The Efficacy of Securities Investors' Rights in Singapore

Abstract

Despite a steady trickle of enforcement actions taken against market misconduct by the Singapore regulators, no securities class actions have arisen out of these enforcement actions, which have ranged from misleading statements and market manipulation to the failure to comply with on-going disclosure obligations. This article examines whether the paucity of securities class actions might be attributable to the nature of the rights that securities investors possess. In doing so, the analysis reveals answers to an important theoretical question - the extent to which current rights protect the securitiesinvestor's interest in the fair and accurate pricing of securities.