willtransfer its regulatory functions to a separate subsidiary, confirming anearlier report.
The boursesaid July 18 that it will establish the subsidiary company to handle all of itsfront-line regulatory functions. The exchange plans to set up the unit by thesecond half of 2017.
Thesubsidiary will have its own set of directors, the majority of which will beindependent of SGX and its regulated subsidiaries, as well as any othercorporation listed on the exchange.
SGX's chiefregulatory officer will be the CEO of the subsidiary and will report directlyto the unit's board. Tan BoonGin holds that position, according to the exchange's website.
The movewill explicitly separate the SGX's commercial and operating activities from itsregulatory functions. It will continue to be regulated by the MonetaryAuthority of Singapore.
SGX haltedthe trading of its shares before the market opened July 18 pending anannouncement regarding its regulatory functions.