Monetary Authority of Singapore Annual Report 2012/2013

ENGAGING THE INDUSTRY

MAS Streamlines and Enhances Requirements on Disclosure of Interests in Listed Entities

In November 2012, MAS introduced a new disclosure of interests (DOI) regulatory regime to streamline and enhance the existing DOI requirements in listed entities by directors and substantial shareholders. Key changes include simplifying the notification process by removing the requirement for directors and substantial shareholders of a listed entity to separately notify the SGX of their interests or changes in interests in the listed entity, extending the DOI requirements to foreign corporations with a primary listing on SGX, making it a legal requirement for listed entities to announce the information within one business day, and introducing stiffer penalties for flagrant breaches.

Taking into account public feedback, MAS introduced new electronic notification forms for use by reporting persons and worked with the SGX to re-design the announcement template such that listed entities can attach the forms directly for immediate dissemination. This removes the need for manual entries by listed entities and improves the efficiency of the reporting process. In conjunction with the introduction of the new DOI regime, MAS has also launched a new internal IT system, the Regulatory Actions for Interest Notification Breaches and Offences Work System (RAINBOWS), to facilitate the processing of breaches. RAINBOWS also serves as a repository for all notifications of interests announced via SGXNet, and regulatory actions taken by MAS for breaches.