In January 2018, SGX sought public feedback on changes to the QR framework, including whether to remove it entirely or recalibrate the QR requirement. This was in part due to the current approach being"too arbitrary and not meaningful in targeting companies that should be doing more frequent reporting", according to SGX's press statement.
"The business landscape is evolving rapidly. In order to meet these changes, companies in general must be allowed to consider and implement longer-term strategies," he added. "The main compliance cost cited by companies in their responses is mainly in manpower and effort cost in preparing quarterly statements," said Michael Tang, SGX RegCo’s head of listing policy and product admission.This includes time spent by finance department staff as well as the management and board to look through these reports.
Mr Tan also pointed out that disclosures should be immediate rather than wait for a milestone like QR. For instance, express powers will be set out to deem a person or party an"interested person" in appropriate cases even if the technical definition is not met.
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