Currently, listed entities are required to submit the SDD compliance certificate. In the future, key intermediaries (for example, those having a merchant banking license) may ultimately also be asked to provide the compliance certificate as the scope of the regulation expands.
The SDD Compliance Certificate may be provided by
- The Compliance Officer, or,
- Practicing Company Secretary
Given that Compliance Certificate relates to two main points, i.e. (1) the structural elements of the SDD and (2) adequacy of capture of the flow of UPSI, the compliance officer may be better positioned to provide the certificate more immediately on account of internal familiarity and proximity.
However, a practicing Company Secretary can also independently verify compliance with the SDD requirements and would be better from the perspective of independence, i.e., maintaining a ‘maker-checker’ separation.
