Singapore Exchange Limited (SGX) has announced the launch of a new company research portal which allows for better due diligence and provides more transparent financial data for the Singapore equities market.
The portal branded as ‘SGX StockFacts’ has several features, including a comprehensive fundamentals database of all SGX-listed companies, historic data including charting and built-in search functions. The portal allows users to get a more accurate snapshot of any listed company and “helps investors make more informed investment decisions, raise the visibility of our companies and add vibrancy to the stock market,” according to Mita Natarajan, Head of Corporate Services Listings at SGX.
SGX StockFacts was developed in tandem with SGX and S&P Capital IQ, a business unit of ‘McGraw Hill Financial’, a provider of multi-asset class research, data and analytics.
The move coincides with regulatory efforts to help financial institutions in Singapore comply with international accounting standards and regulations, such as the US Foreign Account Tax Compliance Act (FATCA).
Asia Exchange Empowering Traders Through New OpportunitiesGo to article >>
The Ministry of Finance (MOF), Monetary Authority of Singapore (MAS) and the Inland Revenue Authority of Singapore (IRAS) have proposed regulations to help financial institutions in Singapore comply with Foreign Account Tax Compliance Act (FATCA).
FATCA requires all financial institutions outside of the US to regularly submit information on financial accounts held by US persons to the US Internal Revenue Service, or face a 30% withholding tax on certain gross payments received from the US.
The proposals will be accepted into legislature later on in the year after the public consultation period, which is to take place between September 22 and October 17. Authorities hope to collate ideas from all sources before finalising the new regulations and ratifying a Model 1 Intergovernmental Agreement (IGA) with the US in Q4 2014.
The coinciding moves indicate a broader effort on all sides of the financial markets arena in Singapore to expedite the region’s ascent to be on par with the rest of the elite global financial centres, such as London, New York and Tokyo.