it will do away with a 15-year-old rule that requires companies with a market capitalisation above S$75 million to file quarterly financial statements from Feb 7 onwards.
The review on the quarterly reporting regime based on market cap is timely, because the market cap test was problematic. Take the example of water company Hyflux, which sought court protection from creditors in 2018, shortly after it announced its first-quarter results. The most important actor in the risk-free regime is the regulator itself, who becomes more directly responsible for determining who needs to report more frequently.
In moving to a risk-based test, SGX must demonstrate that it can adequately identify at-risk companies in a timely fashion even if those companies are no longer disclosing financial results every three months.
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