Singapore legislation
Regulation 25
Regulation 25
Reporting of under-margined accounts by holder of licence
Subregulation 1
The holder of a licence under regulation 5 shall immediately notify the Authority, and the approved exchange or approved clearing house of which the holder is a member (if applicable), when any account which the holder is carrying for any customer is under-margined by an amount which exceeds the aggregate resources of the holder.
Subregulation 2
[Deleted by S 192/2013 wef 03/04/2013]
Subregulation 3
[Deleted by S 192/2013 wef 03/04/2013]
Subregulation 4
Where the holder of a licence which is a member of an approved exchange or approved clearing house has, within one business day, failed to meet a margin call or to make other deposits as required by the approved exchange or approved clearing house (as the case may be), the approved exchange or approved clearing house shall immediately —
inform the Authority of such failure by the member; and
inform the Authority as to whether any action has been taken, and if so, the action taken, by the approved exchange or approved clearing house (as the case may be) in respect of such failure by the member.
Subregulation 5
The approved exchange or approved clearing house may, in consultation with the Authority, exempt the holder of a licence from the provisions of paragraph (4) with respect to any particular account on a continuous basis, but the approved exchange or approved clearing house shall continue to monitor that account.