Common use of Acts of Misconduct Clause in Contracts

Acts of Misconduct. Without prejudice to any other provisions in these Rules, the Clearing House may institute disciplinary action against a Participant in respect of an act of misconduct which includes: (a) Breaches of any of the Rules, Operational Procedures, orders, directives, conditions or other requirements imposed by the Clearing House on the Participant; (b) (With respect to a Trading Clearing Participant), any event that entitles the Clearing House to invoke its Default Rules against such a Clearing Participant; (c) Failure to comply with any decision of the Clearing House; (d) Any conduct, the manner of which is detrimental to the interest of the Clearing House or any other Participant; (e) Any conduct by the Participant the character of which is dishonourable, disgraceful or improper; (f) Any conduct the manner of which is disorderly or involves wilful obstruction of the clearing, settlement and other services or facilities of the Clearing House or otherwise; (g) The Participant being the subject of an adverse finding by another regulatory body in the financial and capital market or the financial services industry to which the Participant is subject; (h) The directors, shareholders, partners, employees, officers or agents of the Participant knowingly, being involved in, or engages in any conduct or any neglect or default which constitutes an act of misconduct in terms of the provisions of sub-rule (a) – (e); (i) The Participant providing information which is incorrect, incomplete, misleading or false in a material way which the Clearing House in reliance on the information provided by the Participant, admitted the Participant to its participantship or extended to the Participant such other services or facilities or conferred on the Participant a benefit or privilege or other advantage; (j) Deleted; (k) Errors, delays or other conduct embarrassing, impeding or disrupting the operations, services or facilities of the Clearing House; (l) The Participant having violated, directly or indirectly, any provisions of the Act or of any regulations made thereunder; (m) The Participant having failed to cooperate with the Clearing House and/or any regulatory or relevant authority in matters concerning the clearing and settlement services or any other services or facilities of the Clearing House, whether or not relating to that Participant which materially affects the interest of the Clearing House or other Participants; or (n) The Clearing Participant having repeatedly failed to honour any ISS Instruction, ISS Confirmation or ISS Affirmation, or any instruction issued by the Clearing House in respect of an ISS Transaction.