Singapore Government Press Release

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The Financial Sector Review Group, chaired by Deputy Prime Minister, Lee Hsien Loong, has formed 2 committees to study issues related to Singapore’s capital markets.

The terms of reference of the committees and the membership lists are given below.

Bearing in mind:

• the objective of further developing the Singapore capital market, to make Singapore a key financial centre;
• the need to provide greater scope for business initiative and innovation in the securities market, while maintaining the soundness and integrity of the financial system; and
• the principles outlined by the Government, including:
• maintaining high standards of integrity and sound financial management;
• shifting the emphasis in approach from regulation to supervision;
• focussing more attention on systemic risk, rather than protecting individual participants, products, or projects;
• providing greater transparency in regulations
• allowing investors to judge and take business risks for themselves
• relying more on market discipline and full information disclosure to protect investors

1. To consider regulatory and structural options and recommend a conceptual framework that will make our capital markets more international, competitive and robust, able to participate fully in the dynamic global network of capital markets. This includes liberalising market access and commission rates for transactions.

 

2. To review the regulations, by-laws, administrative notices and other prudential & regulatory approaches of the Stock Exchange of Singapore (SES). This includes the Securities Industry Act and the Securities Industry Regulations, as well as SES Rules & By-laws.
3. To recommend industry development initiatives by government, SES and member firms e.g. upgrading skills in the industry, and expanding the scope and range of products and services.

 

4. To recommend for Government’s consideration suitable respective roles for the SES and the Monetary Authority of Singapore.

Committee 2 – Corporate Financing Issues

• support steady and sustainable growth of corporations in Singapore
• foster innovation and entrepreneurship
• make Singapore an attractive centre for international corporate fund-raising activity

2. To recommend ways to improve the efficiency of the fund-raising process, as well as standards of corporate disclosure.
3. To recommend new or enhanced industry capabilities to better meet the financing needs of corporations, e.g. debt financing, covered warrants, new board for start-ups; and a framework of rules and regulations to promote these activities.
4. To recommend for Government’s consideration suitable respective roles for the SES, the Monetary Authority of Singapore and the Registry of Companies, as well as other government agencies as appropriate.
5. The review should include, but need not be limited to, relevant parts of the Securities Industry Act, SES Listing Manual and the Companies Act.

1. Lim Hua Min Chairman

Chairman, Philip Securities

 

2. Goh Yew Lin

Exec Dir, GK Goh Stockbrokers

 

3. Philip Smiley

MD, Jardine Fleming Securities

 

4. Sandy Eu

MD, DBS Securities

 

5. Tan Wee Loke

Kay Hian Pte Ltd

and member of the SES Committee

 

6. Ms Madeleine Lee

MD, CommerzAsset Management

 

7. Chiang See Hiang

Partner, Chiang See Hiang & Partners

 

8. Wee Sin Tho

Consultant

 

9. Lim Choo Peng

President SES

 

10. Seow Kok Leong

Deputy Director, MAS

1. Lim Yong Wah Chairman

Chmn, Inter-roller Engineering

 

2. Wong Nang Jang

EVP, OCBC

 

3. Wong Ngit Liong

MD, Venture Manufacturing

 

4. Boon Swan Foo

President, Singapore Technologies Engineering

 

5. Tan Keng Boon

SEAVI

 

6. Dr Tommy Tan

MD, Deutsche Morgan Grenfell

 

7. Eric Ang

EVP, Investment Banking, DBS

 

8. Lucien Wong

Allen & Gledhill

 

9. Tan Cheng Han

Vice-Dean, Law Faculty, NUS

 

10. Ng Boon Yew

KPMG Peat Marwick

 

11. Sum Soon Lim

Consultant

 

12. Charles Lim Aeng Cheng

Dy Head, Legislation Division, Attorney-General’s Chambers

 

13. Tan Kim Kway

Deputy Director, Monetary Authority of Singapore

 

14. Teng Cheong Kwee

Executive Vice President, Stock Exchange of Singapore