Singapore Exchange (SGX) has established Singapore Exchange Regulation Pte. Ltd. (SGX RegCo) as an independent regulatory subsidiary of SGX. SGX RegCo is appointing Professor Tan Cheng Han as chairman and will commence operations in the third quarter of 2017.
The formation of SGX RegCo is aimed at enhancing the governance of SGX as a self-regulatory organisation. It will make more explicit the segregation of SGX RegCo’s regulatory functions from SGX’s commercial and operating activities. SGX RegCo will undertake all front-line regulatory functions now undertaken by SGX’s Regulation unit and have a separate board of directors from SGX.
Professor Tan will step down from the boards of Chuan Hup Holdings Limited, Keppel Reit Management Limited, Global Yellow Pages Limited, Anwell Technologies Ltd and Singapore Technologies Marine Ltd, and the SGX Listings Advisory Committee of which he is deputy chairman, prior to the start of operations of SGX RegCo. The resignations ensure Professor Tan is independent of SGX, its members and any company listed on SGX. The abovementioned entities have been informed of Professor Tan’s intention to step down. Professor Tan will serve his notice of resignation to them and they will make the relevant announcements in due course.
Professor Tan is a Professor of Law at the National University of Singapore (NUS) and is currently chairman of the Centre for Law & Business at the NUS Faculty of Law. He was Dean of the NUS Faculty of Law from 2001 to 2011. Prior to NUS, he was a partner at the Singapore law firm Drew & Napier. He is currently a consultant at TSMP Law Corporation and on the panel of arbitrators for the Singapore International Arbitration Centre, the Shanghai International Arbitration Centre and the Kuala Lumpur Regional Centre for Arbitration. He was appointed Senior Counsel in 2004 and his practice focuses mainly on complex commercial disputes.
Professor Tan is also active in public service. He is a board member of the Accounting and Corporate Regulatory Authority, chairman of the Public Accountants’ Oversight Committee and a Council member of SportSG.
Professor Tan holds a Bachelor of Laws (Honours) degree from the National University of Singapore and a Master of Laws degree from University of Cambridge.
SGX Chief Regulatory Officer, Tan Boon Gin has been appointed as CEO and board member of SGX RegCo. Other directors are being identified and will be appointed to the SGX RegCo board in due course.
SGX RegCo CEO Tan Boon Gin said, “Professor Tan’s wide-ranging academic, corporate and legal experience will be invaluable in shaping the strategic direction and regulatory priorities of SGX RegCo. My team and I look forward to the counsel and insights of Professor Tan and the SGX RegCo board in carrying out our responsibility of ensuring a fair, orderly and transparent market.”
SGX RegCo Chairman Professor Tan said, “I am honoured to be offered the opportunity to chair SGX Regulation. A regulatory company independent of SGX, yet pragmatic and innovative, while also attuned to market developments, is a development the market is closely watching. I look forward to working with SGX RegCo as it crafts and implements market regulation that is both robust and dynamic.”
