A Trading Member that does not approve a customer's request for release of any securities must:
(a) by the end of the Market Day following the day on which it receives the customer's request, inform the customer that the request has been rejected and the securities will not be released;
(b) provide the reason(s) for not releasing the securities, including details of the obligation(s) which is owed by the customer to the Trading Member, including the value thereof, if so requested by the customer, by the Market Day following the day on which it receives the customer's request for reason(s) and/or details; and
(c) provide the customer with such information and by such time as SGX-ST may prescribe from time to time.
SGX-ST may, at its discretion, waive or vary any of the timelines in this Rule.
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.