As part of the proposed changes, SGX RegCo will take over various functions in processing mainboard listings. They range from accepting the lodgement of required documents including the prospectus, product highlights sheet; help publish the prospectus and if and when issues pop up, give the offerors a notice of an opportunity to be heard, grant extensions and so on. And of course, SGX RegCo has the power to refuse to register the prospectuses and even serve a stop order.
The Singapore market is now at record levels with trading activity finally picking up. In an ongoing bid to make SGX a more attractive listing destination, the authorities plan to introduce a series of measures that will make this a more efficient process.
Currently, the listing process for SGX Mainboard involves reviews by both MAS and SGX RegCo. MAS reviews the issuer’s prospectus for compliance with the statutory disclosure requirements under the Securities and Futures Act 2001, while SGX RegCo assesses the issuer’s suitability to list in accordance with SGX’s listing rules.
