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Singapore Law Watch
16-05-2025
- Business
- Singapore Law Watch
MAS proposes key changes in IPO rules and processes to boost SGX's appeal
MAS proposes key changes in IPO rules and processes to boost SGX's appeal Source: Business Times Article Date: 16 May 2025 Author: Ranamita Chakraborty Key focus areas include streamlining prospectus disclosures for primary listings, where issuers will focus on the disclosure of core information that are most relevant and material for investors. The Monetary Authority of Singapore (MAS) is currently seeking feedback on proposed changes to simplify prospectus requirements and enhance investor outreach for initial public offerings (IPOs), it announced on Thursday (May 15). The consultation is open until Jun 14. This is in tandem with a separate Singapore Exchange Regulation (SGX RegCo) consultation paper, which is seeking feedback on changes to rules on listing admission and post-listing disclosures. Collectively, these proposals from MAS and SGX RegCo aim to facilitate more listings by issuers, alongside enhanced disclosures for investors. They are part of the initial set of recommendations introduced by the MAS equities market review group in February, to boost the competitiveness of Singapore's equities market. MAS said its proposals aim to streamline the listing process for issuers and provide broader options for reaching potential investors. The key focus areas include streamlining prospectus disclosures for primary listings, where issuers will focus on the disclosure of core information that are most relevant and material for investors. This will concentrate issuers' effort on disclosures that are most pertinent for decision-making by investors. For secondary listings, MAS proposes aligning disclosure requirements with baseline international disclosure standards which are already commonly adopted by most established markets, including Singapore. Specifically, this includes the International Disclosure Standards for Cross-Border Offerings and Initial Listings by Foreign Issuers, as issued by the International Organization of Securities Commissions (Iosco). These simplified requirements allow issuers who already have primary listings elsewhere to use the same prospectuses with minimal adaptation for their secondary listing on SGX, said MAS. Additionally, it is proposing changes to existing legislation to allow issuers to gauge investor interest earlier in the IPO process. This will support bookbuilding efforts as well as give investors more time to familiarise themselves with the issuers and their intended offers. MAS said it has considered feedback and suggestions from industry stakeholders in formulating these proposals, while also taking into account the requirements and practices of major equities markets. Other proposals from the review group are expected later in the year in line with the moves to attract high-quality listings. Views, suggestions and comments can be submitted via a FormSG link. Market players told The Business Times that MAS' initiatives are welcome moves. 'As major financial markets have adopted the Iosco standards for prospectus compliance, it will facilitate more foreign listed companies to do a secondary listing on SGX,' said Robson Lee, partner at Kennedys Law. He noted that the current proposals will allow issuers to adapt their original offer document from their home exchange without needing to comply with any additional prescriptive requirements under the Singapore Securities and Futures Act. James Leong, CEO of trading firm Grasshopper Asia, pointed out that while Singapore has significant assets under management, very little of that capital is flowing into SGX-listed companies. He views the proposals as 'a welcome first step towards enhancing SGX's competitiveness and appeal' adding that Singapore has the opportunity to establish itself as a 'preeminent regional equities hub'. Source: The Business Times © SPH Media Limited. Permission required for reproduction. MAS: Consultation paper on streamlining of prospectus requirements and broadening of investor outreach channels Print
The Star
15-05-2025
- Business
- The Star
SC signs agreement to strengthen market integrity
Securities Commission chairman Datuk Mohammad Faiz Azmi. KUALA LUMPUR: The Securities Commission (SC) has signed the International Organisation of Securities Commissions' (Iosco) enhanced multilateral memorandum of understanding concerning consultation and cooperation and the exchange of information (EMMoU), highlighting its commitment towards maintaining market integrity and safeguarding investor interests. SC chairman Datuk Mohammad Faiz Azmi said the EMMoU also demonstrated the SC's unwavering support regarding international enforcement cooperation. 'This is very timely as the increasingly interconnected nature of global financial markets necessitates international cooperation to address issues such as securities fraud,' he said in a statement. The signing ceremony was held in conjunction with Iosco's annual meeting where the SC, the Capital Markets Authority, Kenya and Comisión Nacional del Mercado de Valores or CNMV, Spain joined the 27 Iosco members who are already signatories of the EMMoU. The EMMoU allows its signatories to avail themselves of the latest forms of cross-border assistance to increase the effectiveness of investigation and enforcement. Mohammad Faiz signed the EMMoU during the last day of the meeting from May 12-14 in Doha, Qatar. — Bernama
Yahoo
25-02-2025
- Business
- Yahoo
Michigan awards $1.3M in grants to rural community development
LANSING, Mich. (WLNS)— Gov. Gretchen Whitmer and the (LEO) Office of Rural Prosperity have announced the recipients of $1.3M in Rural Readiness Grants. LEO reports that the will provide critical resources to communities that face economic hardships. They say these investments will create jobs and foster economic growth. This funding will help local governments, nonprofits and economic development organizations develop projects that, 'enhance infrastructure, build housing and health initiatives, expand workforce development programs and promote long-term economic success.' 'Every Michigander deserves access to economic opportunity, no matter their zip code,' said Gov. Whitmer in a news release sent to 6 News. 'These Rural Readiness Grants will help rural communities improve main streets, high-speed internet access, housing, childcare, infrastructure and more. They are part of our commitment to grow Michigan's rural economy, help more people succeed and build a bright future for rural residents,' said Lt. Gov. Garlin Gilchrist II. 'This funding helps level the playing field for rural communities, allowing them to compete for economic opportunities on equal footing with larger, urban areas,' said Susan Corbin, Director of LEO in a news release sent to 6 News. Beaver Island Association ($43,000) – Develops a broadband development plan for Beaver Island to map out a fiber-to-the-home network, confirm build-out costs and establish a township-owned broadband system to provide reliable, high-speed internet access. Central Michigan University Rural Health Equity Institute ($50,000) – Integrates non-emergency medical transportation (NEMT) into rural EMS operations to improve healthcare access, reduce inappropriate EMS use and address transportation barriers for vulnerable rural populations. Chamber Alliance of Mason County ($50,000) – Supports implementation of a five-year housing strategic plan and develops a strategy for soliciting developers to build on identified sites. Develop Iosco ($50,000) – Expand grant writing capacity in Iosco and Alcona counties by providing workshops, research support and assistance to municipalities, businesses and nonprofits to help secure funding for critical community projects. Eastern Upper Peninsula Intermediate School District ($50,000) – Assesses regional mental health needs, engages community stakeholders and develops solutions to address gaps in support for students, particularly those experiencing severe post-COVID mental health challenges. Four County Community Foundation ($50,000) – Provides support for grant writing activities in a four-county region. Gogebic Range Health Foundation ($50,000) – Develops a comprehensive plan for a multi-purpose community center in Gogebic County to address childcare shortages, economic disparities and social service gaps through cross-sector collaboration and sustainable funding strategies. Hudson Area Schools ($50,000) – Conducts a feasibility study to determine the best use of a newly available 40-acre parcel in Hudson, developing a long-term plan to attract investment and support economic growth. I69 Regional Development Corporation ($50,000) – Expands I-69 Regional Development Corporation's technical assistance and revolving loan fund to support small business growth in underserved rural counties, increasing access to capital, fostering new partnerships and enhancing economic resilience. Idlewild Community Alliance ($50,000) – Advances Idlewild's revitalization by strengthening local governance, fostering leadership development, supporting small business growth and conducting a housing needs assessment to drive sustainable development. InvestMitt Cooperative ($46,500) – Assists in establishing InvestMitt Cooperative, a community investment fund in Emmet and Charlevoix counties, enabling residents to pool resources, support attainable housing and attract additional investments to strengthen the regional economy. Local Initiatives Support Corporation (LISC) ($50,000) – Strengthens rural Michigan communities by conducting needs assessments, enhancing cross-sector partnerships and providing assistance to address gaps in affordable housing, broadband and workforce development. Manistee County Community Foundation ($50,000) – Expands the Manistee County Community Solutions Action Plan to strengthen childcare infrastructure, address regional childcare shortages and support policy updates that create a more childcare-friendly environment for families and providers. Maslow's Mount Pleasant Tiny Homes Village ($33,800) – Assists in the completion of essential zoning approvals and environmental assessments for a collaborative initiative that will provide stable housing and support services for individuals in need of transitional housing. Michigan Center for Employee Ownership ($50,000) – Provides local stakeholders an understanding of the scope of impact of business ownership succession in their communities, builds skills to identify potential 'at-risk' businesses, and offers tools and resources to guide business owners in starting the exit planning process to retain companies and jobs locally. Mid-Michigan Community Action Agency ($45,000) – Supports Michigan Balance of State Continuum of Care (MIBOSCOC) in reassessing its governance and funding structure to enhance efficiency, secure diverse funding sources and sustain efforts to address homelessness in 61 rural counties. Northeast Michigan Council of Governments (Land Bank) ($50,000) – Establishes a multi-county regional land bank and brownfield redevelopment strategy to address housing shortages, mitigate blight and support economic revitalization in underserved rural communities by streamlining property redevelopment and investment efforts. Northern Lakes Economic Alliance ($44,000) – Launches a Regional Infrastructure and Development Readiness Initiative to assess infrastructure needs, prioritize development projects and attract public and private investment to strengthen the regional economy. Northern Michigan Health Consortium ($50,000) – Expands the Community Connections Network's data-sharing platform to improve care coordination, enhance social determinant tracking and integrate multiple health record systems, strengthening rural healthcare access and funding opportunities. Region 2 Planning Commission ($40,000) – Establishes a gravel cycling initiative by creating Rural Recreation Hubs to support local economies and revitalize rural communities affected by population and income decline. Shiawassee Family YMCA ($50,000) – Supports the Shiawassee Family YMCA's expansion and renovation to address the county's childcare shortage, create new jobs and enhance community engagement spaces, laying the foundation for long-term growth and support for working families. Traverse Connect ($50,000) – Enhances grant readiness in the Grand Traverse Region by providing specialized training for local governments and organizations, increasing access to state and federal funding to support infrastructure, workforce and business development. UPCAP Services ($50,000) – Supports the establishment of a Veterans Assistance Fund to provide financial aid and services to veterans across Michigan's Upper Peninsula, ensuring long-term sustainability through strategic planning, policy development and community partnerships. Village of Cassopolis ($50,000) – Advances the development of the Imagine Center in Cassopolis, a community hub focused on health, wellness, education and economic growth. Village of Stockbridge ($40,000) – Develop a comprehensive mobility plan to enhance pedestrian safety, expand non-motorized transportation options, and improve access to essential services through the sidewalk, bike lane and trail system improvements. West Michigan Shoreline Regional Development Commission ($50,000) – Develops a West Michigan Agriculture Analysis. Otsego Community Foundation ($50,000) – Conducts a feasibility study and housing development plan in Otsego County, aiming to create at least 50 attainable homes while engaging stakeholders to support zoning changes and future housing initiatives. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
