To be eligible for authorisation as a full sponsor, an applicant must meet the following eligibility criteria, in addition to any legal and regulatory requirements:
(1) be a corporation with a minimum base capital of $500,000 and sufficient professional indemnity insurance to cover its proposed sponsor activities;
(2) have established and operate out of a physical office in Singapore;
(3) have substantial shareholders, directors and key officers who are, in the Exchange's opinion, fit and proper;
(4) be experienced as a lead issue manager;
(5) have, in the Exchange's opinion, a satisfactory reputation and work record in all places where it has operated;
(6) not be in breach of any relevant rule or law in any place where it operates, including being the subject of any disciplinary proceedings, or any investigation which might lead to disciplinary action by any regulatory authority. The Exchange will normally not accept an applicant if complaints, warning letters, fines, private or public censures or reprimands, or other disciplinary action by any regulatory authority has occurred in the last 2 years;
(7) have sufficient skills and resources to discharge its obligations as a sponsor, including, upon authorisation, employing at least 3 professionals who meet the criteria in Rule 212 for registered professionals, where:
(a) at least 1 has a minimum of 10 years' experience in corporate finance advisory work or related advisory work, and has advised in a managerial or supervisory capacity on at least 5 listings in the 10 years prior to the application; and
(b) at least 2 have a minimum of 5 years' experience each in corporate finance advisory work or related advisory work, and 1 of these professionals has advised on at least 3 listings in the 5 years prior to the application; and
(8) upon authorisation, be independent of, and have no conflicts of interest with, the entities it sponsors.
Refer to Appendix 2D — Sponsor Independence.