Regulation 34

any civil or criminal legal proceeding instituted against the recognised clearing house, whether in Singapore or elsewhere, which may have a material impact on the operations or finances of the recognised clearing house;

any disciplinary action taken against the recognised clearing house by any regulatory authority, whether in Singapore or elsewhere, other than the Authority;

any change to the regulatory requirements imposed on the recognised clearing house by any regulatory authority, whether in Singapore or elsewhere, other than the Authority, that will have a material impact on the recognised clearing house;

any admission or cessation of a bank to act as a settlement bank for the recognised clearing house;

any failure by any party to debit or credit the relevant accounts for the purposes of the settlement of transactions, including the settlement of money, securities or physically delivered derivatives contracts;

the recognised clearing house becoming aware of any acquisition or disposal by any person of a substantial shareholding in the recognised clearing house;

the recognised clearing house becomes aware of any development (including any development in relation to any associate of the recognised clearing house, or any other entity treated as part of the recognised clearing house’s group of companies according to the accounting standards applicable to the recognised clearing house) that has occurred or is likely to occur which the recognised clearing house has reasonable grounds to believe has materially and adversely affected, or is likely to materially and adversely affect —

the financial soundness or reputation of the recognised clearing house; or

the recognised clearing house’s ability to conduct its business;

the recognised clearing house becomes aware that its chairperson, chief executive officer or director is, in accordance with the Guidelines on Fit and Proper Criteria, no longer fit and proper to hold that office or appointment;

in the case of a recognised clearing house which is a Singapore recognised clearing house, that recognised clearing house becomes aware of any of the following facts:

that a person who holds an appointment mentioned in section 81AC(2) of the Act is, in accordance with the Guidelines on Fit and Proper Criteria, no longer fit and proper to hold that appointment;

that a substantial shareholder or 20% controller of the recognised clearing house is, in accordance with the Guidelines on Fit and Proper Criteria, no longer fit and proper to be a substantial shareholder or 20% controller (as the case may be) of the recognised clearing house;

that the recognised clearing house is not likely to be able to conduct its business prudently or to comply with the provisions of the Act and directions made thereunder, having regard to the likely influence over the recognised clearing house of a substantial shareholder or 20% controller of the recognised clearing house.

immediately give the Authority notice of such intent; or

where the recognised clearing house is prohibited by the laws of confidence in the territory in which the head office or principal place of business of the recognised clearing house is situated, give the Authority notice of such intent as soon as the recognised clearing house is permitted to do so.