Securities Industry Council

Securities Industry Council

Introduction

Take-overs and mergers in Singapore are subject to non-statutory rules in the Singapore Code on Take-overs and Mergers (Take-over Code), which is administered by the Securities Industry Council (SIC).

History

SIC was formed in 1973, with legal backing of the Securities Industry Act, and grandfathered under Section 138 of the Securities and Futures Act (SFA).

SIC's main function now is to administer and enforce the Take-over Code. It has powers under the law to investigate any dealing in securities that is connected with a take-over or merger transaction. SIC also reviews take-over rules and practices periodically, and recommends changes for promulgation by MAS. In addition, SIC issues guidance notes on the application of specific principles or rules.

SIC Members

SIC members are appointed by the Minister in charge of the SFA. Most SIC members are from the private sector, including industry representatives, financial sector professionals and legal experts. The current SIC members are:-

  • Mr J Y Pillay (Chairman)
    Chairman, Council of Presidential Advisers
  • Mr Koh Boon Hwee (Deputy Chairman)
    Managing Partner, Credence Capital Fund II (Cayman) Ltd 
  • Mr Cavinder Bull S.C.
    Director, Dispute Resolution Department, Drew & Napier LLC
  • Mr Karam Butalia
    Executive Chairman, KV Asia Capital
  • Mr Jose Isidro N. Camacho
    Vice Chairman, Asia Pacific, Credit Suisse AG
  • Mr Chang See Hiang
    Senior Partner, Chang See Hiang & Partners
  • Ms Chew Gek Khim
    Executive Chairman, Tecity Group
  • Mr Rahul Goswamy
    Founding Partner, Gateway Partners 
  • Mr Norman Ip
    Director, Great Eastern Holdings Ltd
  • Mr Eugene Lai
    Managing Director, Southern Capital Group
  • Mr Lee Boon Ngiap
    Assistant Managing Director, Capital Markets Group,
    Monetary Authority of Singapore
  • Mr Olivier Lim
    Chairman, Certis CISCO Security Pte Ltd
  • Mr Loh Boon Chye
    CEO, Singapore Exchange Limited 
  • Prof Hans Tjio
    Law Faculty, National University of Singapore
  • Ms Jeanette Wong
    Group Executive, Institutional Banking Group, DBS Bank
  • Mr Paul Yuen (Alternate to Mr Lee Boon Ngiap)
    Executive Director, Market Conduct Department,
    Monetary Authority of Singapore 

Administration of the Take-over Code

The Take-over Code seeks to ensure that take-overs and mergers are conducted in accordance with good business practice for the fair and equal treatment of all shareholders. SIC does not concern itself with the commercial merits of take-overs and mergers.

SIC is supported by a Secretariat staffed by MAS officers. The Secretariat handles applications for SIC's rulings on a day-to-day basis, and provides confidential consultation on points of interpretation of the Take-over Code. Contact details are as follows:-

The Secretary
Securities Industry Council
25th Storey, MAS Building
10 Shenton Way
Singapore 079117
Tel: (65) 62299222
Fax: (65) 62251350
Email: sic@mas.gov.sg

Please click here for more information on The Singapore Code of Take-overs and Mergers.

Take-overs Bulletin

A periodic newsletter by the Secretariat of the SIC for participants in take-overs and mergers. 

Issue No. (publication date) 

Highlights

Issue 1 (8 Jul 2016)

 

  • Welcome Message
  • MAS amends the Code
  • Disclosure of acceptances under Rule 12 of the Code
  • Whether the Code applies to certain corporate restructurings
  • Some pointers for applications to the SIC Secretariat
  • H1 2016 Statistics on M&A Activity

 

Press Releases

16 Sep 2016

Practice Statement on Lodgement of Documents 

25 Feb 2016

MAS Amends the Singapore Code on Take-Overs and Mergers

16 Jul 2015 

Practice Statement on the Note on Rule 3 of The Singapore Code on Take-overs and Mergers

6 Jul 2015

SIC Issues Consultation Paper on Amendments to the Singapore Code on Take-overs and Mergers

25 Jun 2014(PDF, 35KB) 

Practice Statement on the Opinion Issued by an Independent Financial Adviser in Relation to Offers, Whitewash Waivers and Disposal of Assets Under the Singapore Code On Take-Overs And Mergers (The “Code”)

21 Jan 2013(PDF, 9KB) 

Public Statement on Competitive Situation in relation to Fraser and Neave, Limited 

15 Jan 2013(PDF, 58KB)

Public Statement on Competitive Situation in relation to Fraser and Neave, Limited

19 Nov 2012
(PDF, 58KB)

Practice Statement on Lodgement of Documents (Repealed)

26 Apr 2012
(PDF, 14KB)

Practice Statement on Share Buy-Back Guidance Note

23 Mar 2012

MAS Amends the Singapore Code on Take-Overs and Mergers

10 Oct 2011

SIC Issues Consultation Paper on Amendments to the Singapore Code on Take-overs and Mergers

14 Jun 2011
(PDF, 60KB)

Public Statement on Portek International Limited

16 Jun 2010
(PDF, 14KB)

Public Statement on Parkway Holdings Limited

13 Jan 2010
(PDF, 23KB)

Practice Statement on Announcements Relating to Possible Offer

14 Oct 2008
(PDF, 93KB),

Public Statement on Jade Technologies Holdings Ltd
(Annex (PDF, 300KB))

03 Oct 2008
(PDF, 92KB)

Practice Statement on Trust Schemes in respect of Mergers and Privatisations

28 May 2008
(PDF, 51KB)

Public Statement on Jade Technologies Holdings Ltd

10 Dec 2007 (PDF, 76KB)

Practice Statement on Treasury Shares

8 June 2007
(PDF, 80KB)

Practice Statement on Real Estate Investment Trusts

8 June 2007

SIC to Extend the Application of the Singapore Code on Take-Overs and Mergers to REITS

29 May 2007 (PDF, 127KB)

Practice Statement on Merger Procedures of the Competition Commission of Singapore

1 Apr 2007
(PDF, 26KB)

Practice Statement on Lodgement of Documents (Repealed)

26 Mar 2007
(PDF, 10KB)

Practice Statement on Offeror's Intentions regarding the Listing Status of the Offeree Company

15 Mar 2007

MAS Amends the Singapore Code on Take-Overs and Mergers

03 Jan 2007
(PDF, 9.56KB) 

Practice Statement on Acceptances 

25 Sep 2006  
(PDF, 8.07KB)

Public Statement on Thakral Corporation Ltd

23 Jun 2006  
(PDF, 11.0KB)

Practice Statement on Two-Tier Offers

21 Jun 2006

SIC Issues Consultation Paper on Amendments to the Singapore Code on Take-overs and Mergers

12 Apr 2006  
(PDF, 10.8KB)

Practice Statement on Offers Made Under Rule 1307 of the SGX-ST Listing Manual

21 Dec 2004  
(PDF, 17.1KB)

Practice Statement on Directors Making Recommendations on an Offer

19 Nov 2002
(PDF, 10.2KB)

Public Statement on Sanion Enterprises Limited

07 Aug 2002
(PDF, 8.37KB)

Public Statement on Requirement for Independent Advice on Take-over Offers (Appendix (PDF, 6.28KB))

20 Dec 2001
(PDF, 7.76KB)

Guidance Note on Rule 14.1 of The Singapore Code on Take-overs and Mergers

06 Dec 2001
(PDF, 12.9KB)

MAS issues Revised Take-over Code

19 Oct 2001
(PDF, 7.55KB)

Take-over Offer for Overseas Union Bank by United Overseas Bank Ltd

19 Oct 2001
(PDF, 8.76KB)

Take-over Offer for Overseas Union Bank by DBS Group Holdings Ltd

12 Oct 2001  
(PDF, 8.61KB)

Serial System Ltd ("Serial System OR The "Company")

02 Jul 2001
(PDF, 9.09KB)

Serial System Ltd ("Serial System OR The "Company")

31 May 2001
(PDF, 12.8KB)

Serial System Ltd ("Serial System OR The "Company")

23 May 2001
(PDF, 35.0KB)

Serial System Ltd ("Serial System OR The "Company")

09 May 2001
(PDF, 7.94KB)

SIC Issues Draft Revised Singapore Code on Take-overs and Mergers

10 Apr 2001
(PDF, 12.9KB)

Serial System Ltd ("Serial System OR The "Company")

08 Mar 2001
(PDF, 9.65KB)

Serial System Ltd ("Serial System OR The "Company")

21 Nov 2000
(PDF, 10.1KB)

SIC Issues Guidelines on Partial Offers (Attachment)

01 Nov 1999 
(PDF, 48.0KB)

Consultation Paper on Revision of the Singapore Code on Take-overs and Mergers

Last Modified on 16/09/2016