General Announcement::SGX proposes regulatory framework for secondary listings

Issuer & Securities

Issuer/ Manager
SINGAPORE EXCHANGE LIMITED
Securities
SINGAPORE EXCHANGE LIMITED - SG1J26887955 - S68

Announcement Details

Announcement Title
General Announcement
Date &Time of Broadcast
04-Jun-2014 17:09:32
Status
New
Announcement Sub Title
SGX proposes regulatory framework for secondary listings
Announcement Reference
SG140604OTHRRIDM
Submitted By (Co./ Ind. Name)
Carolyn Lim
Designation
Vice President, Marketing & Comms
Description (Please provide a detailed description of the event in the box below)
Singapore Exchange (SGX) is consulting the public on its proposed regulatory framework for secondary listed companies on the exchange.

Under the current framework, SGX reviews the legal and regulatory requirements of the primary listing venue or home exchange for each company from a jurisdiction new to the exchange.

With the proposed framework, SGX aims to:
1. Make clear the regulatory oversight SGX has on secondary listings i.e. reliance is placed on the regulator of the jurisdiction of the exchange where the company has its primary listing, also known as the company s home exchange.
2. Provide greater clarity on the methodology SGX applies for its regulatory review of secondary listing applicants

The proposed framework comprises:
1. Classification of a secondary listing applicant into either a company from a Developed market or from a Developing market. Whether a market is deemed Developed or Developing will be based on classification by both MSCI and FTSE which takes into account, among others, the overall robustness and maturity of the legal and regulatory regimes of the market. More information on the MSCI and FTSE classifications can be found at www.msci.com and www.ftse.com.
2. Where a company is from any of the 23 Developed Markets, SGX will not impose additional continuing listing obligations.
3. If a company is from a Developing Market, additional continuing listing obligations may be imposed to enhance shareholder protection and corporate governance standards.

SGX also intends to help investors more easily differentiate between secondary- and primary-listed companies in the Singapore stock market. For example, SGX will clearly segregate between these companies when their stock information is displayed on our website.

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