SGX RegCo Announces Leadership Change: Dr Sung Cheng Chih Appointed Chairman

Key Points from the Announcement

• Leadership Transition: Dr Sung Cheng Chih has been appointed as the new non-executive and independent chairman of Singapore Exchange Regulation (SGX RegCo) effective 1 January 2026.
• Outgoing Chairman: Professor Tan Cheng Han will step down after almost nine years of service as chairman. He played a critical role as the first chairman, guiding SGX RegCo from its inception.
• Background of New Chairman: Dr Sung has significant investment and risk management experience, having started his career at GIC and later co-founding Avanda Investment Management. He holds advanced degrees in mathematics from the University of Waterloo and the University of Minnesota.
• SGX RegCo’s Role: SGX RegCo is the independent regulatory arm of the Singapore Exchange, responsible for frontline regulatory functions, market supervision, and policy development.
• Recognition: SGX RegCo has been named “Exchange of the Year” five times by Regulation Asia, reflecting its commitment to market integrity.

Details Investors Should Note

Potential Price Sensitivity:

• The leadership transition at SGX RegCo is significant, as the chairman influences regulatory policy, market integrity, and confidence in Singapore’s capital markets.
• Dr Sung’s deep experience in risk management and asset management could signal a continued or enhanced focus on robust market governance and regulatory rigor.
• The announcement references the ongoing implementation of the Equities Market Review Group’s (EMRG) recommendations under Dr Sung’s leadership, which may introduce new regulatory frameworks or market developments. This could potentially impact listed companies, market practices, and investor sentiment.

In-Depth Coverage

About the Outgoing Chairman – Professor Tan Cheng Han:
Professor Tan, who will step down at the end of 2025, has been instrumental in shaping SGX RegCo’s reputation as a trusted independent regulator. Under his leadership, SGX RegCo has driven governance improvements, board renewal, and greater diversity. Professor Tan is currently Chief Strategy Officer at the NUS Faculty of Law and a Senior Consultant at Wong Partnership LLC, with academic credentials from NUS and Cambridge.

Incoming Chairman – Dr Sung Cheng Chih:
Dr Sung brings over a decade of experience in major financial institutions. He served as Chief Risk Officer at GIC, one of the world’s largest sovereign wealth funds, and later co-founded Avanda Investment Management, a global asset manager based in Singapore. His expertise in mathematics and financial markets is expected to support SGX RegCo’s mission to maintain and enhance market discipline.

Key Quotes:

• Professor Tan: “SGX RegCo is today seen as a trusted independent regulator, driving governance improvements and greater investor participation. We have etched a path towards more market discipline, board renewal and diversity. I am confident Cheng Chih will lead SGX RegCo in making further inroads as a market regulator and developer.”
• Dr Sung: “To chair the board of SGX RegCo is a unique opportunity. The company’s policies and actions are closely tied to the reputation and confidence in Singapore’s capital markets. I will do my best to steer RegCo as it implements the EMRG’s recommendations aimed at further enhancing and developing our marketplace.”

About SGX RegCo:
SGX RegCo is responsible for admitting and supervising issuers, intermediaries, and Catalist sponsors; monitoring trading and disclosures; and developing policies and products based on market feedback. It also runs a Whistleblowing Office for regulatory issues and a Sustainable Development Office dedicated to ESG-related regulation.

Implications for Shareholders

This leadership change is noteworthy for shareholders, as the direction of SGX RegCo’s regulatory stance can influence market practices, investor confidence, and the broader investment climate in Singapore. The implementation of EMRG’s recommendations, overseen by Dr Sung, may result in further regulatory reforms that could impact listed companies and market operations. Shareholders should monitor future communications from SGX RegCo for any policy changes or regulatory updates that could affect their investments.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should conduct their own research or consult a qualified advisor before making any investment decisions. The opinions expressed herein are based on publicly available information as of the date of publication and may be subject to change without notice.

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