On 21 July 2020, the Monetary Authority of Singapore (MAS) issued a consultation paper on a new omnibus act (Omnibus Act) for the financial sector. The Omnibus Act will harmonise and expand MAS’ power to issue prohibition orders (PO), among other things.
On 6 August 2020, the Singapore Exchange Regulation (SGX RegCo) issued a consultation paper on changes to the Listing Rules governing enforcement actions for greater and swifter accountability, and clarity, in the securities market.
On 7 August 2020, the Stock Exchange of Hong Kong Limited (SEHK) published a consultation paper on proposed changes to its disciplinary regime by strengthening the SEHK’s powers to hold accountable, and impose appropriate sanctions on, individuals responsible for misconduct and breaches of the listing rules.
The consultation papers reaffirm the regulators’ continued focus on culture and conduct, and keeping ‘bad apples’ out of the financial institutions (FI) and public companies.
See the link to the referenced documentation: