Press Statement on SGX independent listings committees and broader enforcement powers

Date: September 16, 2014

SIAS welcomes the move by SGX to enhance the listing framework with the proposed establishment of an independent Listing Advisory Committee of experienced professionals in reviewing its listing decisions. The 15 member board would be able to provide a depth of experience to enhance the quality of listing decisions on SGX.

SIAS also welcomes the proposal to enhance the listing enforcement framework. The proposed widening of SGX’s enforcement powers to include compositions for breaches of listing rules by issuers, and enforcement powers over directors, issue managers, financial advisers and sponsors will go a long way to ensure greater responsibility and accountability. This move should give comfort to minority shareholders who are often in the bind when companies are subject to forced delisting putting their investments in jeopardy.

The proposed introduction of the Listing Disciplinary Committee and Listings Appeals Committee would ensure a fair and just review.

David Gerald
President & CEO
Securities Investors Association (Singapore)