On 3 July 2023, the Singapore Exchange Regulation (“SGX RegCo“) issued a set of “Guidelines on Independent Financial Advisers” (“Guide“) and an accompanying Regulator’s Column setting out SGX RegCo’s expectations and guidance for independent financial advisers (“IFAs“) and their opinions and the role and expectations on directors in procuring an IFA opinion, in the context of the Singapore Exchange (“SGX“) Listing Rules.
The SGX Listing Rules require the appointment of an IFA and an IFA opinion for exit offers, interested person transactions and, in some cases, under a Notice of Compliance, to direct the issuer to undertake certain actions or review transactions as required by SGX.
This Update briefly highlights the key aspects of the Guide, focusing on guidance for directors in appointing an IFA, the requirements of an IFA opinion under the SGX Listing Rules, the independence of the IFA and the objectivity of the IFA opinion. The Guide also includes guidance in the context of exit offers and IPTs.
For more information, click here to read the full Legal Update.
