Independent body for listing mulled; Public consultation on SGX market regulation review expected soon

January 12, 2014 Leave a comment

PUBLISHED JANUARY 09, 2014

Independent body for listing mulled

Public consultation on SGX market regulation review expected soon

KENNETH LIM KENLIM@SPH.COM.SG

The proposals are also expected to look into the possibility of strengthening the sanctioning powers of SGX, including the way companies are queried on unusual trading activity in their shares – PHOTO: REUTERS

[SINGAPORE] An independent listing committee, tighter listing standards and stronger enforcement powers for the Singapore Exchange (SGX) are among the ideas that regulators are exploring in the wake of last October’s penny stock selloff, market sources say.Those ideas are expected to be included in a public consultation that could open in the next few weeks in what would be one of the widest-ranging reviews of Singapore’s capital market rules since the global financial crisis, said sources, who declined to be named because of the sensitivity of the issues.

Parts of the review began before Oct 4, 2013, before stock prices for a number of companies collapsed to trigger rare intervention measures by SGX and an investigation by the authorities. But some of the issues raised in the Oct 4 selloff are also part of the current review.

Richard Teng, the newly appointed chief regulatory officer at SGX, told The Business Times: “As announced by MAS (the Monetary Authority of Singapore), MAS and SGX are conducting a thorough review of market structure and practices. The review is ongoing and we will consult the market on any proposed changes in due course. We seek your understanding that we are unable to share further details at this stage.”

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Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (www.heroinnovator.com), the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

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