Singapore Exchange (SGX) has unveiled a new independent regulatory subsidiary, tapped SGX RegCo, which will focus on enhancing the governance of SGX as a self-regulatory organization – the group will be appointing Tan Cheng Han as its Chairman, which is targeting a launch for Q3 2017.
SGX RegCo was formed with the aim of making a more explicit distinction between the segregation of SGX RegCo’s regulatory functions and SGX’s commercial and operating activities. Moreover, the group will also undertake all front-line regulatory functions presently handled by SGX’s Regulation unit, and will feature a sovereign board of directors from SGX.
FP Markets Launches Intuitive and Feature-Packed Mobile Trading AppGo to article >>
Additional Leadership Structure to Be Announced
Per the appointment, Mr. Tan will step down from nearly all his existing board posts, including appointments at Chuan Hup Holdings Limited, Keppel Reit Management Limited, Global Yellow Pages Limited, Anwell Technologies Ltd and Singapore Technologies Marine Ltd, and the SGX Listings Advisory Committee.
Additionally, SGX’s Chief Regulatory Officer, Tan Boon Gin has been appointed as CEO and board member of SGX RegCo. Ahead of its official launch in Q3 2017, SFX RegCo will also be naming other directors.
According to Tan Boon Gin in a statement on the appointment and launch, “Professor Tan’s wide-ranging academic, corporate and legal experience will be invaluable in shaping the strategic direction and regulatory priorities of SGX RegCo. My team and I look forward to the counsel and insights of Professor Tan and the SGX RegCo board in carrying out our responsibility of ensuring a fair, orderly and transparent market.”
“I am honoured to be offered the opportunity to chair SGX Regulation. A regulatory company independent of SGX, yet pragmatic and innovative, while also attuned to market developments, is a development the market is closely watching. I look forward to working with SGX RegCo as it crafts and implements market regulation that is both robust and dynamic,” added Mr. Tan.