Whole Section
15.4 Separation of Research Activities
15.4.1
A Trading Member's research activities must be separate from its dealing, corporate finance and back office operations. Separation means at least having the following:—
(1) separate reporting lines in place between the research activities and the other activities;(2) adequate restriction of communication and information flow between the research activities and the other activities to avoid influencing research activities;(3) adequate procedures to avoid any conflict of interest that may arise from the research activities and the other activities; and(4) bonus, salary or other form of compensation to a research analyst not being based on any corporate finance or dealing transaction.15.4.2
A Trading Member must implement any procedure, Directive or recommendation by SGX-ST.