The Singapore Exchange Regulation (“SGX RegCo“) has issued a set of guidance notes on what an issuer should do if the issuer, or any person or entity closely associated with the issuer, is exposed to sanctions-related risks. An issuer refers to a company or other legal person or undertaking (including a real estate investment trust (REIT)) whose securities have been admitted to listing on the Singapore Exchange Securities Trading Limited (SGX-ST) or are the subject of an application for. The SGX RegCo guidance was issued following from an announcement by the Ministry of Foreign Affairs on 5 March 2022 which states that Singapore is imposing sanctions and restrictions against Russia in response to its invasion of Ukraine (“Russian Sanctions“).
This Update provides a summary of the SGX RegCo guidance titled “Regulator’s Column: What SGX expects of issuers in respect of sanctions-related risks, subject or activity” dated 7 March 2022 and distils the steps that an issuer has to take to comply with the SGX RegCo guidance with reference to the Russian Sanctions.
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