Most Popular Questions

Market conduct requirements for capital market products are regulated by MAS And SGX under Securities And Futures Act and SGX Trading Rules respectively.

Key prohibited conduct include but are not limited to market manipulation, false trading and market rigging.

For example, any conduct which creates or is likely to create a false or misleading appearance of the market, or the price of the capital market products is prohibited.

The following web-links contain details of market conduct requirements:

• SFA Part XII Market Misconduct – https://sso.agc.gov.sg/Act/SFA2001#P1XII-
• SGX-ST Rule Chapter 5 - Trading Practices and Conduct – https://rulebook.sgx.com/rulebook/chapter-5-trading-practices-and-conduct
• SGX Trade Surveillance Handbook Series 1 – https://api2.sgx.com/sites/default/files/2018-05/Trade Surveillance Hand Book.pdf
• SGX Trade Surveillance Handbook Series 2 - https://api2.sgx.com/sites/default/files/2018-05/20180523%20SGX_Trade%20Surveilance%20Handbook_S2.pdf
• MAS-SGX Trade Surveillance Practice Guide - https://api2.sgx.com/sites/default/files/2019-08/MAS-SGX%20Trade%20Surveillance%20Practice%20Guide.pdf
• Alert on "Pump and Dump" Scams - https://www.police.gov.sg/Media-Room/News/20190504_OTHERS_Police_Advisory_Pump_and_dump_scams_involving_Hong_Kong_listed_companies

Market conduct requirements for capital market products are regulated by MAS And SGX under Securities And Futures Act and SGX Trading Rules respectively.

Key prohibited conduct include but are not limited to market manipulation, false trading and market rigging.

For example, any conduct which creates or is likely to create a false or misleading appearance of the market, or the price of the capital market products is prohibited.

The following web-links contain details of market conduct requirements:

• SFA Part XII Market Misconduct – https://sso.agc.gov.sg/Act/SFA2001#P1XII-
• SGX-ST Rule Chapter 5 - Trading Practices and Conduct – https://rulebook.sgx.com/rulebook/chapter-5-trading-practices-and-conduct
• SGX Trade Surveillance Handbook Series 1 – https://api2.sgx.com/sites/default/files/2018-05/Trade Surveillance Hand Book.pdf
• SGX Trade Surveillance Handbook Series 2 - https://api2.sgx.com/sites/default/files/2018-05/20180523%20SGX_Trade%20Surveilance%20Handbook_S2.pdf
• MAS-SGX Trade Surveillance Practice Guide - https://api2.sgx.com/sites/default/files/2019-08/MAS-SGX%20Trade%20Surveillance%20Practice%20Guide.pdf
• Alert on "Pump and Dump" Scams - https://www.police.gov.sg/Media-Room/News/20190504_OTHERS_Police_Advisory_Pump_and_dump_scams_involving_Hong_Kong_listed_companies

Singapore Depository Receipts (SDR) are instruments issued by the depository which represents beneficial interest of an underlying security listed on an overseas exchange. SDR facilitate investments into overseas listed companies without having to deal with the complexities of cross-border trading and settlement.

SDR provide investors beneficial interest in an overseas listed security without having to purchase the security directly on an overseas exchange. SDR is issued by the depository and each SDR is represented by a specific number of underlying securities, held with a custodian in the home market on trust for SDR holders.

Currently, there are SDR issued on Non-Voting Depository Receipts (NVDR) on shares of a company listed on the Stock Exchange of Thailand (SET). An NVDR is an instrument issued by the Thai NVDR Co., Ltd (Thai NVDR), a subsidiary of the SET, to facilitate trading by reducing barriers of foreign ownership limits. Generally, NVDR share the same prices and benefits as its underlying shares but do not carry any voting rights.

SDR are classified as Excluded Investment Products (“EIP”) and are generally for investors who expect low to moderate likelihood of loss of principal investment amount, with generally smaller potential returns. Investors who invest in this product should have a basic understanding of financial instruments with standardised terms and no unusual or complicated features.

Investors should refer to the SDR programme disclosure document provided by the depository for the features, and characteristics including a description of how corporate actions or distributions will be handled, as well as risks and other information. The SDR programme disclosure document is provided on https://www.singaporedr.com/.