【环球财经】新加坡推多项股市改革举措 吸引更多企业挂牌上市

Core Points - The Monetary Authority of Singapore (MAS) and Singapore Exchange Regulation (SGX RegCo) announced a series of reforms aimed at enhancing the competitiveness of the stock market, effective from October 29 [1][2] - The reforms are based on recommendations from the Singapore Stock Market Review Committee and aim to align regulatory frameworks with major developed markets to improve market efficiency [1] Listing Admission Standards - The profit test threshold for mainboard listings has been lowered from SGD 30 million to SGD 10 million [1] - Issuers are now required to clearly disclose any internal control deficiencies to investors [1] - New regulations mandate disclosure of conflicts of interest and corresponding mitigation measures, although real estate investment trusts (REITs) and business trusts must still address such conflicts before listing [1] Post-Listing Regulation - The "financial watch list" system has been removed to reduce unnecessary market friction; instead, issuers must disclose financial losses for three consecutive years and beyond [2] - Trading suspension measures will only be considered if there is clear evidence of "going concern" issues [2] - A "Trading With Caution" (TWC) alert mechanism will be introduced to address abnormal trading activities [2] Simplification of Listing Process - MAS has released a consultation document proposing to consolidate the "listing suitability" assessment and the prospectus review under the Securities and Futures Act (SFA) to SGX RegCo [2] - Currently, listing applications require approval from both MAS and SGX RegCo, which may prolong the listing process and introduce uncertainty [2] - If approved, issuers seeking mainboard listings will only need to submit their prospectus to SGX RegCo, eliminating the need for review by the Listing Advisory Committee (LAC) [2] - MAS will continue to oversee SGX RegCo's performance in its new responsibilities and is reviewing its governance and resource framework [2]