Date Issued: 8 March 2006
Date Closed: 28 March 2006
Status: Completed

SGX SEEKS VIEWS ON PROPOSED LISTING RULES FOR HEDGE FUNDS

The Singapore Exchange Ltd (the “Exchange”) intends to introduce a listing framework for hedge funds seeking a listing on the Exchange. As hedge funds have different characteristics and risk structures compared to a typical investment fund, it is proposed that the listing of hedge funds be regulated within the existing framework for investment funds (that is, Chapter 4 of the Listing Manual) with necessary adaptations and amendments.

A hedge fund must be: a) authorized or recognized under section 286 or 287 of the Securities and Futures Act; or b) its units must be offered only to institutions and/or accredited investors. Similar to an investment fund, a hedge fund must meet the minimum asset size requirements of Rule 404. A hedge fund denominated in Singapore Dollars must have a minimum asset size of at least S$20 million while a hedge fund denominated in a foreign currency must have a minimum asset size of at least US$20 million.

While a hedge fund eligible for a listing will be admitted to the Official List of the Exchange, there will be no trading in its units on the Exchange.

The consultation paper will be available from 8 March 2006 onwards. Market participants and members of the public can forward their feedback and suggestions on the proposed changes between now and 28 March 2006 via:

Email:	lm@sgx.com
Post/Courier:	Singapore Exchange Limited 2 Shenton Way, SGX Centre 1 #19-00, Singapore 068804
Attn:	Ruth Tan Issuer Regulation
Fax:	6535 7919

SGX Consultation Paper - 8 March 2006
Title	(In PDF)
Proposed Listing Rules For Hedge Funds