Singapore Exchange Regulation (SGX RegCo) has introduced new measures to transition towards a disclosure-based regulatory regime, aligning with global standards. This move follows recommendations by the Equities Market Review Group and is supported by industry feedback from a public consultation in May 2025. SGX RegCo is also seeking input on proposed Mainboard rule changes to consolidate listing review functions under its purview, as suggested by the Monetary Authority of Singapore (MAS).
SGX RegCo’s CEO, Tan Boon Gin, emphasised the holistic nature of the measures, stating they aim to enhance market efficiency and governance standards. The changes focus on providing decision-useful information to investors whilst maintaining key safeguards to uphold market quality and investor trust.
Key changes include lowering the profit test threshold for new listings from S$30m to S$10m, allowing pre-revenue companies with strong growth potential to list on the Mainboard. This aims to diversify the range of companies and broaden investor choice. Additionally, SGX RegCo will retain qualitative admission criteria to ensure issuers have strong governance and financial health.
Post-listing, SGX RegCo will only consider trading suspensions if there is clear evidence of going concern issues. The financial watch-list will be removed to avoid negative impacts on business confidence, though issuers must disclose consecutive financial losses.
MAS is consulting on consolidating listing review functions under SGX RegCo, which would streamline the process for prospective issuers. The consultation on this proposal is open until 29 November 2025.
