(a) A person has breached any fiduciary obligations to the licensed clearing house or licensed central depository or terms of employment;

(b) A person has undertaken actions that would be difficult to defend, when looked at objectively, as being in the interest of the licensed clearing house or licensed central depository; and

(c) A person has failed to declare a personal interest that has a material impact in terms of the person's relationship with the licensed clearing house or licensed central depository in general, and interest in holding any listed securities or futures contracts in particular.