- Who is affected
- Directors and management of SGX-listed issuers, and their sponsors and advisers.
Summary
Amendments to the Quarterly Reporting Framework In January 2018, SGX issued a consultation on “Review of the Quarterly Reporting (“QR”) Framework” for companies listed on SGX to gather feedback regarding the QR Framework. Subsequent to the consultation, SGX announced two major changes to the QR Framework which will take effect from 7 February 2020: (i)
Adoption of risk-based approach towards QR SGX will be removing the market capitalization threshold for QR, and will instead adopt a risk-based approach. Only companies that receive a qualified opinion, disclaimer of opinion or adverse opinion (collectively, “modified opinions”) and companies that have a material uncertainty relating to going concern, both based on their latest audited financial statements, need to comply with QR. SGX may also exercise their administrative powers to impose QR on companies with regulatory concerns.
This update is a summary of publicly available regulatory guidance prepared by SAC Capital Private Limited for general information. It is not legal advice. Issuers should refer to the SGX Listing Rules and consult their sponsor or legal adviser.