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  • SGX Consultation Paper on Enhancements to Continuous Disclosures

    08 Dec 2017
    187
    0

    Singapore Exchange (SGX) has proposed to recalibrate disclosure requirements under the Listing Rules for areas of concern to both the market and the exchange.
     
    These changes cover the following areas:
    1. Secondary fund-raising
    ◾Additional upfront and prominent disclosure of the discount, ratio and other principal terms for rights issues.
    ◾A directors’ statement on why the rights issue is in the best interest of the issuer and their basis for forming such a view including justification for any discount.
    ◾Additional disclosure of the use of proceeds and intended use of unutilized amount if a rights issue takes place within a year of another fund-raising.
    ◾To announce specific usage of funds when disbursed if they were earmarked for “general working capital purposes” during the fund-raising exercise.
     
    2. Interested Person Transactions
    ◾Interested Person Transactions below S$100,000 are no longer exempted from announcements or shareholder vote.
    ◾Additional disclosure on the nature of the relationship with the interested person.
    ◾Identify the relevant director, CEO or controlling shareholder of the issuer who will be covered by the IPT mandate.
     
    3. Significant transactions and loans
    ◾Additional disclosures for loans that are not part of the issuer’s ordinary course of business.
    ◾Explanation on why no valuation was done for an acquisition or disposal of assets that is a major transaction except if the transaction involved shares.
    ◾Appointment of a competent and independent valuer for significant asset disposals.
     
    Detailed information can be found on the below official hyperlinks:
         
    We would appreciate if interested members could leave your comments on ARX or email me by 06th January 2018. CFA Singapore will submit a collective response to SGX if there are substantive comments. If you would like your identity to be kept confidential, please let us know in your response to us.
     
    Thank you.
  • MAS Consultation Paper on Execution of Customers' Orders

    06 Dec 2017
    928
    0

    The Monetary Authority of Singapore (MAS) is proposing to: 
    - formalize expectations for holders of a capital markets services (CMS) licenses, banks, merchant banks and finance companies to have in place policies and procedures to place and/or execute customers’ orders on the best available terms to support fair outcomes for customers; and
    - enhance the existing business conduct requirements, applicable to CMS licensees, banks, merchant banks and finance companies, relating to handling of customers’ orders. 

    Specific Questions:
    1.    MAS seeks comments on the Best Execution requirements in the draft Notice and the draft guidelines to the Notice, set out in Annex 1 and 2.
    2.    MAS also seeks comments on the handling of comparable customers’ orders requirement set out in the draft notice. 

    Both Annex 1 and 2 are to be found on the below official hyperlink:
    http://www.mas.gov.sg/News-and-Publications/Consultation-Paper/2017/Consultation-Paper-on-Execution-of-Customers-Orders.aspx

    We would appreciate if interested members could leave your comments on ARX or email to me by 13th December 2017. If you would like your identity to be kept confidential, please let us know in your response to us. Thank you.
  • MAS Consultation Paper on Liquidity Risk Management for Fund Management Companies

    19 Nov 2017
    113
    0

    The Monetary Authority of Singapore (MAS) proposes to introduce a liquidity risk management framework in the form of guidelines for fund management companies with respect to the collective investment schemes (CIS) that they manage.  The framework seeks to provide guidance on sound practices in liquidity risk management of CIS to address the risks to investors from potential liquidity mismatches between the CIS' portfolio liquidity and redemption terms. MAS also proposes to amend the Code on CIS to impose additional portfolio requirements for money market funds due to their systemic relevance in the event of a crisis. MAS has issued a consultation paper and we would like to invite CFA members to submit their feedback for a collective response to this consultation paper.  
     
    Please click on the link below for the Consultation Paper on Liquidity Risk Management for Fund Management Companies:

    http://www.mas.gov.sg/~/media/MAS/News and Publications/Consultation Papers/Consultation Paper on Liquidity Risk Management Guidelines_26 Oct 2017.pdf

    We would appreciate if interested members could leave your comments by 25 November 2017. If you would like your identity to be kept confidential, please let us know in your response to us. Thank you.