TSMP Law Corporation head of IP & TMT Adrian Tan was quoted in a The Edge story published on 26 June 2020 about the new SGX best practices guide for lawyers that covers interpretations of listing rules, applications for waivers, submission of circulars to shareholders.
He said the guide fills a “long-standing gap”.
“In the past, lawyers making regulatory submissions might disagree as to what should be done. The guide provides a satisfying level of clarity for the legal community. So long as the guide is complied with, lawyers would be regarded as discharging their duties,” he added.
He notes that the role of legal advisors in the markets are now more recognised as the law firm and partner-in-charge are named in circulars.
“One way of looking at this is to say that legal advisors are made more accountable. Another way to look at this is to say that the role of legal advisors is now more prominent, because they are recognised and named in circulars,” he said.
“Over time, such exposure and visibility for legal advisors will serve to enhance their image and reputation as providing good counsel and guidance on important matters,” he added.
On the rules, he said the list should be viewed as a “dynamic” one, instead of a fixed guide, to provide a “starting point” for all parties to discuss “best practices”.
“Over time, new ideas will be introduced, and old ones discarded. That’s because the market is evolving rapidly, and SGX is known to be agile and forward-looking,” he said.
“I don’t see this guide as being set in stone, rather, I think it is the beginning of a conversation among the stakeholders on ways to improve and strengthen the framework of the corporate finance market. This guide is all about transparency and good governance, so it is completely in line with Singapore’s branding as an international financial hub,” he added.