Institutional Membership may be offered, at the sole discretion of the Committee, to any corporation which has a business that is:

(i) regulated and/or supervised by the MAS or by any other official regulatory authority; and

(ii) related to Wholesale Traded Financial Products

(f) An Institutional Member may appoint a prescribed number of Institutional Member Representatives as determined by the Committee and all Institutional Member Representatives shall:

(i) be under the employment of the Institutional Member; and

(ii) satisfy the criteria set out in Clause 5(b).

(g) The number of Institutional Member Representatives which an Institutional Member may appoint under Clause 5(f) shall be determined by the Committee based on the amount of subscription fees paid by the Institutional Member. In this connection, an Institutional Member who has paid a larger amount of subscription fees shall be permitted by the Committee to appoint a larger number of Institutional Member Representatives as compared to another Institutional Member who has paid a smaller amount of subscription fees.

(h) An Institutional Member Representative shall receive all the benefits of Ordinary Members and shall have the same rights and privileges as Ordinary Members unless otherwise stated in this Constitution.

(i) An Institutional Member Representative's appointment shall automatically cease when the Institutional Member Representative's employment with the Institutional Member ceases, save that, where an Institutional Member Representative has been elected to the Committee, the Committee may at its sole discretion permit such Institutional Member Representative to complete his or her term in the office of the Committee as set out in Clause 8(b).

(j) An Institutional Member shall have the right to replace an appointed Institutional Member Representative not more than once every 6 months.