SGX sought feedback, views and suggestions from the public on SGX’s proposal to introduce a primary listing framework for Special Purpose Acquisition Companies (“SPACs”) in Singapore, to list on the Mainboard of Singapore Exchange Securities Trading Limited (“SGX-ST”) (“SPACs Framework”) and lays out possible proposals and safeguards for minority investors.

In preparation of this response, CFA Society Singapore and CFA Institute held two virtual roundtable discussions, on 19 and 20 April 2021, to gather insight and views from members of CFA Society Singapore and financial professionals with relevant expertise. CFA Society Singapore also gathered views from its members via an online survey. The insight gathered during those events informed our analysis of the relevant issues.

The responses to the questions that follow are rooted in the principles of promoting market integrity and investor protection, which guide our advocacy efforts globally. They take into account relevant regulations and practices in other markets, while aiming to reflect the characteristics of the Singapore financial market and its prominent role in the region. Selected views offered by the participants in the virtual roundtable discussions are presented together with the response by CFA Society Singapore and CFA Institute, to reflect the breadth of opinions.