Singapore Exchange (SGX) on Tuesday proposed a raft of changes to its rules on securities trading and market practices.
The city-state's major bourse proposes to formalise exchange practices relating to, for example, securities trading and error trade.
SGX will also no longer mandate senior management pre-approval for staff securities trading so long measures are in place to guard against the misuse of confidential information.
Trading representatives engaging in their own business activities - apart from trading in securities - also no longer require SGX's oversight, the exchange said in a statement after market hours.
It also plans to remove rules requiring a member to obtain written customer acknowledgement each time a trading representative starts mobile broking.
Members, nonetheless, need to provide appropriate risk disclosures to customers, SGX said.
SGX has also proposed to require only company's CEO registration with the bourse as he/she is ultimately responsible for the day-to-day management of the entire member firm and its activities and not their executive directors.
SGX said the proposed changes aim to adopt a more principles-based, rather than prescriptive, approach and ensure rules remain relevant as market practices evolve. It is seeking public feedback on the same.
