- Who is affected
- Directors and management of SGX-listed issuers, and their sponsors and advisers.
Summary
Background SGX RegCo had on 24 June 2021 issued a news release on the requirement of issuers of having a whistleblowing policy with updated Key Requirements (defined herein), and the expansion of its enforcement powers. This news release follows from a public consultation (from August 2020 to September 2020) which the market participants have broadly supported. SGX RegCo has stated that the regulatory update will reinforce confidence in Singapore’s capital markets, act as a greater deterrent against malfeasance, and enhance the protection of investors.
In a nutshell ▪ [Whistleblowing Policy] Issuers are to have an established whistleblowing policy with the following key requirements that is effective on 1 January 2022. (i) Keeping the identity of the whistleblower confidential; (ii) The whistleblower is protected from reprisal; and (iii) There is independent oversight of the whistleblowing policy and commitment to (i) and (ii). Annual Reports published from 1 January 2022 are required to state its compliance for the financial years commencing 1 January 2021. ▪ [SGX RegCo’s New Enforcement Powers] Directors and Executive Officers 1 are to note the new enforcement powers of SGX RegCo which is effective from 1 August 2021. 1: Executive Officers include the management team (excluding directors) of an issuer, including its CEO, CFO, COO, and any
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.