If any Clearing Member shall be ordered to wind up, or proceedings for the voluntary or involuntary liquidation of the affairs of the Clearing Member be commenced, or a composition with the creditors of the Clearing Member under the provisions of any law or regulation relating to bankruptcy or insolvency be entered into under the laws of any jurisdiction, or if the Clearing Member, not being an Exempt Person, ceases to hold a valid Capital Markets Services Licence under the SFA, or ceases to be authorized to conduct banking business in Singapore pursuant to section 4 of the Banking Act 1970, the Clearing Member shall be deemed to have been automatically suspended.

Amended on 1 July 20081 July 2008 and 18 January 2022.