Singapore Exchange gets tougher on company transactions list

Singapore Exchange will soon require companies to keep a list of all materaial transactions.
Singapore Exchange will soon require companies to keep a list of all materaial transactions.ST PHOTO: LIM YAO HUI

SINGAPORE - Singapore Exchange will soon require companies to keep a list of all materaial transactions to enable more efficient investigations in future, it said in a press release on Tuesday.

The Exchange has thus far required only significant transactions, such as takeovers or major acquisitions, to be recorded. From Dec 1, material transactions, that refer to a development with tangible impact on a company, will be included in that list.

Companies will, however, have the freedom to decide the level of detail to inlcude in the list, the release stated.

"Due to concerns about the privacy of personal data, companies will be given the flexibility of deciding what information the list will contain. More personal data can be provided at a later stage," the Exchange said.

The list, which was implemented in March last year, will remain confidential with only SGX able to request it for regulatory purposes, chiefly insider trading investigations.

The Securities Investors Association (Singapore), which was consulted by the SGX on the new requirement, welcomed the initiative.

"Any effort to reduce the instances of regulatory breaches will certainly benefit investors," Sias chief executive David Gerald told The Straits Times.

The SGX also announced on Tuesday that it will scrap the requirement that asks listed companies or their controlling shareholders to privately notify the bourse of significant transactions.

The change takes effect from December 1.

whwong@sph.com.sg