| AREAS OF REGULATION | SGX | MAS |
| Regulation of Capital-Raising | Defines and enforces the rules that apply to companies seeking to raise capital on the Exchange, through primary or secondary issues | Approves changes to SGX's listing rules. Under the proposed SFA, SGX would have to notify MAS of any rule changes 21 days before its announcement |
| Continuous Listing and Disclosure Requirements | Enforces the continuous listing requirements, to see to it that listed companies maintain timely and adequate disclosure of material information. Has the power to suspend and even de-list a counter if the company fails to meet the standards set out in the listing rules | Under the proposed SFA, continuous disclosure by listed companies will become a statutory obligation. This means that non-disclosure or late disclosure will be a breach of the law, not just of SGX's listing requirements, and will carry either civil or criminal penalty |
| Market Surveillance | Carries out market surveillance to detect unusual trading activities that could reflect attempts to manipulate the market. Has the power to suspend or de-list a counter if conditions for orderly trading are found to be absent | Will carry out independent surveillance on a selective basis, to ensure that SGX is performing its responsibilities effectively. Will have the power to pursue civil prosecutions of listed companies which fail to make timely disclosure of material information, and of any participants suspected of market misconduct, under the proposed SFA |
| Supervision of brokers | Supervises and inspects brokers to ensure that they comply with SGX rules, are prudentially sound, and uphold high standards of market integrity. Has to act swiftly and firmly against any unprofessional conduct by brokers and their representatives | Off-site review of brokers' operations, to check for compliance with statutory licensing requirements, complemented by selective on-site inspection of brokers |