新加坡金管局扩大股权市场发展计划 | 合规要点与企业应对
作者：东南亚合规中心编辑团队
TL;DR · 核心要点
新加坡金融管理局（MAS）宣布扩大股权市场发展计划（EMDP），旨在提升本地资本市场深度、流动性及国际竞争力。该计划强化对首次公开募股（IPO）、二级市场交易、ESG披露及跨境上市的支持。关键合规信息包括：1）符合条件的本地及外资券商可申请EMDP资助，覆盖承销、研究、投资者教育等费用；2）新上市企业须符合更新后的《上市手册》第2章披露要求，含气候相关财务披露（TCFD/ISSB标准）；3）保荐人须完成MAS认可的持续专业培训（CPT）并每两年报备。该政策不设强制生效日期，但资助申请自2024年7月1日起开放。对企业影响：中资拟上市企业需提前6个月启动ESG鉴证准备；跨境券商应于2024年Q3前完成MAS指定培训认证；参与IPO承销的机构须在提交资助申请前取得MAS预审函。
✅ 合规行动清单 · Compliance Checklist
- ›向MAS提交EMDP资助预审申请，并确保承销协议签署后30日内完成正式申报
- ›聘请MAS认可的可持续发展鉴证机构，为拟上市企业提供TCFD/ISSB标准气候披露报告（至少提前6个月启动）
- ›指定保荐代表人完成MAS注册CPT课程，并于2024年9月30日前向MAS提交首份合规声明
- ›Submit EMDP pre-approval request to MAS and file full grant application within 30 days of underwriting agreement execution
- ›Engage a MAS-recognized sustainability assurance provider to produce ISSB-aligned climate disclosures—at least 6 months prior to IPO filing
- ›Enroll designated sponsors in MAS-registered CPT and submit first compliance declaration to MAS by 30 September 2024
English Summary
The Monetary Authority of Singapore (MAS) has expanded its Equity Market Development Programme (EMDP) to strengthen IPO pipelines, secondary market liquidity, and ESG-aligned disclosures. Key compliance requirements include: (1) Eligible domestic and foreign securities firms may apply for EMDP grants covering IPO underwriting, equity research, and investor outreach costs—applications open from 1 July 2024; (2) New listings must comply with enhanced disclosure rules in Chapter 2 of SGX’s Listing Manual, including climate-related financial disclosures aligned with ISSB standards; (3) Sponsor firms must complete MAS-recognized Continuing Professional Training (CPT) and submit biennial compliance reports. Foreign businesses—including China-based issuers and global investment banks—are affected. No statutory effective date applies, but grant applications require pre-approval letters from MAS. Practical implications: Non-Singapore issuers should engage MAS-registered sustainability assurance providers at least six months pre-filing; foreign brokers must complete MAS CPT by Q3 2024; all grant applicants must secure MAS pre-approval before submission.
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