Institute Urges Changes to Singapore's Shareholder Reporting RulesWashington, DC, August 1, 2002 - The Institute recently submitted comments to Singapore's Company Legislation and Regulatory Framework Committee supporting proposed changes to Singapore's "substantial" shareholding reporting rules. The proposed changes would replace the current requirement to report each change in ownership after an investor attains ownership of five percent of a Singapore listed company with a requirement to report changes only when holdings exceed discrete one percent thresholds above the five percent threshold. The proposal also would lengthen the time for filing reports from two calendar days to two market days. In addition to supporting these two changes, the Institute's comment letter suggested that the Committee: - reconsider the necessity of the requirement in the proposal that reports filed when an investor crosses a discrete one percent threshold over the five percent threshold include details for all transactions in the security between the previous and current report; and
- consider ways to relieve administrative burdens under the rules for institutional investors such as mutual funds, pension funds, and their managers, that do not invest for a change of control purpose.
|
