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Singapore Share Market Update:SGX unit to review quarterly reporting needs for firms

Singapore Exchange’s newly-formed regulatory subsidiary will review whether companies need to continue filing quarterly results to the exchange, as part of a strategic review of the bourse’s regulations.

SGX, which has the rare dual role as market operator and front-line regulator, announced the creation of Singapore Exchange Regulation Pte Ltd (SGX RegCo) last year to address potential conflicts between its commercial objectives and regulatory responsibilities.

We intend to conduct a strategic review in due course once the whole board is appointed and running, Tan Cheng Han, who was appointed as chairman of SGX RegCo last month, told a news conference yesterday.

The eventual goal is not to burden the market with more rules and regulation, he said.Tan, a veteran lawyer and former professor of law, declined to give a time frame for the strategic review.

As part of the review, SGX RegCo will look into whether it needs to change rules that require companies to file quarterly results, given the changing regulatory landscape and practices in other exchanges.

There have been a lot of concerns over the years about whether quarterly reporting really is necessary, really adds much value, Tan said.So, let’s look at it afresh. Let’s understand why it was introduced and see whether it is still relevant today.

Other areas SGX RegCo will look into including fine tuning the requirement of a minimum trading price set by the exchange last year.Unlike other major financial markets, Singapore does not have a dedicated securities watchdog. It is regulated by the central bank, the Monetary Authority of Singapore.

SGX RegCo is expected to come out with a report on quarterly results requirements later this year.

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