A principal function of the Exchange is to provide a fair, orderly and transparent market for the trading of securities.

The Rules set out the requirements which apply to issuers, issue managers, the manner in which securities are to be offered, and the continuing obligations of issuers.

(1) The Rules seek to secure and maintain confidence in the market. The underlying principles of the Rules include the following:

(a) issuers shall have minimum standards of quality, operations, management experience and expertise;

(b) investors and their professional advisers shall be given all information that they would reasonably require to make an informed assessment of the securities for which listing is sought;

(c) issuers shall disclose information if a reasonable person would expect that information to have a material effect on the price or value of their listed securities;

(d) all holders of listed securities shall be treated fairly and equitably; and

(e) directors of an issuer shall act in the interests of shareholders as a whole.

(2) The Exchange, therefore, in addition to applying the enumerated criteria set forth in Chapter 2, has broad discretionary authority over the initial and continued listing of securities on the Global Listing Board.

(3) The Exchange may use such discretion to deny initial listing, apply additional or more stringent criteria or conditions for the initial or continued listing of particular securities, or suspend or delist particular securities based on any event, condition, or circumstance that exists or occurs that, in the opinion of the Exchange, (a) makes initial or continued listing of the securities on the Global Listing Board inadvisable or unwarranted, or (b) renders such listing not in the public interest, even though the securities meet all enumerated criteria for initial or continued listing on the Global Listing Board. Further details are set out in Practice Note 1.1.

(1) Subject to the review procedures set out in Chapter 7, the Rules are interpreted, administered and enforced by the Exchange and the decisions and requirements of the Exchange are conclusive and binding on an issuer. The Exchange may at any time vary its decision in any way, or revoke it. It may do so upon the application of the issuer or of its own accord and at its absolute discretion. The variation or revocation will take effect from the date specified by the Exchange. 

(2) An issuer admitted to the Official List must comply with the Rules:

(a) in accordance with the spirit, intention and purpose; and

(b) by looking beyond form to substance. 

The Exchange may waive or modify compliance with a Rule (or part of a Rule) either generally or to suit the circumstances of a particular case, unless the Rule specifies that the Exchange will not waive it. The Exchange may grant a waiver subject to such conditions as it considers appropriate. If the Exchange waives a Rule (or part of a Rule) subject to a condition, the condition must be satisfied for the waiver to be effective. Where a waiver is granted, the issuer must announce the waiver, the reasons for seeking the waiver and the conditions, if any, upon which the waiver is granted as soon as practicable.

Where the Exchange rejects an application made pursuant to the Rules, it may, if it considers it appropriate, disclose the reasons for its decision but is under no obligation to do so.

(1) The Rules may be amended by the Exchange from time to time, subject to such approval as may be required by applicable law. 

(2) The Exchange may, from time to time, issue Practice Notes or amend existing Practice Notes to provide guidance on the interpretation and application of any Rule or a more detailed prescription of a Rule. 

(3) The Exchange may, from time to time, publish transitional arrangements in relation to any amended or new Rule. 

(1) An issuer must appoint an issue manager who will manage the issuer’s listing application and be responsible for preparing the issuer for its listing on the Exchange. 

(2) An issue manager must be able to give the issuer impartial and competent advice and must have the necessary experience to discharge its professional duties as an issue manager fully and professionally. 

An issue manager must: 

(1) discharge its obligations with due care, diligence and skill;

(2) in preparing an issuer for a new listing:

(a) be satisfied that:

(i) all applicable prospectus disclosure requirements under the SFA and the SF(GLB)R have been complied with; 

(ii) the issuer meets the admission requirements of the Global Listing Board;

(iii) all documents required by the Rules to be included in the listing application have been or will be supplied to the Exchange; and

(iv) the information and confirmations submitted to the Exchange (which includes, where applicable, the confirmations set out in Rules 217(4) and 217(5)) are complete and accurate in all material respects, and not misleading. If subsequently, the issue manager reasonably believes that the information provided did not meet or no longer meets this standard, it should notify the Exchange as soon as practicable, and correct the information; and

(b) conduct adequate due diligence on the issuer;

(3) provide to the Exchange, as soon as practicable, any information or confirmation that the Exchange may require for the purposes of ensuring that the Rules are complied with by the issue manager and the issuer. Such information or confirmation shall be provided to the Exchange in such form and within such time as the Exchange may reasonably require; and

(4) inform the Exchange of all matters relevant to the listing application that should be brought to the Exchange's attention, including any further information that becomes available after the listing application is submitted and before listing, in a timely manner.

The issuer must: 

Issuers must pay such fees and charges as prescribed by the Exchange from time to time. The Exchange may waive any fee or charges. 

The fees payable are published by the Exchange from time to time. 

When the Exchange publishes or releases an issuer's announcement via SGXNET on its behalf, the Exchange shall not be responsible to check the accuracy of the facts or any of the contents of such announcement, and shall not be liable for any damages or losses however arising as a result of publishing the announcement or disseminating the information in the announcement.