Effective enforcement plays a crucial role in assuring the investing public that there are robust mechanisms to detect and address misconduct in Singapore’s equities markets. Investors must be able to participate with confidence that markets operate fairly, material information is accurately disclosed in a timely manner, and prices are not distorted by manipulative conduct.

In November 2025, MAS announced the completion of the Equities Market Review Group’s review. One of the Review Group’s recommendations was a shift towards a more disclosure-based regime, placing greater emphasis on ensuring that investors receive timely and accurate information to make informed investment choices.

For this regime to function effectively, it requires relevant and robust disclosures, high standards of corporate governance, quality research coverage, and where misconduct occurs, robust enforcement action (including on market manipulation, see earlier section on “Maintaining Integrity in our Capital Markets”) and effective avenues for investor recourse. MAS thus sought feedback on proposals to strengthen the investor recourse regime, including facilitating self-organisation of investors, providing access to funding of investor actions, and reducing legal barriers to civil action. 

As the Singapore equities market becomes more dynamic and vibrant, MAS keeps pace by continuing to strengthen its surveillance and enforcement capabilities to detect and take action against corporate misconduct by listed issuers and will continue to work with SGX RegCo to ensure swift and effective enforcement.