General Announcement::SGX RegCo and Law Society jointly issue Best Practices Guide for Singapore lawyers

Issuer & Securities

Issuer/ Manager
SINGAPORE EXCHANGE LIMITED
Securities
SINGAPORE EXCHANGE LIMITED - SG1J26887955 - S68
Stapled Security
No

Announcement Details

Announcement Title
General Announcement
Date &Time of Broadcast
26-Jun-2020 08:10:54
Status
New
Announcement Sub Title
SGX RegCo and Law Society jointly issue Best Practices Guide for Singapore lawyers
Announcement Reference
SG200626OTHRVD8X
Submitted By (Co./ Ind. Name)
Jo-Ann
Designation
Senior Associate, Marketing & Communications
Description (Please provide a detailed description of the event in the box below)
Singapore Exchange Regulation ("SGX RegCo") and the Law Society of Singapore ("LawSoc") have jointly issued a Best Practices Guide (the "Guide") to set out recommendations and best practices for Singapore lawyers making submissions to SGX RegCo on behalf of listed issuers1.

The Guide sets out certain recommendations and best practices and covers matters including consultations on interpretations of the Listing Rules, applications for waivers, and submission of circulars and similar documents to shareholders in relation to corporate actions.

"Each member of our market community has a role to play in ensuring a well-governed market and the protection of investors' interests. Lawyers do so by upholding the legal framework underpinning corporate finance activities. This Guide sets out our expectations for Singapore lawyers in the course of regulatory submissions and seeks to ensure that his conduct fulfils the statutory, common law and ethical standards and duties expected of him, "said Tan Boon Gin, CEO of SGX RegCo.

"As a key stakeholder in Singapore's financial services sector, the Law Society welcomes this opportunity to collaborate with SGX RegCo to jointly issue this corporate practitioner's guide. This is the product of an invaluable exchange of conversation, caucus and craftsmanship by our Corporate Practice Committee and SGX RegCo. This Guide will proactively assist our Corporate Bar to be aware, alive and alert to the key concerns of the regulatory authorities and offer practical handles on managing those professional expectations. In the long term, these best practices will lift and maintain the bar for professional services of Singapore regulated lawyers to be best in class. It will also cement and augment the reputation of law firms that seek to excel in serving the legal needs of the investment community in Singapore," said Gregory Vijayendran, S.C., President of the Law Society of Singapore.

Mr Vijayendran continued, "We particularly welcome SGX RegCo's new administrative measure to require the naming of the law firms for the covered transactions in the shareholders' circulars. This will foster greater accountability and give a sense of ownership as well as appropriately honour our law firms."

The Guide will take effect immediately. The Guide is available here.

1SGX RegCo may have regard to the principles in the Guide in determining if an in-house legal counsel who is an "executive officer" under the Listing Rules, has fulfilled his responsibilities under the Listing Rules. The failure to do so will result in a directive by SGX Regco that the listed company terminate his appointment and appoint a replacement.

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