General Announcement::SGX RegCo forms working group to review retail bonds framework

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
02-Jan-2020 07:32:41
Status
New
Announcement Sub Title
SGX RegCo forms working group to review retail bonds framework
Announcement Reference
SG200102OTHRMLT2
Submitted By (Co./ Ind. Name)
Jo-Ann
Designation
Senior Associate, Marketing & Communications
Description (Please provide a detailed description of the event in the box below)
Singapore Exchange Regulation (SGX RegCo) has set up a working group of industry professionals and investors to review the retail bonds regulatory framework.

The group will discuss matters such as the admission criteria for retail bond listings, the continuing obligations of issuers of such bonds, and ways to protect bondholder interest in the event of a default or restructuring.

"We are reviewing the retail bonds framework following recent developments and feedback from the market. The possibility of tightening the admission criteria including requiring a minimum level of subscription by institutional investors and a credit rating are among matters to be discussed," said Michael Tang, Head of Listing Policy and Product Admission.

"The working group will also provide views on how individual investors can be better served when bonds they hold are in distress. We want to hear suggestions on how to fund trustees acting for bondholders and ways to help bondholders organise themselves," Mr Tang added.

The working group comprises representatives from:
1. Perpetual (Asia) Limited
2. Allen & Gledhill
3. Allen & Overy
4. Clifford Chance
5. DBS Bank
6. OCBC Bank
7. UOB Bank
8. Securities Investors Association Singapore (SIAS)

The working group is expected to present its recommendations and views to SGX RegCo by mid- 2020 after which a public consultation will likely take place by the end of the year.

Attachments

20200102_SGX_RegCo_forms_working_group_to_review_retail_bonds_framework.pdf
Total size =529K