CFA Society Singapore

A Member of the CFA Institute Global Network of Societies

​​​​​​Advocacy Committee​

Co-Chairperson : Tan Lay Hoon, ​CFA / Daryl Liew, CFA

​Overview
The Advocacy Committee (AC) is directed to be a proactive thought leader by addressing the issues of integrity and ethics in the financial services industry and in the behaviour of investment professionals in Singapore.

The committee works with local partners to run programs to educate the public on the rewards and risks when investing as well as roundtable sessions with industry luminaries to debate self-regulation and best practice for the benefit of the investment community. Other activities include responding to changes being considered by the regulator on behalf of our members.

Mission / Objectives
  1. Promote professional standards and ethical investment industry practices for members;
  2. Improve information flows to investors;
  3. Advise policy makers on investors' views;
  4. Speak out for members on key market issues;
  5. Provide research and thought leadership.

Scope / Processes

To achieve the above mission, the means and role of the local society are as follows:-

  1. Liaise with CFA Institute on advocacy issues;
  2. Update society board and members;
  3. Gather local feedback and develop a key contact list of decision makers;
  4. Promote the CFA brand and CFA Institute Codes, Standards and positions;
  5. Develop and implement a local advocacy plan;
  6. Collaborate with public awareness on media outreach.

In deciding whether to undertake any particular initiative, the AC will consider the following characteristics to produce the greatest benefits to CFA Singapore and CFA Centre for Financial Market Integrity, its membership, the capital markets, and the investment community.

  1. Level of importance to our membership
  2. Ability to promote high standards of ethical and professional conduct in the investment industry consistent with the CFA Institute Code of Ethics and Standards of Professional Conduct, and other relevant standards; potential implications for the investment profession;
  3. Opportunity to address issues of investor protection or transparency of disclosure and to lead and engage in public debate on current and emerging policy issues and to significantly and positively influence the outcome;
  4. Recognized as an important source for providing the views of investment professional practitioners;
  5. Importance of issues in light of current and developing market conditions, legislation, regulations, or actions by standard-setting bodies.
     

The Advocacy Committee will selectively focus on initiatives falling within the above criteria and selectively support requests for opinion from local regulators or affiliated societies within the scope of the above.

correct as of 5 April 2017

 Publications

Response to Consultation Papers
Proposed Regulatory Regime for Managers of Venture Capital Funds (Consultation Paper No. P004 - 2017​)
MAS intends to simplify the admission requirements and authorisation process for VC managers, in view of recent market development, and MAS' assessment of the lower risk of business and market conduct issues associated with VC managers.​
​​Click here to view the response

Possible Listing Framework for Dual Class Share Structures (April 2017)
CFA Singapore welcomes the opportunity to participate in this MAS consultation pa​per​​ on whether a dual class share (DCS) structure where certain shares have higher voting rights than others, should be introduced and if so, what safeguards might be appropriate.​

CFA Singapore's Advocacy Committee had carried out a survey​ to seek members' views on Dual Class Share structures. Based on the feedback from the survey, a response to this consultation paper has been submitted.​

Facilitating Securities-Based Crowd Funding (Consultation Paper No. P005-2015) 
CFA Singapore welcomes the opportunity to participate in this MAS consultation paper. We welcome the proactive efforts undertaken by MAS in addressing this subject matter and in seeking public consultation prior to implementing the proposed regulation.

In formulating our views and response, CFA Singapore also enlisted the views of CFA Institute to draw on the various experiences in the implementation of the regulation and/or guidelines on crowd funding in Europe and Americas. Please find our consolidated comments to the consultation paper in the attached document.
Click here to view the response

Initiatives to Improve Retail Access to Debt Securities (Consultation Paper No. P026-2014)
CFA Singapore welcomes the opportunity to participate in these follow up consultation papers on facilitating bond offerings to retail investors and initiatives to improve retail access to debt securities in Singapore. Please find the comments in the attached document.

Enhancements to the Regulatory Regime Governing REITs and REIT Managers (Consultation Paper No. P023-2014)
CFA Singapore welcomes the opportunity to participate in this MAS consultation paper. We commend the Monetary Authority of Singapore ("MAS") for this set of comprehensive proposals to enhance the regulatory regime governing REITs and REIT Managers. Many of the proposals made are in line with the recommendations put forth in the CFA Institute report of February 2011 titled "Asia-Pacific REITs –Building Trust through Better REIT Governance". Please find the report by CFA Institute HERE.
Click here to view the response​​

Facilitating Bond Offerings to Retail Investors (Consultation Paper No. P020-2014)
CFA Singapore welcomes the opportunity to participate in this MAS consultation paper on facilitating bond offerings to retail investors in Singapore. We commend the Monetary Authority of Singapore (“MAS”) and Singapore Exchange (“SGX”) for this initiative to both facilitate bond offerings to retail investors and improve retail access to debt securities. Please find the consultation paper by Singapore Exchange HERE.

Proposals to Enhance Regulatory Safeguards for Investors in Capital Markets (Consultation Paper No. P012-2014)
CFA Singapore welcomes the opportunity to participate in this MAS consultation paper to enhance regulatory safeguards for investors in capital markets in Singapore. We commend the Monetary Authority of Singapore (“MAS”) for the comprehensive work done in drawing up the consultation paper.

Review of Securities Market Structure and Practices (Consultation Paper No. P001-2014)
CFA Singapore and CFA Institute welcome the opportunity to participate in this  MAS consultation paper to improve market functions and trading practices in the securities market in Singapore. We commend both Monetary Authority of Singapore (“MAS”) and Singapore Exchange Limited (“SGX”) for the comprehensive review in response to changes in market conditions.

We are pleased to share our comments relating to the proposals on improving transparency of trading restrictions imposed by securities intermediaries (Proposal 4), reinforcing the listing process of SGX and strengthening existing enforcement framework (Proposal 5). Please find the comments in the attached document. Following this, further discussion were made, please find the additional comments in the attached document.
Click here to view the response

Other Publications
Non-Preemptive Share Issues in Asia: Role of Regulation in Investor Protection 

In this report, we review the regulations governing non-preemptive share issuance based on general mandates across four major jurisdictions in Asia (Hong Kong, Singapore, Thailand, and Malaysia). We then compare these market practices with the UK regulations of preemption and highlight the differences between the two groups. Our objective is to create awareness among investors, regulators, and company management and to draw a broad consensus on the principle of preemption. This report is part of our continued effort to raise the bar on corporate governance principles in Asia and to build trust and transparency among the various stakeholders in Asia’s capital markets.

CFA Institute - Padma Venkat, CFA; Kurt N. Schacht, JD, CFA; Robert W. Dannhauser, CFA; Tony Tan, DBA, CFA

To read the full report, please click HERE.

Global Market Sentiment Survey 2013 Results
The CFA Institute Global Market Sentiment Survey (GMSS) collects feedback from CFA Institute members on market sentiment, performance, and market integrity issues for a given year.

For the complete GMSS 2013 results, please click HERE.