Singapore Legal Update - February 2020
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Payment services act came into force on 28 January 2020
The Payment Services Act (PS Act) came into force on 28 January 2020. Persons carrying on any one or more of the activities specified in the PS Act will require a licence under the PS Act unless there is an applicable exemption. Similar to the regulatory framework that the MAS utilises in the capital markets and financial advisory space, the PS Act creates a modular licensing framework for seven payment activities across three overarching licence categories.
Listing rules amended to enhance disclosures for various transactions
The Singapore Exchange (SGX) has amended the Listing Rules to enhance disclosures in relation to various transactions. The transactions affected include the provision of loans, guarantees and other forms of financial assistance; the acquisition and disposal of assets; changes in capital; and interested person transactions. The amendments took effect from 7 February 2020.
Information to be disclosed if it would influence an investor to trade even if it is not price-sensitive
The Singapore Exchange (SGX) has amended the Listing Rules with effect from 7 February 2020 to enhance the continuing disclosure requirements. The amendments highlight the need to consider whether information is trade-sensitive in addition to considering whether it is price-sensitive. While this is not a change to the Listing Rules as such, the SGX has clarified the test to be applied and makes clear that trade-sensitive information need not be price-sensitive as the test is broader.
Companies to carry out semi-annual reporting unless special circumstances exist
With effect from 7 February 2020, companies listed on the Mainboard or Catalist of the Singapore Exchange (SGX) need only carry out semi-annual financial reporting unless specific circumstances apply that warrant quarterly reporting.
SGX consultation on enhancements to the regulatory regime for property valuation and auditors
Singapore Exchange Regulation (SGX RegCo) issued a Consultation Paper on Enhancements to the Regulatory Regime for Property Valuation and Auditors on 16 January 2020. The Consultation Paper deals with the following:
- proposals to enhance the disclosure regime for valuation reports for property and the qualifications for property valuers; and
- proposals to enhance the regulatory regime for audits to safeguard the interests of shareholders.