General Announcement::SGX establishes 3 Listings Committees

Issuer & Securities

Issuer/ Manager
SINGAPORE EXCHANGE LIMITED
Securities
SINGAPORE EXCHANGE LIMITED - SG1J26887955 - S68
Stapled Security
No

Announcement Details

Announcement Title
General Announcement
Date &Time of Broadcast
15-Sep-2015 17:16:36
Status
New
Announcement Sub Title
SGX establishes 3 Listings Committees
Announcement Reference
SG150915OTHR585S
Submitted By (Co./ Ind. Name)
Carolyn Lim
Designation
VP, Marketing & Comms
Description (Please provide a detailed description of the event in the box below)
Singapore Exchange (SGX) has set up the three independent Listings Committees to strengthen the listing policy-making and review process, and enhance how Listing Rules are enforced. Public feedback on the establishment of the Committees was sought last year.

Gautam Banerjee will chair the Listings Advisory Committee (LAC) while Eric Ang and Francis Xavier, Senior Counsel (SC) will chair the Listings Disciplinary Committee (LDC) and the Listings Appeals Committee (LApC) respectively. Their appointments were made in consultation with the Monetary Authority of Singapore (MAS).

The LAC enables SGX to draw upon the views of a panel of independent and experienced market professionals who will provide advice on SGX s listing policies, as well as listing applications to the Mainboard which meet certain referral criteria. The criteria include where novel or unprecedented issues are involved, specialist expertise is required, or matters of public interest are involved.

To improve the governance and compliance standards of the listing space, SGX has also strengthened the range of enforcement actions it can take against companies, directors and executive officers, issue managers, and financial advisors advising on reverse takeover applications, for Listing Rule breaches, and established the LDC and LApC. The LDC and LApC will hear and determine charges and appeals for cases involving more serious breaches and entailing more severe sanctions. These committees will enhance the transparency and independence in the administration of sanctions for such cases. Details on the enhanced disciplinary framework are found here.

My committee and I look forward to bringing practitioner experience as well as an independent view to SGX s listing admission process. With the Listings Advisory Committee in place, investors and the overall market will benefit from an even more robust regulatory process and framework in Singapore, said Gautam Banerjee, chairman of the LAC.

When companies come to list on an exchange, they owe it to their shareholders to practise high standards of governance. The Listings Disciplinary Committee, which I have the honour to chair, has a key role to play in ensuring this, said Eric Ang, chairman of the LDC.

The Listings Appeals Committee complements the Listings Disciplinary Committee by providing an avenue to appeal disciplinary actions individuals or companies may face. Together, the two committees will strengthen the enforcement of SGX Listing Rules for the protection of investors, said Francis Xavier, SC, chairman of the LApC.

SGX Chief Regulatory Officer Tan Boon Gin said, SGX s long-term success depends on our having and maintaining a solid record as a market regulator and operator. How we enforce our rules and our IPO admissions process are of great importance to uphold the quality of the market. The new independent Listings Committees will strengthen the regulatory framework in these two areas."

A report on listing applications referred to the LAC, including an overview of the issues considered and a summary of advice provided, will be published on the www.SGX.com website every half-year while the other two committees will publish their decisions as and when they become available. All three committees will publish reports annually.

Attachments

20150915_SGX_establishes_three_listings_committees.pdf
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