Whole Section

  • 2.13 Registration of Approved Traders and Registered Representatives

    • 2.13.1 Registration Criteria for Approved Traders and Registered Representatives

      A Member shall register with the Exchange any person acting on its behalf as an Approved Trader or a Registered Representative. To qualify for registration with the Exchange as an Approved Trader or Registered Representative, each applicant:

      (a) shall be sponsored by its respective corporate Member. If the applicant is an individual Trading Member this requirement shall not apply. For the avoidance of doubt an applicant may only be sponsored by a single corporate Member;
      (b) shall be at least twenty-one (21) years old and be a fit and proper* person;
      (c) shall not have been convicted of any offence involving fraud or dishonesty;
      (d) shall not be an undischarged bankrupt in Singapore or elsewhere;
      (e) where required by the Exchange, shall have completed the relevant training and the Trading Member or the individual applicant shall certify that the applicant is competent to undertake the proposed activities;
      (f) shall hold a licence from or be registered with the Relevant Regulatory Authority for the conduct of relevant regulated activities, unless exempted, and whose license or registration is not suspended, revoked, or expired; and
      (g) shall comply with such other additional requirements as the Exchange deems fit.

      * The Exchange shall evaluate "fit and proper" criteria in this Rule 2.13.1 in a manner similar to the MAS Guidelines on Fit and Proper Criteria.

      Amended on 8 August 20088 August 2008, 25 August 200925 August 2009, 29 November 201029 November 2010 and 1 April 20141 April 2014.

    • 2.13.1A

      In approving an application to be an Approved Trader or a Registered Representative, the Exchange may consult the Relevant Regulatory Authority.

      Added on 1 April 20141 April 2014.

    • 2.13.2 Registration of Approved Traders

      Every Approved Trader shall be required to register with the Exchange before he acts or holds himself out as having the authority to execute trades on the Markets for:

      (a) his own account, in the case of an individual Trading Member;
      (b) the House Account of his sponsoring corporate Member;
      (c) a Customer Account on the instruction of a Registered Representative; or
      (d) a Customer Account on the instruction of a Customer, if the Approved Trader is also registered as a Registered Representative.

      For the avoidance of doubt, an Approved Trader shall not hold himself out as a sales representative of the respective Member or undertake any activities of a Registered Representative unless he is so registered with the Exchange as contemplated under this Rules.

    • 2.13.3 Registration of Registered Representatives

      Every Registered Representative shall be required to register with the Exchange before he acts or holds himself out as a sales representative of the respective Member. A Registered Representative shall not act or hold himself out as having the authority to execute trades on the Markets, unless he is registered as an Approved Trader with the Exchange as contemplated under this Rules. Upon being registered as a Registered Representative with the Exchange, a Registered Representative may, in the name of such Member:

      (a) subject to Rule 2.1.4, solicit Customers, solicit or accept orders from Customers, and give advice to Customers for the purchase or sale of contracts; and
      (b) in connection with the purchase or sale of contracts provide feedback on market sentiment or market conditions, quote prices, and provide confirmation to Customers regarding orders which have been executed.

      Amended on 29 November 201029 November 2010 and 1 April 20141 April 2014.

    • 2.13.4 Register of Approved Traders and Registered Representatives

      The Exchange shall maintain a register of Approved Traders and Registered Representatives.

    • 2.13.5 Approved Traders and Registered Representatives Obligations

      Approved Traders and Registered Representatives are required to comply with the relevant provisions and other safeguards as prescribed under the Act, this Rules and applicable laws.

    • 2.13.6 Revocation of Registration of Approved Traders and Registered Representatives

      A Member shall immediately notify the Exchange if:

      (a) the licence from or registration with the Relevant Regulatory Authority for the conduct of relevant regulated activities for any of its Approved Traders or Registered Representatives has been revoked, or has expired;;
      (aa) the exemption from the requirement to hold a licence from or to register with the Relevant Regulatory Authority for the conduct of relevant regulated activities for any of its Approved Trader or Registered Representative is withdrawn;
      (ab) the Relevant Regulatory Authority imposes conditions or restrictions on the Approved Trader or Registered Representative in respect of the relevant regulated activities;
      (b) any of its Approved Traders or Registered Representatives is of unsound mind;
      (c) any of its Approved Traders or Registered Representatives is bankrupt;
      (d) any of its Approved Traders or Registered Representatives is subject to a composition or scheme of arrangement with his creditors, whether in or out of Singapore;
      (e) a judgment debt entered against any of its Approved Traders or Registered Representatives remains unsatisfied in whole or in part; or
      (f) the Approved Trader (other than an individual Trading Member) or a Registered Representative ceases to transact business through the Member or ceases to be sponsored by the Member.

      The Exchange may terminate the registration of an Approved Trader or a Registered Representation upon notification under Rule 2.13.6(ab) The registration of an Approved Trader or a Registered Representative shall automatically lapse upon such other notification under Rule 2.13.6, or the cessation of his sponsoring Member's Membership.

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

    • 2.13.7 Summary Powers of Suspension of Registration of Approved Traders and Registered Representatives

      Notwithstanding and without prejudice to the powers of the Appeals Committee or the Disciplinary Committee, the Exchange may suspend in whole or in part the privileges of any Approved Trader or a Registered Representative for a period of up to one (1) year upon the occurrence of any of the following events:

      (a) the sponsoring Member's trading privileges are suspended pursuant to Rule 2.15.2;
      (b) an application by an Approved Trader or a Registered Representative for registration contains material errors or omissions or is misleading in a material respect;
      (c) an Approved Trader or a Registered Representative is found guilty in a court of law of misconduct or willful neglect in a manner contrary to the Act or other relevant applicable laws and regulatory requirements relating to the regulation of markets and licenced entities;
      (d) an Approved Trader or a Registered Representative is convicted of an offence involving fraud or dishonesty;
      (e) an Approved Trader or a Registered Representative files a petition for bankruptcy;
      (f) an Approved Trader or a Registered Representative's licence from or registration with the Relevant Regulatory Authority is suspended;
      (fa) in the case of an Approved Trader or Registered Representative who is exempted from licensing or registration, the Relevant Regulatory Authority imposes conditions or restrictions on the Approved Trader or Registered Representative in respect of the relevant regulated activities;
      (g) an Approved Trader or a Registered Representative fails to pay any fee, levy or charge as prescribed by the Exchange from time to time; or
      (h) an Approved Trader or a Registered Representative acts in a manner which in the Exchange's opinion:
      (i) impairs the goodwill or reputation of the Exchange or any Markets; or
      (ii) impairs the operation of a fair, orderly and transparent market by the Exchange.

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

    • 2.13.8 Liability of Members

      A Member is responsible for all trades done through it. A corporate Member is responsible for the conduct and execution of trades by its Approved Traders and Registered Representatives and shall monitor and ensure that its Approved Traders and Registered Representatives comply with this Rules. For the avoidance of doubt, the Exchange retains disciplinary and supervisory authority over Approved Traders and Registered Representatives as contemplated in this Rules and applicable laws.

    • 2.13.9 Registration Form

      A Member shall submit an application to register a person as an Approved Trader or a Registered Representative in such form as the Exchange may prescribe from time to time. The Exchange may require from the Member or the prospective Approved Trader or Registered Representative such information, and may institute such investigation to verify information submitted by the Member or the prospective Approved Trader or Registered Representative, as it deems necessary. Registration as an Approved Trader or a Registered Representative of the Member takes effect upon the grant of approval by the Exchange.