Singapore MAS Equities Market Review Group 11 New Measures: 1) $3.7 Billion (S$5 Billion) Equity Market Development Program to Invest in Fund Managers with a Focus on Singapore Stocks, 2) Tax Exemption on Fund Manager Qualifying Income Investing Substantially in Singapore-Listed Equities, 3) Global Investor Program (GIP) Qualifying Investment Categories for Listed Equities Will be Adjusted to Singapore-Listed Equities, 4) Expand MAS Research Development Grant for Equity Market Singapore (GEMs) on Mid & Small-Cap Enterprises and to Broaden Research Dissemination Including New Media Channels, 5) 20% Corporate Income Tax Rebate for New Primary Listing & 10% Tax Rebate for New Secondary Listings with Share Issuance, 6) 5% Concessionary Tax Rate on Qualifying Income for New Fund Manager Listings in Singapore, 7) New Investment Schemes to Develop Singapore Local Enterprises for Potential Listings (IPO), 8) Consolidate into 1 Regulator for Listing Suitability & Prospectus Disclosures Review Functions in SGX RegCo, 9) Streamline SGX RegCo Qualitative Admission Criteria by Focusing on Sufficient Material Issues Disclosure Instead of Risks Mitigation, 10) Streamline Prospectus Requirements & Listing Processes with 6 to 8 Weeks Timeline for Listing Review Process, 11) Targeted Approach to Post-Listing Queries, Alerts & Trading Suspensions and Propose to Remove Financial Watch List
22nd February 2025 | Hong Kong
Singapore MAS Equities Market Review Group has announced 11 new measures: 1) $3.7 billion (S$5 billion) Equity Market Development Program to invest in fund managers with a focus on Singapore stocks, 2) Tax exemption on fund manager qualifying income investing substantially in Singapore-listed equities, 3) Global Investor Program (GIP) qualifying investment categories for listed equities will be adjusted to Singapore-listed equities, 4) Expand MAS research development Grant for Equity Market Singapore (GEMs) on mid & small-cap enterprises and to broaden research dissemination including new media channels, 5) 20% corporate income tax rebate for new primary listing & 10% tax rebate for new secondary listings with share issuance, 6) 5% concessionary tax rate on qualifying income for new fund manager listings in Singapore, 7) New investment schemes to develop Singapore local enterprises for potential listings (IPO), 8) Consolidate into 1 regulator for listing suitability & prospectus disclosures review functions in SGX RegCo, 9) Streamline SGX RegCo qualitative admission criteria by focusing on sufficient material issues disclosure instead of risks mitigation, 10) Streamline prospectus requirements & listing processes with 6 to 8 weeks timeline for listing review process, 11) Targeted approach to post-listing queries, alerts & trading suspensions and propose to remove Financial Watch List. Monetary Authority of Singapore (21/2/25): “The Equities Market Review Group has announced its first set of measures to strengthen the competitiveness of Singapore’s equities market. This includes the three tax incentives announced by the Prime Minister and Minister of Finance at Budget 2025 on 18 February 2025.” More info below:
“ Singapore MAS Equities Market Review Group 11 New Measures: 1) $3.7 Billion (S$5 Billion) Equity Market Development Program to Invest in Fund Managers with a Focus on Singapore Stocks, 2) Tax Exemption on Fund Manager Qualifying Income Investing Substantially in Singapore-Listed Equities, 3) Global Investor Program (GIP) Qualifying Investment Categories for Listed Equities Will be Adjusted to Singapore-Listed Equities, 4) Expand MAS Research Development Grant for Equity Market Singapore (GEMs) on Mid & Small-Cap Enterprises and to Broaden Research Dissemination Including New Media Channels, 5) 20% Corporate Income Tax Rebate for New Primary Listing & 10% Tax Rebate for New Secondary Listings with Share Issuance, 6) 5% Concessionary Tax Rate on Qualifying Income for New Fund Manager Listings in Singapore, 7) New Investment Schemes to Develop Singapore Local Enterprises for Potential Listings (IPO), 8) Consolidate into 1 Regulator for Listing Suitability & Prospectus Disclosures Review Functions in SGX RegCo, 9) Streamline SGX RegCo Qualitative Admission Criteria by Focusing on Sufficient Material Issues Disclosure Instead of Risks Mitigation, 10) Streamline Prospectus Requirements & Listing Processes with 6 to 8 Weeks Timeline for Listing Review Process, 11) Targeted Approach to Post-Listing Queries, Alerts & Trading Suspensions and Propose to Remove Financial Watch List “
Singapore MAS – A comprehensive set of measures to strengthen Singapore’s equities market
The Equities Market Review Group has announced its first set of measures to strengthen the competitiveness of Singapore’s equities market. This includes the three tax incentives announced by the Prime Minister and Minister of Finance at Budget 2025 on 18 February 2025.
2. The Review Group has done extensive consultations with industry stakeholders and will propose measures to strengthen the functioning of the Singapore equities market, and its attractiveness to investors and companies seeking to list and access growth capital. Market participants and the Singapore Exchange (SGX) have given feedback that there are companies which have a strong local or regional presence, but which are not large enough to attract sustained investor interest in a global exchange. Our equities market could look at such companies as one of its target groups. The Review Group has also considered ideas to enhance retail and institutional investor interest in our market. The first set of measures include:
Increasing Investor Interest (Demand) – These measures seek to deepen trading liquidity and strengthen capabilities in the local fund management and equity research ecosystem.
a) The Monetary Authority of Singapore (MAS) and the Financial Sector Development Fund (FSDF) will launch a S$5 billion Equity Market Development Programme (EQDP). Under this programme, MAS will invest with selected fund managers with capabilities to implement investment mandates with a strong focus on Singapore stocks. These strategies should be actively managed, invest in a range of companies and not just index component stocks, and over time draw in investments from other investors. MAS will start the process of evaluating eligible fund managers and strategies over the next few months.
b) Tax exemption on fund manager’s qualifying income derived from funds investing substantially in Singapore-listed equities. This complements the EQDP and serves to support fund managers in launching and actively distributing funds that invest substantially in Singapore’s equities market [1] .
c) An adjustment to the Global Investor Programme (GIP) to support more capital inflows into Singapore-listed equities. Currently, GIP applicants investing under the Family Office option have to establish a Single Family Office (SFO) with assets under management of at least S$200 million, of which at least S$50 million must be deployed into qualifying investment categories consisting of listed equities/REITS/business trusts, qualifying debt securities, Singapore-distributed funds and non-listed Singapore-based operating companies. Going forward, for new GIP Family Office applicants, the qualifying investment categories will be narrowed to equities listed on approved Singapore exchanges.
d) Expansion of the Research Development Grant Scheme under MAS’ Grant for Equity Market Singapore (GEMS) to build a ready investor base, sharpen focus on mid- and small-cap enterprises, and broaden research dissemination including via new media channels. MAS and the Singapore Exchange (SGX) will release further details around mid-2025.
Improving Attractiveness to Quality Listings (Supply) – These measures aim to attract companies with operations in Singapore and fund managers to tap Singapore’s equities market for their capital raising.
e) 20% corporate income tax rebate for new primary listings and 10% tax rebate for new secondary listings (with share issuance) [2] . This complements the existing GEMS Listing Grant Scheme [3] in defraying part of enterprises’ listing costs.
f) Enhanced 5% concessionary tax rate on qualifying income for new fund manager listings in Singapore. To qualify, eligible fund managers must distribute a portion of its profits as dividends.
g) The Government will continue to enhance support for the development of local enterprises that will provide a pipeline of potential companies for listing. This includes the new investment schemes announced at Budget 2025, which are administered by the Ministry of Trade and Industry, and Enterprise Singapore.
Pro-enterprise Regulatory Stance and Measures to Strengthen Investor Confidence
3. The Review Group has also recommended adopting a more pro-enterprise regulatory stance, alongside other measures to strengthen investor confidence. The regulatory measures will move Singapore decisively towards a more disclosure-based regime. While upholding sound international standards, Singapore’s listing process will be significantly more efficient and streamlined than now and will compare favourably with leading financial hubs in the world. Regulation will be more focused and facilitative of listings, and high standards of corporate governance and robust enforcement will be upheld to maintain investor confidence. In addition, key ecosystem players — such as issue managers who conduct due diligence, accounting professionals who conduct financial audits, as well as research analysts who scrutinise disclosures — must play their part so that investors can make their investment choices with adequate and reliable disclosures.
4. The first set of regulatory measures comprises the following [4] :
a) Consolidate listing suitability and prospectus disclosures review functions in Singapore Exchange Regulation (SGX RegCo). This will provide prospective issuers with greater clarity on the listing process and timeline, as they only need to engage with one regulator going forward.
b) Reduce scope for merit-based judgment when admitting new listings, by streamlining SGX RegCo’s qualitative admission criteria. Instead of taking a prescriptive approach to how issuers mitigate any risks prior to listing, RegCo will focus on ensuring that the disclosure of material issues is sufficient for informed decision-making by investors.
c) Streamline prospectus requirements and listing processes. All major parts of the prospectus requirements — including on financial information, interested person transactions and conflicts of interest — will be streamlined while continuing to adhere to international standards. Core disclosure requirements will be retained, with emphasis on clear disclosure of the most relevant and material information to investors. With the streamlining, issuers can expect a typical listing review process to take six to eight weeks. MAS will also simplify requirements to allow issuers seeking secondary listings in Singapore to do so using the prospectus from their primary listings with minimal adaptations.
d) Adopt a more targeted approach to post-listing queries, alerts and trading suspensions. As public queries and alerts can have unintended and disruptive effects on the trading of issuers’ shares, a more targeted approach to such interventions will allow SGX RegCo to strike a better balance in facilitating market discipline and achieving investor protection. SGX RegCo will also consult on a proposal to remove the financial “Watch-List”.
MAS and SGX RegCo will issue detailed consultations on these proposals by mid-2025.
5. In its next phase of work, to be completed by end-2025, the Review Group will consider other proposals beyond the measures announced today. These include:
a) Introducing programmes to uplift listed companies’ shareholder engagement capabilities and sharpen their focus on shareholder value;
b) Attracting retail liquidity through market structure changes such as reducing board lot sizes;
c) Strengthening investor protection through enhancing investor recourse avenues;
d) Improving post-trade custody efficiency; and
e) Developing cross-border partnerships.
Together, we hope that these measures would address the multifaceted challenges that Singapore’s equities market faces today. Details on the Review Group’s first set of measures are set out in Annex A, and a summary of the Review Group’s full set of proposed measures is in Annex B.
Notes
- Fund managers that are interested in the tax incentives set out in Para 2(b) and 2(f) can reach out to MAS for more information. Corporates that are interested in the corporate income tax rebate set out in Para 2(e) can reach out to Enterprise Singapore or the Singapore Economic Development Board for more information.
- The following rebate caps are applicable: o $6 million per Year of Assessment (YA) for qualifying entities with market capitalisation ≥$1 billion; or o $3 million per YA for qualifying entities with market capitalisation <$1 billion.
- The GEMS Listing Grant Scheme provides 70% co-funding of eligible listing expenses for SGX Mainboard listings, and 20% co-funding of eligible listing expenses for Catalist listings, subject to grant caps. See here for more details.
- These regulatory proposals involve changes to the statutory requirements and SGX’s listing rules, and will go through a public consultation process. SGX RegCo and MAS will review the feedback from the public consultation, before implementing the finalised set of measures.
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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