08 October 2012

MAS Introduce New Rules to Enhance Disclosure Requirements for Listed Companies

SINGAPORE: The Monetary Authority of Singapore (MAS) will introduce new rules to enhance disclosure requirements for listed companies. 

Overseas-incorporated companies with a primary listing on the Singapore Exchange and non-director chief executives will be required to report their interests or changes in interests, with effect from November 19. 

Currently, rules on disclosure of shareholdings apply only to substantial shareholders of listed companies incorporated in Singapore and company directors. 

In a statement, MAS said, "Timely disclosure of interests is necessary for the proper functioning of a fair, efficient and transparent securities market." 

It added that such information will enable investors to make decisions "with knowledge of dealings by directors and CEOs, and changes in ownership and voting control of the listed entity."

Meanwhile, the authority will also introduce stiffer penalties for "flagrant breaches".

A fine of up to S$250,000 and/or imprisonment for a term of not more than two years will be introduced. Civil penalties may also be imposed. 

This will enable MAS to take enforcement action proportionate to the seriousness of the offence.

- CNA/xq


http://www.channelnewsasia.com/stories/singaporebusinessnews/view/1230111/1/.html

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