MAS establishes Review Group to strengthen equities market development

27 August 2024

On 2 August 2024, the Monetary Authority of Singapore (“MAS”) announced the establishment of a Review Group to recommend measures to strengthen the development of Singapore’s equities market.

The Review Group will be chaired by Chee Hong Tat, Minister for Transport, Second Minister for Finance, and Board Member of MAS, and comprise private sector leaders with experience in business and capital markets, as well as public sector representatives with responsibilities for enterprise development and financial policy.

The Singapore Government has previously introduced various initiatives to support enterprise financing and enhance Singapore’s equities markets, such as the set-up of cornerstone funds to support initial public offerings of high-growth companies, introduction of corporate structures and share classes to facilitate such listings, and measures to improve research coverage.

The Review Group will build on these efforts and look into the following areas:

  • Propose measures to promote the development of companies listed on Singapore Exchange by supporting and encouraging them to build capabilities and expand internationally.
  • Review the key elements of Singapore’s regulatory approach to support an enabling ecosystem, including the listing regime.
  • Recommend measures to attract primary and secondary listings to Singapore.
  • Recommend targeted measures to facilitate products offerings and improve liquidity in Singapore’s equities market to broaden the pool of potential initial public offerings.
  • Propose outreach and communication strategies to support enhancing the attractiveness of Singapore’s equities market, promoting it to issuers and investors.

The Review Group will be supported by two workstreams:

  • The Enterprise and Markets workstream will identify and address key market challenges, and develop initiatives that can kickstart listings, enhance liquidity, and revitalise the market.
  • The Regulatory workstream will focus on regulatory issues and examine enhancements to Singapore’s regulatory regime to support the sustainable growth of the market, while safeguarding investor confidence.

The Review Group is expected to recommend a set of measures to strengthen the Singapore equities market and complete its report within 12 months.

Reference materials

The following materials are available on the MAS website www.mas.gov.sg: