Singapore Exchange Introduces New BC Rules
Written by Paul Kirvan on January 29, 2009 in Business Continuity, Disaster Recovery, Standards.
Recently the Singapore Exchange Limited (SGX) introduced new rules requiring SGX member firms to develop robust business continuity management arrangements. Member firms will have 12 months to comply with the new rules.
The new rules cover the following key points:
- A member must assess its business and operational risks and maintain adequate business continuity arrangements;
- A member must document its business continuity arrangements in a business continuity plan;
- A member’s senior management is responsible for the member’s business continuity plan. Sufficient awareness of the risks, mitigating measures and state of readiness must be demonstrated by way of an attestation to the member’s board of directors; and
- A member must review and test its business continuity plan regularly.
In addition, SGX members must appoint emergency contacts and provide the Exchange with contact details by February 12, 2009.
The BCM requirements are implemented under the SGX-Securities Trading Rules, Futures Trading rules, CDP Clearing Rules and the SGX-Derivatives Clearing Rules.
