Accounting and Corporate Regulatory Authority (ACRA)

Global Economy

Briefs: Bitcoin surpasses US$60,000; large private companies must report annual climate-related disclosures

In other news, Hong Kong's Financial Secretary Paul Chan announced the scrap of property curbs this week.
Large private companies must report annual climate-related disclosures from FY2027: Acra, SGX RegCo - THE EDGE SINGAPORE

Environmental, Social and Governance

Large private companies must report annual climate-related disclosures from FY2027: Acra, SGX RegCo

Acra will review the experience of listed issuers and large private companies before introducing requirements for other firms.
Listcos have begun climate-related disclosures, but reports largely unaudited: EY - THE EDGE SINGAPORE

Environmental, Social and Governance

Listcos have begun climate-related disclosures, but reports largely unaudited: EY

Climate-related disclosures are mandatory for agriculture, food and forest products; energy; and financial listcos from FY2022.
ISSB standards 'best chance we have' of consistent sustainability reporting: SGX RegCo - THE EDGE SINGAPORE

Environmental, Social and Governance

ISSB standards 'best chance we have' at consistent sustainability reporting: SGX RegCo

Corporates and investors now have a common language to disclose the effects of climate-related risks and opportunities.
Private companies with $1 bil annual revenue could face mandatory climate reporting from FY2027: Acra, SGX RegCo - THE EDGE SINGAPORE

Environmental, Social and Governance

Private companies with $1 bil annual revenue could face mandatory climate reporting from FY2027: Acra, SGX RegCo

Acra and SGX RegCo have launched a public consultation on recommendations to mandate climate-related disclosures from firms.
Hyflux's former CEO, CFO and independent directors charged with offences under SFA and CA - THE EDGE SINGAPORE

Company in the news

Hyflux's former CEO, CFO and independent directors charged with offences under SFA and CA

DBS Bank was also probed for its role as issue manager in Hyflux's 2011 fundraising but no further action will be taken
SGX audit, property valuation changes positive, but implementation may be challenging - THE EDGE SINGAPORE

Regulatory Action

SGX audit, property valuation changes positive, but implementation may be challenging

Overall, market observers are positive on the new audit and property valuation requirements of SGX-listed companies.
MAS steps up enforcement actions against market abuse and financial misconduct - THE EDGE SINGAPORE

Regulatory Action

MAS steps up enforcement actions against market abuse and financial misconduct

MAS said in its 2019-2020 enforcement report they have imposed $11.7 million in civil penalties and 9 convictions for misconduct.
Association of Banks in Singapore to develop code of best practices to strengthen commodity financing standards in Singapore: Chan Chun Sing - THE EDGE SINGAPORE

Singapore economy

Association of Banks in Singapore to develop code of best practices to strengthen commodity financing standards in Singapore: Chan Chun Sing

The commodities trading industry will be partnered with two key initiatives to increase banking confidence in the industry.

Regulatory Action

Companies, foreign companies, and LLPs to file information in ACRA’s Central Register of Controllers in end July

Starting July 30, all companies, foreign companies, and limited liability partnerships (LLPs) will be required to file the information in their RORC to ACRA's Central Register of Controller.
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