1 In 1991, SGX-ST (formerly known as Stock Exchange of Singapore Limited) introduced 2 policies, in consultation with the Monetary Authority of Singapore, that:—

2 Trading Members are advised that the Exchange has revised these policies. The new requirements, applicable immediately, are set out below.

3 An Approved Executive Director or a Trading Representative may be appointed as a nonexecutive director of an SGX-ST listed company (but not as an executive director) subject to the following:—

4 An Approved Executive Director or Trading Representative must inform SGX-ST of the proposed appointment in accordance with SGX-ST Rule 6.2.3 and Rule 7.5.6 respectively.

5 Possible conflicts of interest that the Approved Executive Director or Trading Representative may need to consider and address under Item 3 above include:—

6 A Trading Member may appoint a director of an SGX-ST listed company as a non-executive director (but not as an executive director).

Under SGX-ST Rule 4.6.12, the Member must inform SGX-ST of the appointment within 7 days.

7 An Approved Executive Director or Trading Representative who is a director of an SGX-ST listed company must keep a record of his share transactions in that company. If the Approved Executive Director or Trading Representative is required to maintain a register of securities, that will suffice. SGX-ST may inspect the record at any time or take extracts of it.

1 We are pleased to inform Trading Members that following consultation with the Monetary Authority of Singapore, Remisiers can now operate in teams and enter orders for each other's customers. Trading Members and their Remisiers who wish to engage in such arrangements must observe the following:—

2 Team arrangements increase the risk of a single customer or the team trading beyond the trading limit imposed. In this respect, Trading Members should closely monitor the team to ensure that customers' and Remisiers' trading limits are not exceeded, especially in the case of trades not executed on the Trading System which are not captured real time in the Trading System. Trading Members should also conduct frequent reviews of team operations to ensure that trading irregularities do not occur.

1.1 In accordance with Rule 5.5.3, a Designated Market-Maker must publish on the Trading System competitive bid and offer quotations:—

1.2 In the event a Designated Market-Maker ceases to make bid and offer quotations (whether due to foreseen or unforeseen circumstances), it must:—

1.3 Upon resumption, the Designated Market-Maker must similarly notify SGX-ST and make a public announcement at the same time. At the appropriate juncture, the Designated Market-Maker must make a public announcement of the reasons for cessation of market-making.

2.1 A Designated Market-Maker must establish and maintain adequate internal control systems to ensure smooth operation of its market-making activities.

2.2 A Designated Market-Maker shall pre-notify SGX-ST of any change to its internal control systems which may affect the carrying out of its obligations stipulated under paragraph 1.

2.3 SGX-ST reserves the right to review current or impose additional requirements if it is not satisfied with the internal control systems of the Designated Market-Maker.

1.1 In accordance with Rule 12.1.1, a Trading Member must maintain proper records and audit trails to evidence compliance with the Rules, and in accordance with the requirements in the Securities and Futures Act, Securities and Futures Regulations, and the Rules.

2.1 The Trading Member must keep data and records such that they are easily retrievable by authorised personnel and are stored securely such that no tampering occurs. Backups of records must be kept at a location separate from the original records.

2.2 The Trading Member must check data and records for quality and accuracy on an on-going basis and correct any quality or accuracy defects detected.

2.3 The following are examples of proper procedures in maintaining records and audit trails:—

3.1 A Trading Member must produce to SGX-ST, if asked, a complete audit trail of transactions, from the receipt of an order to its settlement. Unless otherwise required by SGX-ST, for trades and orders which occurred within the 6 month period immediately before the request, the records must be provided to SGX-ST immediately, and for trades and orders which occurred more than 6 months prior to the request, the records must be provided to SGX-ST no later than two business days from the date of request.

3.2 For a complete audit trail of transactions, a Trading Member must ensure that the following records are captured, where applicable:

Record of all Fields Relating To Order Entry

1.	SGXAccess Connection ID
2.	Trader ID and name
3.	Client ID and name — from customer account carried on the books of the Trading Member
3A.	Trading Account code
3B.	Position Account code
4.	User ID and name — used to log into Trading Member's systems
5.	Order ID — assigned by the Trading System
6.	Order type — eg good-till-cancelled order, all-or-none order, etc
7.	Buy/sell
8.	Counter name and quantity to be bought/sold
9.	Order price — including original trigger price for stop orders
10.	Settlement instructions — eg settlement with CPF funds, contra etc
11.	Forced key usage
12.	Flow of order — if order passes through multiple systems prior to reaching the market
13.	Identity of order reviewer — if any
14.	Description of amendments made — if any
15.	Date and time of order entry, and of any actions taken relating to the order — including transmission, rejection, amending, routing, filtering, execution, withdrawal, etc ,and should include orders that are progressively released.
16.	Error messages and subsequent actions taken by the user, reviewer or system
17.	Status of order — such as the order being partially filled, fulfilled, unfilled, withdrawn, amended, rejected, etc
18.	Executed order number — assigned by the Trading System
19.	Traded price — for executed orders
20.	Counter name and quantity bought/sold — for executed orders
21.	Counterparty Trading Member identity — for executed orders
22.	Orders and trades in Trading Member records not stored electronically — to be referenced to Order ID and executed order numbers assigned by the Trading System
23.	Any other relevant records/instructions

3.3 For record of times required under the Rules, the Trading Member must ensure that:—

1.1 In accordance with Rule 4.6.22, a Trading Member must ensure that its systems and connections to the Trading System operate properly, and have adequate and scalable capacity to accommodate trading volume levels.

2.1 In ensuring the adequacy of systems and connections to the Trading System, Trading Members should establish comprehensive planning and assessment programs to test system operation, capacity and security. Trading Members should also have in place arrangements for the employment of appropriate technical expertise to maintain and operate systems and connections to the Trading System.

2.2 The scope of such programs should cover:—

2.3 The programs described in paragraph 2.2 may be established under outsourcing arrangements where appropriate. Members continue to be responsible for ensuring that the respective requirements are adequately met under the outsourcing arrangements.

1 A Trading Member must disclose the risks pertaining to trading in American Depository Receipts ("ADRs") quoted on GlobalQuote in media which the Trading Member may produce in relation to ADRs for its customers. These media include, but are not limited to:—

2 To facilitate Trading Members' compliance with this Directive, the Exchange will provide Trading Members with a list of risk factors pertaining to trading in ADRs.

3 In the Directive:—