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Singapore bourse scraps quarterly reporting rule for most listed companies

Singapore's stock exchange will no longer require listed companies to report earnings on a quarterly basis unless they are "associated with higher risks."

Singapore Exchange Regulation Pte. Ltd. said that from Feb. 7 listed companies will still have to report quarterly financials if their auditors issued adverse or qualified opinion or expressed a material uncertainty on their latest financial statements. Listed companies that have had material disclosure breaches or other regulatory concerns will still be subject to the quarterly reporting requirements too, according to a Jan. 9 release.

Other listed companies will only be required to disclose their financials on a semiannual basis, although they are encouraged to provide voluntary business updates between their half-yearly reports.

Currently, listed companies must report quarterly financials if their market capitalization exceeds a certain threshold, regardless of their risks.

The change will align the Singapore bourse with other major markets such as London, Hong Kong and Australia, as it will target companies that are of greatest concern to regulators and investors, according to the release.

In addition, the exchange operator said it is strengthening disclosures requirements in other areas such as interested person transactions, significant financial assistance, significant transactions and secondary fundraising.

The regulator also issued new guidance on matters requiring timely disclosure of material information such as making immediate announcements on changes in a company's near-term earnings guidance or ongoing developments.