Singapore: proposed changes to the takeover code

The Securities Industry Council has published a consultation paper setting out proposed changes to the Singapore Takeovers and Mergers Code: see here (pdf). A copy of the code, with the proposed amendments highlighted, is available here (pdf). Amongst the amendments proposed is one which seeks to clarify the sanctions available to the SIC in respect of breaches of the Code and which makes explicit that the SIC may, where there has been what it describes as a 'flagrant' breach of the code, deprive the offender (to use the SIC's words again) from enjoying the facilities of the securities market either temporarily or permanently.