With effect from 1 August 2021, Singapore Exchange Regulation (“SGX RegCo“) will have a wider range of enforcement and administrative powers, including the power to require a director or executive officer to resign from an existing position with an issuer listed on the Singapore Exchange Securities Trading Limited.
With effect from 1 January 2022, issuers listed on the SGX-ST Mainboard and Catalist (“listed issuers“) will be required to state in their annual reports that they have put in place a whistleblowing policy, starting with their annual reports relating to financial years commencing from 1 January 2021.
These changes follow a public consultation conducted by the Singapore Exchange Limited in August 2020 on the proposals. The proposals received broad support from market participants.
This Update provides an overview of the key enhanced enforcement and administrative powers of SGX RegCo and the new requirement mandating a listed issuer to establish a whistleblowing policy.
For more information, click here to read the full Legal Update.
