Whole Section

  • 2.4 Licensing and Credit Rating Requirements for Members, their Employees and Agents

    • 2.4.1 Licensing and Registration Requirements for General Trading Members

      A General Trading Member and its employees and agents are required to procure and maintain the requisite licence(s) and registration(s) with the Relevant Regulatory Authority to conduct regulated activities. The General Trading Member and its employees and agents shall independently satisfy such licensing and registration requirements as follows:

      (a) where the General Trading Member or its employees and agents engage in any Regulated Activity in Singapore, procure and maintain the requisite licence(s) and registration(s) with MAS. "Regulated Activity" refers to any activity that requires a CMS Licence, registration in the Public Register of Representatives, financial adviser's licence or such other licence or registration as required under the Act or Financial Advisers Act 2001; and
      (b) where the General Trading Member or its employees and agents do not engage in regulated activities in Singapore and such General Trading Member is not incorporated in Singapore and does not carry on a business in Singapore, hold the requisite licence and registration from a Relevant Regulatory Authority in the country where it is engaging in such regulated activities. If the Exchange is of the view that the regulatory requirements arising from the licence and registration are not comparable to those contemplated under the Act and this Rules, it shall have the discretion to prescribe additional requirements.

      Amended on 25 August 200925 August 2009, 29 November 201029 November 2010, 1 April 20141 April 2014 and 18 January 2022.

    • 2.4.2 Credit Rating Requirements for Bank Trading Members

      A Bank Trading Member is required to satisfy the Exchange that it, or its parent bank, has obtained a credit rating that indicates, at least, adequate intrinsic safety and soundness, excluding external credit support, and a limited ability to withstand adverse business or economic conditions from any rating agency registered with an appropriate authority.

      Added on 25 August 200925 August 2009 and amended on 26 April 201326 April 2013.

    • 2.4.3 Downgrades in Credit Rating of Bank Trading Members

      Upon admission as a Bank Trading Member, if there is any downgrade in the rating of the Bank Trading Member or its parent bank such that it falls below the minimum prescribed rating, the Exchange may, at its discretion, impose additional conditions as it deems fit, for permitting the Bank Trading Member to continue its trading activities as a Bank Trading Member.

      Added on 25 August 200925 August 2009.