b. Overseas investors can open direct securities accounts with any Singapore Exchange Securities Trading (SGX-ST) member company with a presence/office in that country. Other than direct securities accounts, overseas investors continue to have the choice of opening a nominee or sub-account with a Depository Agent (custodian banks and SGX-ST members which participate in CDP's system) with a branch in their country.
c. SGX-ST member companies may accept alternative verification where face-to-face meeting is not possible. The same procedure will be applicable to direct accounts opened with CDP. However, local investors are encouraged to personally open direct securities accounts with CDP or SGX-ST member companies.
d. Authorised staff of SGX-ST member companies can witness the updating of account particulars. This will make it more convenient for investors who prefer to visit their brokers instead of CDP, for such services.
As announced by Singapore Exchange (SGX) yesterday, SGX-ST member companies, including their overseas offices, can verify clients' identities through one or more of the following means: (i) Establishing telephone contact with the applicant on an independently verified home or business number; or (ii) With the client's consent, contacting the client's employer's personnel department on a listed business number to confirm his employment; or (iii) Obtaining from the client his statements from a bank and/or advice from the Central Provident Fund Board or income tax authority.
In all cases, CDP and SGX-ST member companies will continue to require applicants to furnish a copy of their identity card or passport. In cases where further verification is required, CDP and SGX-ST member companies may also request personal attendance.
In announcing these changes, CDP's executive vice-president Mr Peter Chia said "We regularly review and streamline our procedures to make them relevant and up-to-date. The changes announced today will bring more convenience for local and overseas investors, while maintaining a system of prudent checks. This will encourage investors to trade on the SGX, particularly those who trade on-line."
List Of Authorised Officers Who May Verify Identities Of Investors Opening Direct Securities Accounts
1) Justices of Peace, notaries public, lawyers and other similar professionals
2) Company registrar or company secretary of companies seeking listing on SGX-ST for original shareholders and employees of the companies
3) Members of other exchanges which have established information sharing agreements with SGX-ST
(4) Branches of banks which operate in Singapore and with which the investor holds a banking account.
