3.10 Resignation by Clearing Member
Subject to Rule 7.11, if a Clearing Member wishes to resign it shall satisfy CDP that it has fulfilled or is able to fulfil its obligations to CDP and such obligations to Trading Members as CDP specifies. In addition, it shall:—(1) give not less than 30 days' written notice (the "resignation notice") to CDP of its intention to resign and the effective date of resignation; CDP may vary or waive the resignation notice; and(2) for avoidance of doubt, a Clearing Member shall continue to comply with the Clearing Rules, and any Clearing Directives as may be imposed by CDP until resignation.
3.10.2 Acceptance of Resignation by CDP
CDP need not accept the resignation of a Clearing Member if it is:—(1) conducting an investigation under this Clearing Rules, investigating a complaint, or has initiated disciplinary proceedings against the Clearing Member; or(2) not satisfied that the Clearing Member has fulfilled or is able to fulfil:—(a) its obligations to CDP; and(b) its obligation to its customers, or in the case of a Bank Clearing Member, its customers in relation to its business governed by this Clearing Rules, as CDP may specify.
3.10.3 Deletion from Register
If CDP accepts a Clearing Member's resignation, the Clearing Member's name shall be deleted from the Register of Clearing Members upon the effective date of resignation.
3.10.4 Notification of Resignation(1) CDP shall, upon confirmation of the resignation date, notify all Clearing Members of the Clearing Member's resignation and the effective date.(2) Notwithstanding the resignation, the Clearing Member shall remain liable for all outstanding liabilities incurred under the Clearing Rules and Clearing Directives as at the effective date of resignation. CDP shall have the right to exercise any of its powers (including without limitation, its powers under Rule 11) under these Clearing Rules at any time before or after such date of resignation in respect of any act or omission by the Clearing Member before such date of resignation.
3.10.5 Cessation of Clearing Rights(1) A Clearing Member's right to clear and settle its Exchange Trades (including Exchange Trades of any Trading Member qualified by the Clearing Member) shall cease on the tenth Settlement Day (or such other Settlement Day as CDP may from time to time prescribe, either generally or in any particular case) from the date of the resignation notice. The Clearing Member shall therefore not transact nor accept for clearing and settlement from the Trading Members qualified by it, any Exchange Trade that is due for settlement after the tenth Settlement Day from the date of the resignation notice.(2) Notwithstanding the aforesaid, CDP may, prior to the date of cessation of the Clearing Member's right to clear and settle its Exchange Trades, impose such restrictions on the clearing rights and other rights of the Clearing Member, or in the case of a Bank Clearing Member, the clearing rights and other rights conferred under this Clearing Rules, as CDP may, in its absolute discretion, deem fit.