Singapore – SGX Quarterly Reporting, Disclosures

Singapore – SGX Quarterly Reporting, Disclosures

On 9 January 2020, SGX adopts risk-based approach to quarterly reporting.

  • Apply quarterly reporting (QR) requirements only for companies associated with higher risks while strengthening continuous disclosure requirements on all listed companies.
  • Set out expectations on companies’ handling of material information, and established whistleblowing office to address tipoffs, feedback, complaints and short-seller reports.

Quarterly Reporting

  • Issued amendments to quarterly reporting framework for SGX Mainboard and Catalist.
  • Replaces current reporting requirement based on minimum market capitalisation, which was deemed too arbitrary and not meaningful in targeting the right companies.
  • Companies will have to do QR if they received a disclaimer of opinion, adverse opinion or qualified opinion from auditors on latest financial statements, auditors expressed a material uncertainty relating to going concern, or SGX RegCo has regulatory concerns.
  • All other companies need only do semi-annual reporting but encouraged to consider voluntary business updates to shareholders between their half-yearly financial reports.

Continuous Disclosures

  • Issued amendments to continuous disclosure rules for SGX Mainboard and Catalist.
  • Continuous disclosures requirements required in areas such as secondary fund-raising, interested person transactions (IPTs), significant financial assistance and transactions.
  • SGX RegCo will have powers to deem person /entity as “interested person”; aggregate separate IPTs entered into during same financial year as if they were one transaction.
  • Require competent and independent valuer to be appointed for significant asset disposals, and additional disclosure for rights issues, including a Board statement.
  • Extend need for disclosure and shareholders' approval to third parties of significant financial assistance which is not part of the company’s ordinary course of business.
  • Disclosure obligations apply not just to materially price-sensitive information but also trade-sensitive information; new guidance issued on timely disclosure of information.


  • Effective date for continuous disclosures and new QR approach to QR is 7 February 2020.