Better the regulatory performance, better the quality of the market

I WOULD like to clarify certain points raised in Mak Yuen Teen's article, "HK lessons for enhancement of SGX enforcement powers" (BT, Jan 16).

First, the proposed widening of Singapore Exchange's enforcement powers will enable disciplinary actions to be calibrated, based on the severity of the rule breach. SGX will have a wider range of disciplinary actions available including composition fines, and requiring remedial actions to be taken. The proposed Listings Disciplinary Committee (LDC) and Listings Appeals Committee (LApC) will also have all sanctions available to SGX. In addition, the committees can issue public reprimands, impose fines and deny the use of market facilities.

The LDC and LApC will comprise members independent of SGX; their structure will be similar to that of the SGX Disciplinary and Appeals Committees, a structure which has worked well.