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Our reaction to the proposed tax incentives to boost Singapore's equities market:
We believe tax incentives would not address the fundamental issues facing the Singapore market.
It will not fundamentally alter the decision-making process of where companies decide to list, which will still primarily be based on market valuations.
However, there is a fallacy that there is no liquidity in Singapore. The recent outperformance of the local banks reveals that there is sufficient liquidity from Singapore investors if the companies are producing good results.
Singapore’s $5B EQDP fund, tax cuts, and relaxed rules aim to revive its stock market—but they miss the real issue.
Our statement about MAS' plans to shift to a more disclosure-based system:
Singapore’s investor protections fall short compared with the UK and US, where minority shareholders have legal recourse for false disclosures.
The separate roles of the London Stock Exchange and the UK Financial Conduct Authority is a model that emphasises the importance of meaningful disclosures and robust investor protections.
In contrast, the Singapore Exchange Regulation is an independent subsidiary of SGX, and is now proposing an even lighter touch and more market friendly regulatory regime. On removing the watchlist, we cautioned that removing the watchlist could allow struggling companies to stay hidden under the radar for much longer.
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