SECURITIES INDUSTRY COUNCIL
 

Overview

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 Thean Lip Ping (Chairman)
  Senior Consultant, KhattarWong
  
• Mr Boon Yoon Chiang
  Chairman/ Managing Director, Jardine Matheson (Singapore) Ltd
  
• Mr Jose Isidro N. Camacho
  Vice Chairman, Asia Pacific, Credit Suisse AG
  
• Ms Chew Gek Khim
  Executive Chairman, Tecity Group
  
• Dr Audrey Marie Chin
  Director, K-REIT Asia Management Ltd
  
• Mr Daniel Ee
  Chairman, Gas Supply Pte Ltd
  
• Mr Giam Chin Toon S.C.
  Senior Partner, Wee Swee Teow & Co
  
• Mr Andrew Khoo (Alternate to Mr Shane Tregillis)
  Executive Director, Capital Markets Department,
  Monetary Authority of Singapore
  
• Mr Leong Horn Kee
  Executive Director, Far East Organisation
  
• Mr John Lim
  President, Singapore Institute of Directors
  
• Mr Ng Boon Yew
  CEO, Emaar Education LLC
  
• Mr Ronald Ong
  CEO South East Asia, Morgan Stanley Dean Witter Asia (Singapore) Pte.
  
• Mrs Oon Kum Loon
  Director, Keppel Corporation Limited
  
• Mr Seck Wai Kwong
  Senior Executive Vice President and CFO, Singapore Exchange Ltd
  
• Mr Mark Thornton
  Partner, 3i Asia Limited
  
• Prof Hans Tjio
  Law Faculty, National University of Singapore
  
• Mr Shane Tregillis
  Deputy Managing Director, Market Conduct Group, 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

The Singapore Code of Take-overs and Mergers

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

Press Releases