HK Lessons for enhancement of SGX enforcement powers

Much can be learned in a study on the impact of public reprimands in HK - examining their impact on stock returns and board turnover, and also on other directorships held by directors who have been reprimanded.

Published Thu, Jan 15, 2015 · 09:50 PM

Corporate governance

ON SEPT 17, 2014, the Singapore Exchange (SGX) issued a consultation paper with details of proposed measures and rule amendments to reinforce the SGX listings and enforcement framework. This was a follow-up to the joint consultation paper issued by the Monetary Authority of Singapore (MAS) and SGX in February 2014 on the review of the securities market structure and practices, including the listings and enforcement framework.

Currently, the range of enforcement powers available to SGX against issuers and their directors and management include, among other actions, the issuing of letters of advice, private warning letters, and public reprimands. SGX believes that "the current range of enforcement powers is inadequate in cases wher…

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