The requirements imposed by the SGX RegCo included prohibiting UOB Kay Hian from acting as an issue manager or as a full sponsor for initial public offerings (IPOs) on SGX’s Mainboard and Catalist board and reverse takeover (RTO) submissions. This excluded submissions where UOB Kay Hian agreed to act as an issue manager or full sponsor before Aug 31, 2022.
Singapore Exchange Regulation (SGX RegCo) is lifting the moratorium against UOB Kay Hian with immediate effect, the regulator announced on Oct 17.
SGX RegCo had imposed several requirements against the brokerage under Mainboard Rule 1405(1)(k) and Catalist Rule 305(1)(k) on Dec 27, 2022, after UOB Kay Hian was found to have failed to comply with business conduct requirements under the Securities and Futures (Licensing and Conduct of Business) Regulations. UOB Kay Hian also failed to comply with requirements for regulations pertaining to anti-money laundering and countering the financing of terrorism requirements under MAS Notice SFA04-N02.
