Singapore: revised Takeover Code published

Last year the Securities Industry Council published a consultation paper in which amendments to the Takeover Code were proposed: see here (pdf). The conclusions of this consultation have now been published - see here (pdf) - together with a summary of the amendments that are being made: see here. A copy of the amended Code is available here (pdf). Amongst the amendments being made 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.