Singapore Exchange Regulation (SGX RegCo) refers to the Monetary Authority of Singapore (MAS) media release on 31 August 2022, where MAS imposed a $375,000 composition penalty on UOB Kay Hian Private Limited (UOBKH) for failing to comply with business conduct requirements under the Securities and Futures (Licensing and Conduct of Business) Regulations and anti-money laundering
After deliberating the actions taken against UOBKH by MAS and considering the interests of the market, SGX RegCo hereby exercises its powers under Mainboard Rule 1405(1)(k) and Catalist Rule 305(1)(k), and imposes the following requirements on UOBKH:
- UOBKH will not be allowed to undertake new mandates to act as an issue manager or full sponsor for SGX Mainboard and Catalist initial public offering (IPO) and reverse takeover (RTO) submissions, save for IPO and RTO submissions for which UOBKH had agreed to act as issue manager or full sponsor (as may be applicable) under any agreement entered into before 31 August 2022, until such date as SGX RegCo specifies in writing.
- UOBKH will be subject to certain requirements imposed by SGX RegCo in respect of its introducing activities as a full sponsor.
- A review of the requirements set out above by SGX RegCo will be subject to, among others, UOBKH satisfactorily addressing and fulfilling all recommendations, conditions, and directions that SGX RegCo has imposed on UOBKH.
Compliance with the abovementioned requirements does not constitute a waiver of any kind. SGX RegCo reserves the right to take disciplinary action against UOBKH for breaches of the Mainboard and/or Catalist Rules, including the failure to comply with any of the requirements imposed by SGX RegCo.
