NOTICE OF DISCIPLINARY ACTION

NON-MEMBER:

MICHAEL LIM

NYMEX RULES:

432. General Offenses (In Part)

It shall be an offense:

L.2. to fail to fully answer all questions or produce all books and records at such hearing or in connection with any investigation, or to make false statements.

FINDINGS:

On October 2, 2023, the Chief Regulatory Officer of CME Group’s Market Regulation Department issued a charge against Michael Lim for violating Rule 432.L.2. based on allegations that Lim failed to fully answer all questions or produce all books and records in connection with the investigation, and made false statements in connection with the reimbursement of his financing capital from 3 Crowns Capital Pte. Ltd.

On February 14, 2024, a Hearing Panel Chair of the NYMEX Business Conduct Committee (“BCC”) first determined that Lim, having failed to submit a written answer to the charge issued against him, was deemed to have admitted the charge. Lim therefore waived his right to a hearing on the merits of the charge. Pursuant to Rule 408.F., a BCC Panel then found Lim guilty of committing the admitted charge and held a penalty hearing thereafter.

PENALTY:

Based on the record and the Panel’s findings and conclusions, the Panel ordered Lim to pay a fine in the amount of $100,000, to serve a permanent suspension from direct access to any trading floor owned or controlled by CME Group and from direct and indirect access to any designated contract market, derivatives clearing organization, or swap execution facility owned or controlled by CME Group, and to permanently restrict Lim from having a business affiliation with, be employed by or have a financial or beneficial interest in a Member or broker association.