Address by Mr Shane Tregillis, Deputy Managing Director, MAS, at the International Workshop on Listing of Vietnamese Businesses on Foreign Stock Markets
OVERVIEW OF SINGAPORE’S REGULATIONS
His Excellency, Nguyen Quoc Cuong, Deputy Minister, Ministry of Foreign Affairs, Vietnam His Excellency, Nguyen Trung Thanh, Vietnam's Ambassador to Singapore Distinguished Guests Ladies and Gentlemen
1 It is a pleasure to join you today.
2 These are challenging times for financial markets and regulators around the world. A significant amount of wealth has been eroded and the global market outlook remains uncertain.
3 It is clear that global conditions will remain challenging as the financial crisis is flowing through to the real economy.
4 The region will not escape these global developments and growth in the region will be impacted. However, while growth in the short term will be adversely affected by current global economic conditions, the underlying economic fundamentals in Asia are generally still sound.
VIETNAM SINGAPORE COOPERATION
5 Vietnam and Singapore have enjoyed good bilateral relations and meaningful interactions over the years. Collaboration between MAS and the State Securities Commission (SSC) has deepened significantly. In April last year, we worked with Vietnam’s Ministry of Finance and the SSC to develop a targeted programme for Vietnamese companies interested in an overseas listing.
6 I am happy to hear that it was very well received by participants in both Hanoi and Ho Chi Minh City.
7 In the rest of my talk, I will briefly share with you our regulatory philosophy and the key principles underpinning our regulatory regime.
8 The Singapore regulatory regime is built on high standards of disclosure, corporate governance, accounting and disclosure practices.
9 Let me go briefly touch on each of these key principles.
ACCURATE, ADEQUATE AND TIMELY DISCLOSURES
10 At the heart of the regulatory framework for the capital markets in Singapore is the Securities and Futures Act (“SFA”). Among other things, the SFA requires every company seeking to raise funds from the public to issue a prospectus which must be lodged with and registered by the MAS.
11 The prospectus must contain all information for investors to make an informed investment decision on the company’s securities.