Singapore MAS Equities Market Review Group Proposes 1) Tax Incentives to Increase Listings & Investments in Singapore Equities Market, 2) Measures to Help Singapore Enterprises Access Growth Capital, 3) Attract Quality Enterprises with Regional Enterprises to List in Singapore Including Secondary Listing in Singapore, 4) Attract Fund Managers to List in Singapore with Incentives to Launch & Grow Funds with Substantial Investment in Domestic Equities
15th February 2025 | Hong Kong
Monetary Authority of Singapore (MAS) Equities Market Review Group has submitted proposal to Singapore Prime Minster & Minster of Finance, proposing 1) Tax incentives to increase listings & investments in Singapore equities market, 2) Measures to help Singapore enterprises access growth capital, 3) Attract quality enterprises with regional enterprises to list in Singapore including secondary listing in Singapore, 4) Attract fund managers to list in Singapore with incentives to launch & grow funds with substantial investment in domestic equities. Singapore MAS (13/2/25): “The Equities Market Review Group announced its first set of measures to strengthen Singapore’s equities market development. These include proposals to introduce tax incentives to spur more listings and investments in Singapore’s equities market, which the Review Group has submitted to the Prime Minister and Minister for Finance. Since its formation, the Review Group has engaged a wide range of stakeholders across the capital markets ecosystem to gather feedback and ideas. The Review Group thanks all stakeholders and members of the public who have contributed their views and ideas. With technology making global markets more accessible, listings and liquidity have gravitated to a few global stock exchanges, making it more challenging for other exchanges to compete for investor interest and liquidity. For example, a significant proportion of global capital is now concentrated in US public markets. The Review Group recognises there are no silver bullets or easy solutions to reverse those trends. Against this context, the Review Group has developed a set of measures aimed at helping Singapore enterprises access growth capital, and attracting quality enterprises with a regional presence to list in Singapore. This includes mid-sized companies that may not have ready access to major capital markets, but could use Singapore as a launch pad for their capital raising. It also includes companies who are already listed elsewhere, but are interested to seek a secondary listing in Asia. The Review Group’s focus is to strengthen the competitiveness of our equities market through a set of proposals to catalyse investor interest and boost the supply of quality listings, and to streamline the regulatory process for initial public offerings. The first set of measures include proposed tax incentives to attract enterprises and fund managers to list in Singapore, and to incentivise the launch and growth of funds with substantial investment in domestic equities. The Review Group will provide a fuller update on its first set of measures on 21 February 2025. It will also continue to work on the next set of measures to foster longer-term development and sustainable growth of Singapore’s equities market, which will be presented in 2H 2025.” In 2024 August, the Monetary Authority of Singapore (MAS) Equities Market Review Group inaugural meeting (19/8/24) has identified priority areas and 2 workstreams: 1) Enterprise & Markets workstream & 2) Regulatory workstream.
“ Singapore MAS Equities Market Review Group Proposes 1) Tax Incentives to Increase Listings & Investments in Singapore Equities Market, 2) Measures to Help Singapore Enterprises Access Growth Capital, 3) Attract Quality Enterprises with Regional Enterprises to List in Singapore Including Secondary Listing in Singapore, 4) Attract Fund Managers to List in Singapore with Incentives to Launch & Grow Funds with Substantial Investment in Domestic Equities “
Singapore MAS Equities Market Review Group Inaugural Meeting Identified Priority Areas and 2 Workstreams: 1) Enterprise & Markets Workstream & 2) Regulatory Workstream, Review Group to Strengthen Equities Market Development Including Attracting Primary & Secondary Listings / IPOs and Improving Liquidity of Equity Market
27th August – The Monetary Authority of Singapore (MAS) Equities Market Review Group inaugural meeting (19/8/24) has identified priority areas and 2 workstreams: 1) Enterprise & Markets workstream & 2) Regulatory workstream. Singapore MAS (27/8/24): “The Equities Market Review Group held its inaugural meeting on 19 August, chaired by Mr Chee Hong Tat, Minister for Transport, Second Minister for Finance and Deputy Chairman of the Monetary Authority of Singapore. The meeting discussed key challenges and opportunities facing Singapore’s equities market, and set out its strategic direction for the review. At the meeting, the Review Group identified the following priority areas for the two workstreams: 1) The Enterprise and Markets workstream will focus on ideas to encourage listings, increase investor participation, improve trading liquidity and facilitate fair valuation for listed equities. 2) The Regulatory workstream will study ideas to streamline the regulatory framework, improve the listing process, enhance the effectiveness of our disclosure-based regime, and strengthen corporate governance standards, investor access and recourse. The Review Group also announced the members of the two workstreams, which comprise a cross-section of capital market practitioners, investor advocacy groups, industry associations, and academia (please see Annex A for the full list of members). The Review Group and its two workstreams will provide periodic updates on their considerations and recommendations. They will engage stakeholders in the coming months through industry roundtables and focus group discussions to gather feedback and ideas, and assess the actions required from Government agencies and industry partners to enhance Singapore’s equities market. While the review will take up to 12 months, the Review Group and workstreams aim to announce their recommendations in phases, so that the proposed measures can be implemented as soon as possible.” In 2024 August, the Monetary Authority of Singapore (MAS) announced to setup a Review Group to strengthen equities market development in Singapore including to attract primary & secondary listings / IPOs and improving liquidity of equity market in Singapore. The Review Group will provide recommendations in a report in 12 months, with the Review Group chaired by Deputy MAS Chairman Chee Hong Tat (Minister for Transport, Second Minister for Finance and Board Member of MAS) and 9 members (MAS MD Chia Der Jiun, Temasek CEO Dilhan Pillay, SIM Chairman Euleen Goh, SGX Chairman Koh Boon Hwee, Minister of Finance Permanent Secretary Lai Chung Han, Enterprise Singapore Chairman Lee Chuan Teck, Singapore Business Federation Chairman Lim Ming Yan, Singapore EDB Chairman Png Cheong Boon & Tikehau Capital Neil Parekh).
Singapore MAS Setup Review Group to Strengthen Equities Market Development Including Attracting Primary & Secondary Listings / IPOs and Improving Liquidity of Equity Market in Singapore Review Group Will Provide Recommendations in Report in 12 Months, Chaired by Deputy MAS Chairman Chee Hong Tat & 9 Members, MAS MD Chia Der Jiun, Temasek CEO Dilhan Pillay, SIM Chairman Euleen Goh, SGX Chairman Koh Boon Hwee, Minister of Finance Permanent Secretary Lai Chung Han, Enterprise Singapore Chairman Lee Chuan Teck, Singapore Business Federation Chairman Lim Ming Yan, Singapore EDB Chairman Png Cheong Boon & Tikehau Capital Neil Parekh
3rd August 2024 – The Monetary Authority of Singapore (MAS) has setup a Review Group to strengthen equities market development in Singapore including to attract primary & secondary listings / IPOs and improving liquidity of equity market in Singapore. The Review Group will provide recommendations in a report in 12 months, with the Review Group chaired by Deputy MAS Chairman Chee Hong Tat (Minister for Transport, Second Minister for Finance and Board Member of MAS) and 9 members (MAS MD Chia Der Jiun, Temasek CEO Dilhan Pillay, SIM Chairman Euleen Goh, SGX Chairman Koh Boon Hwee, Minister of Finance Permanent Secretary Lai Chung Han, Enterprise Singapore Chairman Lee Chuan Teck, Singapore Business Federation Chairman Lim Ming Yan, Singapore EDB Chairman Png Cheong Boon & Tikehau Capital Neil Parekh). MAS (2/8/24): “The Monetary Authority of Singapore (MAS) today announced that a Review Group has been set up to recommend measures to strengthen equities market development in Singapore. The Review Group will be chaired by Mr Chee Hong Tat, Minister for Transport, Second Minister for Finance and Board Member of MAS, and comprise key private sector stakeholders and public sector representatives. A dynamic equities market is an important part of the capital formation value chain, alongside Singapore’s growing private equity and venture capital ecosystem. A deep and liquid public equities market enables companies to access capital as they expand regionally and globally. It also allows asset owners and the investing public to participate in the growth of quality companies. Improving the attractiveness of Singapore’s equities market can therefore enhance Singapore’s standing as a vibrant enterprise and financial hub. This in turn complements Singapore’s innovation and start-up ecosystem, private markets, as well as asset and wealth management sectors. The Government has introduced various initiatives to support enterprise financing and enhance Singapore’s equities markets. These include the set-up of cornerstone funds to support initial public offerings of high-growth companies, introduction of corporate structures and share classes to facilitate such listings, and measures to improve research coverage. The Review Group will build on these efforts to position Singapore’s equities market for growth. The Group will consider additional initiatives to improve the vibrancy of our equities market, and study ways to galvanise greater private sector participation in this effort, including from capital market intermediaries, investors, and listed companies. The Review Group will be supported by two workstreams: 1) The Enterprise and Markets workstream will aim to address market challenges, foster listings, and facilitate market revitalisation; and 2) The Regulatory workstream will focus on enhancing the regulatory regime to facilitate market growth and foster investor confidence. Through the two workstreams, the review process will involve stakeholders with expertise and experience in diverse fields in the capital markets, including corporate finance, investment banking, asset management, legal services, and corporate governance. The Review Group will recommend a set of measures to strengthen the Singapore equities market and complete its report within 12 months.” View: Terms of Reference and Composition of the Review Group
Chair: Chee Hong Tat (徐芳达), Minister for Transport, Second Minister for Finance and Board Member of Monetary Authority of Singapore
Members :
- Chia Der Jiun (谢啇真), Managing Director, Monetary Authority of Singapore
- Dilhan Pillay, Chief Executive Officer, Temasek Holdings
- Euleen Goh (吴幼娟), Chairman, Singapore Institute of Management
- Koh Boon Hwee (许文辉) Chairman, Singapore Exchange
- Lai Chung Han (黎忠汉), Permanent Secretary (Development), Ministry of Finance
- Lee Chuan Teck (李全德) Chairman, Enterprise Singapore
- Lim Ming Yan (林明彦), Chairman, Singapore Business Federation
- Png Cheong Boon (方章文), Chairman, Singapore Economic Development Board
- Neil Parekh, Partner & Head of Asia, Australia and New Zealand, Tikehau Capital
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