SGX RegCo sets due diligence and independence standards for issue managers

It will refer to the ABS Listings Due Diligence Guidelines in evaluating IMs.

The Singapore Exchange Regulation (SGX RegCo) is setting out standards of due diligence and independence for issue managers (IMs) during the review of the Mainboard Listing Rules, according to an announcement.

SGX RegCo will refer to the Association of Banks in Singapore (ABS) Listings Due Diligence Guidelines in assessing whether an IM is conducting enough due diligence required.

The regulator will also introduce a practice note that will establish the criteria in assessing the independence of issue managers (IMs).

Further, SGX RegCo will explicitly require all directors and executive officers of a listing applicant to be held responsible for ensuring information submitted to SGX in listing applications and SGXNET announcements is complete and accurate, and not misleading.