Three independent listing committees to improve regulatory framework: SGX

These individuals were appointed by SGX in consultation with the Monetary Authority of Singapore (MAS).
These individuals were appointed by SGX in consultation with the Monetary Authority of Singapore (MAS).PHOTO: AFP

SINGAPORE - The Singapore Exchange (SGX) has set up three independent listing committees in a move to strengthen the listing regulatory process.

A new Listings Advisory Committee (LAC), Listings Disciplinary Committee (LDC) and Listings Appeals Committee (LApC) will be in place by October 7, the SGX said in a statement Tuesday.

The committees will be chaired respectively by Mr Gautam Banerjee, chairman of Blackstone Singapore; Mr Eric Ang, senior executive adviser at DBS Bank; and Mr Francis Xavier, senior counsel and regional head of dispute resolution at Rajah & Tann.

These individuals were appointed by SGX in consultation with the Monetary Authority of Singapore (MAS), after the bourse operator had sought public feedback on the move last year.

SGX said that the LAC will enable the exchange to draw on the views of a panel of independent and experienced market professionals, who will provide advice on SGX's listing policies and listing applications to the mainboard which meet certain referral criteria.

The criteria include where novel or unprecedented issues are involved, specialist expertise is required, or matters of public interest are involved.

"SGX's long-term success depends on our having and maintaining a solid record as a market regulator and operator," said SGX chief regulatory officer Tan Boon Gin, adding that this hinges on how the SGX enforces its rules and how robust its initial public offering (IPO) admissions process is.

"With the LAC in place, investors and the overall market will benefit from an even more robust regulatory process and framework in Singapore," Mr Banerjee added.

tsjwoo@sph.com.sg