Monday, 18 December 2017
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Banking & Finance

SGX, ABS, ISCA, Law Society and SID jointly launch Guide on Prevention of Insider Trading

Date: 05 December 2017; Type: Legal News; Source: Singapore Exchange

Singapore Exchange (“SGX”), together with the Association of Banks in Singapore (ABS), the Institute of Singapore Chartered Accountants (ISCA), the Law Society of Singapore and the Singapore Institute of Directors (SID), is launching a guide on the prevention of insider trading.

The guide contains recommended principles and guidelines to help companies and their advisers in retaining control over the flow of confidential information, appropriately restricting staff dealing in the company’s securities and creating a culture of compliance. Specifically, this guide has suggestions on arrangements that companies and their advisors can put in place to more effectively deter insider trading.

Areas covered by the guide include:

1. arrangements for ensuring that confidential information generated and/or received remains confidential until it is reasonably expected to be disclosed under the relevant laws, regulations and the Listing Rules;

2. how to minimise the risks of accidental leakage of confidential information;

3. characteristics of effective trading restrictions on dealings in securities; and

4. how to promote strong awareness of the importance of appropriate handling and control of confidential information.

Examples are included to illustrate how the principles and guidelines can be put into practice. The guide is not meant to be prescriptive or exhaustive, and needs to be customised to each company’s unique profile and circumstances.

“Insider trading is hard to detect and prosecute as the leakage of inside information occurs covertly in private, off the exchange; the preemptive approach is we believe, the best way to deal with this risk. Our partnership with industry participants on this guide is similar to how we worked with member firms on the Trade Surveillance Handbook and Members’ Surveillance Dashboard. We look forward to more collaborative efforts with the whole eco-system to take the fight against market misconduct further upstream,” said Tan Boon Gin, CEO of Singapore Exchange Regulation (SGX RegCo).

Notice: The Publishers of Asean LIP acknowledge the permission granted by the relevant official/ original source for the reproduction of the above/ attached materials. You shall not reproduce the above/ attached materials in whole or in part without the prior written consent of the Publishers and/or the original/ official source. Neither the Publishers nor the official/ original source will be liable for any loss, injury, claim, liability, or damage caused directly, indirectly or incidentally to errors in or omissions from the above/ attached materials. The Publishers and the official/ original source also disclaim and exclude all liabilities in respect of anything done or omitted to be done in reliance upon the whole or any part of the above/attached materials. The access to, and the use of, Asean LIP and contents herein are subject to the Terms of Use.

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