SGX RegCo and Singapore Institute of Surveyors and Valuers enter into MOU to enhance real estate and land valuation standards
30 October 2019
On 15 October 2019, Singapore Exchange Regulation (“SGX RegCo”) issued a press release announcing that it had entered into a memorandum of understanding (“MOU”) with Singapore Institute of Surveyors and Valuers (“SISV”) to enhance real estate and land valuation standards.
Under the MOU, SGX RegCo may seek SISV’s advice on concerns about property valuation reports or disclosures on valuations made by listed companies or listing applicants. SISV will give expert advice and support on whether property valuation reports are conducted and prepared in accordance with its valuation reporting guide (launched in 2018 in collaboration with SGX RegCo) and applicable standards and practices guidelines.
SGX RegCo and SISV will also cooperate to set standards and guidance concerning real estate valuation and disclosures in the SGX Listing Rules or relevant codes and standards, where appropriate.
It was also announced that further to the 11 January 2019 memorandum of understanding between the Singapore Accountancy Commission (SAC) and SGX RegCo, an addendum was signed to provide for SGX RegCo to furnish case information to Institute of Valuers and Appraisers, Singapore (IVAS) to enable it to assess whether the codes and standards applied were upheld in the valuation of businesses. The collaboration will raise the standing of the valuation profession and the quality of valuations performed.
Allen & Gledhill Deputy Managing Partner Jerry Koh was a member of the SGX-SISV Working Committee on Valuation in 2017/2018.
The press release is available on the SGX website www.sgx.com by clicking here.