Tan Boon Gin, CEO, SGX RegCo in closing remarks at the Audit and Risk Seminar 2025, likened RegCo to a referee in a football game. “When I tried to check the scores, I was struck by how every single headline was about the referee, whether a penalty should have been awarded, or whether a red card should have been given. I was annoyed. I wanted to read about the game, not the referee."
So it is with the market. Investors want news about their stocks and investments, not about the regulator constantly disciplining listed companies.
SGX RegCo plans to conduct a review of its query regime to see if it has been applying that “materiality principle consistently”. The regulator’s duty is to communicate clearly what is and isn’t allowed for market participants.
Once again likening the market to a football match, Tan is cognisant that trading halts and lengthy suspensions of stocks do not serve either the company or its investors. “The market also wants to see regular news flow on corporate actions which in turn will inform trading activity,” he answers. Time to market is important and Tan acknowledges that the regulator may need to change the way it interacts with the market.
Unnecessary regulatory intervention needs to be avoided, Tan acknowledges. On the other hand, necessary regulatory intervention which needs to be conducted regardless of whether it spoils the game or not, has to proceed.
“Public action is warranted once bad behavior crosses the line to challenge the fairness and transparency of our market, and as a deterrent to future bad behaviour,” Tan says.
