- Who is affected
- Directors and management of SGX-listed issuers, and their sponsors and advisers.
Summary
SGX RegCo 2021 Regulatory Updates - Directors / Executive Officers Under Investigation To recap, on 7 Feb 2020, enhancements made by SGX RegCo to the continuous disclosures of the listing rules were made effective. Amongst the enhancement of listing rules, guidance on disclosure obligations relating to investigations was worded under Practice Note 7A Continuing Disclosure (Catalist Rules) and Practice Note 7.1 Continuing Disclosure (Mainboard Rules). Subsequent to the implementation of the rule enhancements, the topic of investigations on directors and executive officers (“EO”) (“Relevant Persons”) of listed companies has been raised and broached by SGX RegCo in different seminars. In the latest SGX RegCo’s Regulatory Update which was presented in the joint SID-SGX-ACRA seminar (on 12 Jan 2021) for audit committee members of listed companies, further guidance was provided and the following key takeaways are provided below: What are the considerations (i) in determining the materiality of the investigation for disclosure purposes, and (ii) the Nominating Committee’s assessment on suitability of the Relevant Persons? 1.
Investigation pertaining to the issuer or the Group a) What is the extent (i.e. nature and areas) to which the interview or investigation of the relevant conduct concerns the affairs of the issuer or the group? b) Was the issuer served with an order to produce documents or devices? c) Was any director / EO interviewed?
This update is a summary of publicly available regulatory guidance prepared by SAC Capital Private Limited for general information. It is not legal advice. Issuers should refer to the SGX Listing Rules and consult their sponsor or legal adviser.