Rulebooks: Contents

Rulebooks
Mainboard Rules
Definitions and Interpretation
Chapter 1 Introduction
Chapter 2 Equity Securities
Chapter 3 Debt Securities
Chapter 4 Investment Funds
Chapter 5 Structured Warrants
Chapter 6 Prospectus, Offering Memorandum and Introductory Document
Chapter 7 Continuing Obligations
Chapter 8 Changes in Capital
Chapter 9 Interested Person Transactions
Chapter 10 Acquisitions and Realisations
Chapter 11 Takeovers
Chapter 12 Circulars, Annual Reports and Electronic Communications
Chapter 13 Trading Halt, Suspension and Delisting
Chapter 14 Disciplinary and Appeals Procedures, and Enforcement Powers of the Exchange
Appendices
Practice Notes
Report of the Committee and Code of Corporate Governance
Catalist Rules
SGX-ST Rules
CDP Clearing Rules
CDP Settlement Rules
DVP Rules [Entire Rulebook has been deleted]
CDP Depository Rules
Futures Trading Rules
SGX-DC Clearing Rules
SIAC DT Arbitration Rules
SIAC DC Arbitration Rules
Archive
Rule Amendments

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  • Part IV Issue Managers and Issuer's Directors

    • 111

      An applicant must appoint an issue manager who will act as the sponsor for the applicant's listing on the Exchange. An application for new listing or reverse takeover must be managed by an issue manager accredited by the Exchange. An issue manager must be able to give the applicant impartial and competent advice and must have the necessary experience to discharge its professional duties as an issue manager fully and professionally. The Exchange must be notified as and when there are significant changes to the corporate structure of accredited issue managers (whether due to mergers and acquisitions, resignation of key management personnel and/or staff of the team managing listing applications, or otherwise).

      Amended on 29 September 2011 and 7 October 2015.

    • 112

      (1) The issue manager is responsible for preparing the applicant for listing. This requires the issue manager to be satisfied that: —
      (a) the applicant is suitable to be listed;
      (b) the applicant meets admission requirements;
      (c) the applicant is set up sufficiently to comply with the continuing listing requirements; and
      (d) where the applicant is a corporation, the applicant's directors appreciate the nature of their responsibilities and can be expected to honour their obligations under the Exchange's listing rules.
      (2) Normally, the issue manager lodges the listing application and deals with the Exchange on all matters relating to the listing application.

    • 113

      (1) The requirement to have an issue manager ends once the issuer is admitted to listing, although it is recommended that the issuer retain the services of the issue manager for at least one year following its listing.
      (2) Regardless of whether an issuer continues the sponsorship after listing, it must comply with the following disclosure requirements:—
      (a) For two years after listing or such other time frame imposed by the Exchange, the issuer must prominently include a statement that the initial public offering of its shares was sponsored by [name of issue manager] in all announcements made by it (on SGXNET or otherwise) and in all information documents issued by it to shareholders.
      (b) Unless exceptional circumstances exist, "prominently" in Rule 113(2)(a) means in print no smaller than the main text of the announcement, and positioned on the front page of the announcement. However, the statement must not be drafted or positioned in such a way as to imply that the issue manager endorses the current transaction (unless the issue manager is involved in the transaction).
      (3) The sponsor is not required to be involved in all matters relating to the issuer's compliance with the listing rules. However, the Exchange encourages issuers to consider engaging their sponsors to assist them post listing.

      Amended on 29 September 2011.

    • 114

      The directors and executive officers of the applicant or of the issuer (or where applicable REIT manager or trustee manager) following admission, are responsible for the accuracy of the information submitted to the Exchange. However, the issue manager must exercise due care and diligence in ensuring the completeness and accuracy of the information contained in the application. The issue manager must also ensure that the Exchange is informed of all matters which should be brought to its attention.

      Amended on 7 October 2015.