2.1 General Provisions

2.1.1           A corporation or institution satisfying the membership criteria under Rule 2 may be admitted as a Member under a category referred to in this Rule 2. Rule 2 will govern a Member’s permissions in relation to the Cleartrade Platform. A separate application will be required for a new category of membership.

 

2.1.2           Every Member shall pay such annual subscription or license fees as may be applicable and that the Directors may from time to time determine in respect of its category of membership. The subscription and/or license fee shall be due each year on such date as the Directors may from time to time determine. A failure to pay the subscription and/or license fee by the due date may be subject to sanctions imposed by the Directors or the Compliance Committee in accordance with Rule 5 (Disciplinary) subject to the rights of reconsideration and appeal set out in Rule 2.

 

2.1.3           The annual subscription and/or license fee if applicable, and every other fee, charge, levy or impost charged to Members under the Rules or otherwise, shall be exclusive of any goods and services tax, value added tax or other relevant tax and levy which may be or become payable thereon.

 

2.1.4           A Member shall at all times satisfy the criteria from time to time set out in or under the Rules. A Member and any person subject to the Rules (including any Responsible Individual or any trader or broker acting through the Member) shall be bound by the Rules and any arrangement, provision or direction made, authorized or given thereunder.

 

2.1.5           Any failure by a Member or any such other person (including any Responsible Individual or any trader acting through the Member) to observe or comply with the Rules or any such arrangement, provision or direction may lead to steps, including without limitation disciplinary proceedings or sanctions, being taken by the Exchange in respect of the Member or such other person under the Rules.

 

2.1.6           Any sanction or prohibition imposed on a Member shall, in the case of activities in respect of the Cleartrade Platform, infer a similar prohibition upon any person accessing the Cleartrade Platform by or on behalf of the Member (including any Responsible Individual or any trader or broker acting through the Member).

 

 

2.1.7           Every entity admitted to membership of the Exchange shall sign a member statement as part of its application to a category of membership under Rule 2 (Membership), from time to time prescribed by the Directors, agreeing to be bound by the Rules in so far as they relate to its category of membership and to accept any decision made by the Directors under the Rules or by the Exchange as final and binding, subject to such rights of review or appeal as may be contained in the Rules.

 

2.1.8           A dispute concerning the status, rights or obligations of a Member or any other person under the Rules, or any question in such connection which is not provided for therein, shall be referred to the Directors whose decision shall be final and binding, subject to such rights of review and appeal as may be contained in the Rules.

 

2.1.9           Provided that a Member satisfies all outstanding obligations to the Exchange, that Member may at any time resign from membership of the Exchange by giving at least one month’s notice in writing to the Exchange. Provided that:

 

the former Member shall for the purpose of investigation, enforcement and/or the application of this Rule 2.1 remain subject to the jurisdiction of the Exchange for three months after the expiry of the Member’s notice of resignation, or such other period as is required for the determination of any proceedings including any appeal, as if continuing to be a Member, in respect of:

 

a.   things done or omitted by the Member before the expiry of its notice of resignation;

b.   steps taken by the Exchange or other person or body under Rule 4 (Default), 5 (Disciplinary) and 8 (Arbitration) of the Rules in respect of things so done or omitted;

c.   antecedent breaches committed on or before the day the Member ceasing its membership with the Exchange.

 

2.1.10       Should the Exchange discover, subsequent to a Member resigning its membership, circumstances under which the Exchange deems it necessary to carry out investigations or carry out disciplinary proceedings under these Rules during a period not exceeding four months after the Member’s resignation, the Member shall remain under the Exchange’s jurisdiction until such investigations and/or resulting disciplinary proceedings have been concluded.

 

2017 © Cleartrade Exchange Pte Ltd. All rights reserved.