ID :
210049
Wed, 09/28/2011 - 16:39
Auther :
Shortlink :
https://oananews.org//node/210049
The shortlink copeid
COOPERATE MORE, SINGAPORE CENTRAL BANK URGES SECURITIES REGULATORS
SINGAPORE, Sept 28 (Bernama) -- The Monetary Authority of Singapore (MAS) has called on for greater cooperation among securities regulators and enforcement agencies in different jurisdictions to face challenges with international listings.
"We cannot eliminate fraud. But we can and must ensure that companies that are brought to the market are of good quality. Singapore Exchange (SGX) must be rigorous in evaluating the suitability of listing applicants before admitting them. Other stakeholders must play their part too," said MAS Managing Director, Ravi Menon, in his keynote address at the Thomson Reuters 2nd Pan-Asian Regulatory Summit here.
Disclosing Singapore's experience with S-chips, or Chinese companies listed on the SGX, the head of Singapore's central bank said many of them were reputable companies and add breadth to the republic's equity capital market.
"But some of them are not. Since 2006, accounting irregularities or outright frauds have been discovered in 14 such companies listed on the SGX.
"Most of these cases came to light when the auditors were unable to confirm the companies’ cash and account receivables. The counters were suspended pending investigations by special auditors, and investors had to bear the losses."
He said many have asked MAS to do more to bring the full force of its laws to bear on the wrongdoers.
Ravi said MAS will leave no stone unturned to take rigorous action against those who break its laws but added that no regulator would be able to totally prevent fraud or misconduct.
"But there are real challenges when the fraud is perpetrated by parties outside our jurisdiction. Cross-border investigations and enforcement are intrinsically difficult," he said.
He said Singapore was not alone in facing challenges with international listings.
"Cooperation among securities regulators and enforcement agencies in
different jurisdictions is therefore critical," he said.
"We cannot eliminate fraud. But we can and must ensure that companies that are brought to the market are of good quality. Singapore Exchange (SGX) must be rigorous in evaluating the suitability of listing applicants before admitting them. Other stakeholders must play their part too," said MAS Managing Director, Ravi Menon, in his keynote address at the Thomson Reuters 2nd Pan-Asian Regulatory Summit here.
Disclosing Singapore's experience with S-chips, or Chinese companies listed on the SGX, the head of Singapore's central bank said many of them were reputable companies and add breadth to the republic's equity capital market.
"But some of them are not. Since 2006, accounting irregularities or outright frauds have been discovered in 14 such companies listed on the SGX.
"Most of these cases came to light when the auditors were unable to confirm the companies’ cash and account receivables. The counters were suspended pending investigations by special auditors, and investors had to bear the losses."
He said many have asked MAS to do more to bring the full force of its laws to bear on the wrongdoers.
Ravi said MAS will leave no stone unturned to take rigorous action against those who break its laws but added that no regulator would be able to totally prevent fraud or misconduct.
"But there are real challenges when the fraud is perpetrated by parties outside our jurisdiction. Cross-border investigations and enforcement are intrinsically difficult," he said.
He said Singapore was not alone in facing challenges with international listings.
"Cooperation among securities regulators and enforcement agencies in
different jurisdictions is therefore critical," he said.
