16. Where aggregate indebtedness exceeds 1,200% of aggregate resources
Feedback & supportLast amended by an amending law of 2013. 3 amendments in all.
The holder of a licence shall not cause or permit its aggregate indebtedness to exceed 1,200% of its aggregate resources.
If the holder fails to comply with paragraph (1) or becomes aware that it will fail to comply with that paragraph, the holder shall immediately notify —
the Authority; and
the approved exchange or approved clearing house of which the holder is a member.
If the Authority is notified by the holder under paragraph (2) or becomes aware that the holder has failed to comply with paragraph (1), the Authority may revoke the licence of the holder under section 95(2) of the Act.
[Deleted by S 668/2018 wef 08/10/2018]
Subregulation 1
The holder of a licence shall not cause or permit its aggregate indebtedness to exceed 1,200% of its aggregate resources.
Subregulation 2
If the holder fails to comply with paragraph (1) or becomes aware that it will fail to comply with that paragraph, the holder shall immediately notify —
the Authority; and
the approved exchange or approved clearing house of which the holder is a member.
Subregulation 3
If the Authority is notified by the holder under paragraph (2) or becomes aware that the holder has failed to comply with paragraph (1), the Authority may revoke the licence of the holder under section 95(2) of the Act.
Subregulation 4
[Deleted by S 668/2018 wef 08/10/2018]