trading Member or an Approved Executive Director (or both) if a Director, Trading Representative, Officer, employee or agent breaches, or causes the Trading Member to breach, the Rules or Directives.

A former Trading Member, Approved Executive Director or Trading Representative is bound by the Rules in respect of acts or omissions occurring before the registration ended or before expulsion. SGX-ST and the Disciplinary Committee retain their respective jurisdiction notwithstanding registration ending or expulsion.

The powers of the Disciplinary Committee include:—

Mandatory Minimum Penalties to be Imposed by Disciplinary Committee for certain Rule violations

Added on 16 May 201116 May 2011.

SGX-ST will give a person charged a written notice setting out particulars of the charge. In the case of an Approved Executive Director or a Trading Representative, a copy will be given to the Trading Member.

Unless expressly permitted by the Chairman of the Disciplinary Committee, SGX-ST and the person charged must not be present during the deliberation of a charge by the Disciplinary Committee. Failure to observe this Rule does not vitiate any decision.

Amended on 1 January 20051 January 2005.

The Appeals Committee comprises persons appointed by the Board of Directors of SGX RegCo and approved by the Authority provided that:—

Amended on 30 November 200530 November 2005. and 15 September 201715 September 2017

The powers of the Appeals Committee include:—

Amended on 15 September 201715 September 2017.

The Appeals Committee elects a Chairman from among the members.

The Appeals Committee has a quorum of 3 (including the Chairman) when the meeting proceeds to business but may complete any business of a meeting with 2 members. In the case of an equality of votes, the Chairman will be entitled to a casting vote.

The Chairman will appoint a date, time and place for the hearing. The appellant and the respondent must be given reasonable notice of the hearing.

Members of the Appeals Committee must notify the Chairman before, or during, the hearing of any possible conflict of interest in relation to an appeal. The Chairman will decide whether the member concerned should attend the hearing of that appeal. The Chairman must abstain from hearing an appeal in which he may have a conflict of interest.

The Appeals Committee may adjourn and reconvene its proceedings as it thinks fit. If the parties to an appeal are not attending the hearing, the Appeals Committee may hear the appeal by way of a resolution in writing.

Except where it is expressly provided in the Rules, the Appeals Committee may establish its own procedures.

SGX-ST or the person charged may appeal against the decision of the Disciplinary Committee.

A decision of the Appeals Committee is final and binding.

Amended on 12 October 200512 October 2005.

Unless expressly permitted by the Chairman of the Appeals Committee, the parties to an appeal must not be present during the deliberation of an appeal by the Appeals Committee. Failure to observe this Rule does not vitiate the decision.

The Disciplinary Committee or Appeals Committee may require the Trading Member, Approved Executive Director or Trading Representative charged to pay all or part of the costs of the investigation, inspection or hearing.

The Committee may order the costs awarded to be paid within 14 days.

A fine must be paid within 14 days from the date of notice, or such longer time as the Chairman of the Disciplinary Committee or the Appeals Committee (as applicable), or his nominee, permits.

If a fine remains unpaid 7 days after the deadline, the Trading Member's access to markets established or operated by SGX-ST, the Approved Executive Director's registration, or the Trading Representative's registration (as the case may be), is suspended. The suspension ends upon full payment of the fine.

Action Against Registered Persons

Amended on 19 May 201419 May 2014.

If SGX-ST is of the opinion that:—

Amended on 8 October 20188 October 2018.

Subject to Rule 14.12.5, SGX-ST will notify the Trading Member, Approved Executive Director or Trading Representative in writing before it exercises any of its powers under this Rule.

If, in SGX-ST's opinion, it is necessary to protect the financial integrity, reputation or interests of SGX-ST, or organised markets established or operated by SGX-ST, it may exercise its powers under this Rule without prior notice to the Trading Member, Approved Executive Director or Trading Representative. SGX-ST will notify the Trading Member, Approved Executive Director or Trading Representative in writing after it has exercised the powers.

Amended on 8 October 20188 October 2018.

SGX-ST will refer the matter (together with an account of its exercise of the interim powers) to the Disciplinary Committee for a decision within 14 days of SGX-ST's notification of its actions under this Rule. The Disciplinary Committee proceedings in Rule 14.6 apply. The Disciplinary Committee may expedite the proceedings if it thinks fit. SGX-ST's notification will serve as the written notice under Rule 14.6.1.

Where SGX-ST deems it necessary or desirable for ensuring a fair and orderly market or for ensuring a safe and efficient clearing facility, or for ensuring the integrity of the market or for proper management of systemic risk in the market, SGX-ST may, in relation to 1 or more Trading Members:

Added on 16 September 201616 September 2016.

SGX-ST shall, as soon as practicable, notify the Authority of any action taken pursuant to Rule 14.13.

Added on 16 September 201616 September 2016 and amended on 15 September 201715 September 2017.

Nothing in this rule shall limit the authority of SGX-ST, SGX RegCo or any other committee to act in an emergency situation in accordance with these Rules.

Added on 16 September 201616 September 2016 and amended on 15 September 201715 September 2017.

Without prejudice to the generality of Chapter 2, SGX-ST shall not be liable to any Trading Member or any other person in respect of any damage, loss, cost or expense of whatsoever nature (whether direct, indirect, special or consequential, including without limitation any loss of business, revenue, goodwill, bargain or profit), suffered or incurred by such Trading Member or third party, arising out of or in connection with the exercise or non-exercise by SGX-ST of its powers under Rule 14.13 or the determination by SGX-ST of the satisfaction or non-satisfaction of any condition for the exercise of such powers.

Added on 16 September 201616 September 2016.