The Monetary Authority of Singapore (MAS) is seeking feedback on proposals to consolidate the listing review functions under the Singapore Exchange Regulation (SGX RegCo) with a view to streamline the listing process.
This is part of the holistic set of recommendations announced by the Equities Market Review Group to adopt a regulatory approach that is pro-enterprise, alongside measures to strengthen investor confidence, MAS said in a statement on Wednesday.
The consolidation of listing review functions under SGX RegCo will provide prospective issuers with greater certainty on the listing process and timeline.
Going forward, they will only have to engage with SGX RegCo.
Currently, issuers engage with MAS to review their prospectus, and with SGX RegCo on their suitability to list.
SGX RegCo will continue to focus on admitting quality issuers and ensuring that issuers disclose relevant and material information to support informed decision-making.
MAS will continue to work with SGX RegCo to ensure timely and robust market surveillance and enforcement, as well as investigate and take action against breaches of prospectus disclosure requirements under the Securities and Futures Act.
The consolidation complements other efforts to streamline the listing process that had been consulted on earlier.
It also comes alongside measures that aim to strengthen investor confidence, such as proposals to enhance investor recourse avenues and to support companies in unlocking shareholder value.
In tandem with MAS’ public consultation, SGX RegCo is concurrently proposing changes to SGX’s listing rules to operationalize the consolidation.