Well-Functioning Capital Markets
Launch of Singapore Exchange (SGX) Listing Framework for Special Purpose Acquisition Companies (SPACs)
3 September 2021
SGX introduced a listing framework for SPACs. The framework, which was launched after extensive public consultation, provides an alternative capital-raising avenue for enterprises, offering them faster time-to-market, while providing investors with access to early-stage investments typically available only to professional investors. The framework includes safeguards to better protect investors’ interests against the risks posed by the unique features of SPACs.
Boosting equity financing for high-growth enterprises
17 September 2021
MAS worked with the Ministry of Trade and Industry, EDBI, Temasek, and SGX to launch two co-investment funds to encourage listings on SGX. In addition, MAS enhanced the Grant for Equity Markets Singapore (GEMS) scheme for firms to be listed in Singapore, to help develop Singapore’s equity research ecosystem. The package of initiatives encourages high-growth enterprises to raise capital in Singapore’s public equity market and broadens Singapore’s proposition as a financing hub.
Singapore Exchange Capital Markets Symposium
17 November 2021
At the SGX Capital Markets Symposium, MAS Managing Director Mr Ravi Menon cited three reasons why Asian capital markets were poised for continued rapid growth; (i) dynamic companies with large fundraising needs; (ii) large pools of capital looking for investment opportunities; and (iii) effective platforms to match fundraising needs with capital.
Consultation Paper on introduction of due diligence requirements for corporate finance advisers
15 December 2021
MAS issued a consultation paper to seek views on the proposed due diligence requirements for corporate finance advisers when they advise on corporate finance transactions, with additional requirements when advising on initial public offerings. By raising the minimum standards of conduct for corporate finance advisers, the proposals seek to strengthen public confidence and promote informed decision making by investors through quality disclosures.