SGX RegCo to reassess query processes

It will also explore changes to speed up processes for complex cases.

SGX RegCo will review its query regime to ensure balanced oversight and avoid over-regulation, CEO Tan Boon Gin said at the Audit and Risk Seminar 2025.

Tan likened the regulator to a referee in a football game, emphasising the need for balanced oversight that does not overshadow market activity. "When I tried to check the scores, I was struck by how every single headline was about the referee, whether a penalty should have been awarded, or whether a red card should have been given. I was annoyed. I wanted to read about the game, not the referee," he said.

Drawing a parallel to market regulation, he added, "People want to read about how the market is performing and what companies are doing."

The chief executive also acknowledged concerns about the "chilling effect" of regulatory queries and emphasised that SGX RegCo’s commitment to timely disclosure would remain strong whilst refining its approach.

“We make no apologies for querying companies on material matters that in our judgment require stronger disclosure,” Tan said. "But in light of the feedback, we will conduct a review of our query regime as a whole to see if we have been applying that materiality principle consistently."

Tan also stressed the importance of clear and timely communication from regulators. "Market participants must know what is and what is not allowed, and the regulator must communicate this clearly and quickly.”

Citing efforts to improve guidance and interactions with the market, he added that SGX RegCo will explore changes to speed up processes for complex cases.

He also emphasised SGX RegCo’s commitment to proportional regulation, likening it to football’s “advantage rule,” where play continues after a foul if it benefits the team.

"You can be assured that we have our own version of the advantage rule, for example by granting waivers of our listing rules when the cost of compliance is disproportionate to the benefit," he said.

However, Tan said that decisive action remains necessary when misconduct crosses the line. “You cannot refrain from issuing a justified red card just because it is an exciting game.” He reiterated that public actions serve as deterrents and are necessary to maintain fairness and transparency in the market.