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4.39.2

Permissible Activities

(a) A Trading Member must inform SGX-ST at least 14 days before engaging in research or corporate finance activities.
(b) The research department of a Trading Member may engage only in the following types of activities:
(i) research and analysis on securities or futures contracts (including recommendations, if any); or
(ii) such other activities as SGX-ST approves.
(c) The corporate finance department of a Trading Member may engage only in the following types of activities:
(i) management, underwriting and placement of initial public offering or rights issues of securities;
(ii) advice on acquisition and disposal of securities and assets;
(iii) advice on corporate or debt restructuring; or
(iv) advice on take-over offers, if the Trading Member has relevant expertise and experience; or
(v) any other activity as SGX-ST may approve.
(d) A Trading Member and its staff undertaking research or corporate finance activities must procure and maintain any applicable licences and notify SGX-ST prior to engaging in the relevant activities, and shall maintain such licences while undertaking those activities, unless otherwise exempt from licensing.
(e) SGX-ST may limit the scope, or direct the cessation, of the Trading Member's research or corporate finance activities if the Trading Member fails to comply with this Rule 4.39 or if, in SGX-ST's opinion, the relevant activities are detrimental to the financial integrity, reputation or interests of, or organised markets established or operated by, SGX-ST. The Trading Member may, within 14 days of being notified of SGX-ST's decision, appeal in writing to the SGX RegCo Board, whose decision will be final.
(f) A Trading Member must supply SGX-ST with any information that SGX-ST requires regarding its research or corporate finance activities.

Added on 3 June 20193 June 2019.