My post on LinkedIn can be seen here.
The Securities Industry Council of Singapore (SIC) has just released a public consultation paper proposing significant amendments to the Singapore Code on Take-overs and Mergers (the Singapore Code), marking the first major update since 2019.
This latest round of proposed reforms reflects the SIC’s commitment to ensuring that Singapore’s takeover framework evolves in step with the complexities of today’s dealmaking environment. It also reinforces the core principles underpinning the Code — equal treatment for all shareholders, transparency, and a level playing field for all market participants.
What’s Driving the Proposed Amendments?
As financial markets continue to transform globally, Singapore aims to align its regulatory standards with leading financial hubs like the UK and Hong Kong. These proposed changes are designed to tighten loopholes that have emerged in practice and to close any gaps that could allow offerors to sidestep the spirit of the Code.
More importantly, the SIC’s intent is clear: to enhance shareholder protection by ensuring that all shareholders — regardless of their size or position — are armed with the same quality and timing of information when corporate control is at stake.
Highlights of the Proposed Changes
While the full consultation paper outlines the detailed legal provisions, Megan Cheah has published a succinct and insightful summary in today’s Singapore Business Times (6 May 2025). Her front-page feature captures the essence of the reforms, and we’re proud to have contributed commentary to this important discussion.
The proposed changes will have implications for offerors, target companies, advisors, and investors alike. Whether you’re engaged in M&A strategy, corporate governance, or capital markets law, now is the time to review the draft amendments and provide feedback.
Share Your Feedback
The SIC is inviting stakeholders to submit their views on the proposed reforms. This is a valuable opportunity for market participants to shape the direction of Singapore’s M&A regulatory landscape.
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