Issuer-sponsored research in Singapore

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Singapore – The Securities Investors Association of Singapore (SIAS) is collaborating with NRA Capital to provide free, issuer-sponsored research reports to the public.

The companies being studied will have to pay a fee under a program called the SIAS-NRA Corporate Initiated Research (SNCIR). The program, administered by SIAS, will produce analysis reports with investment calls on companies. It will also give the public free access to investment seminars every quarter. SNCIR has signed up 14 companies since November 2009, and expects to add 20 more over the next few weeks, reaching 80 to 100 covered companies within the next 12 months.

Some steps are being taken to preserve independence: Companies can choose to have either SIAS Research or NRA Capital or both houses conduct the research; however, if they choose just one, the management committee of the program will assign either SIAS or NRA Capital to research the company. This decision on allocation of the company to the research provider is final. The committee will also deal with disputes and complaints.

The London Stock Exchange announced a similar scheme in partnership with IIIR in 2008, and NASDAQ OMX signed a deal with Morningstar to provide issuer-sponsored research earlier this year.

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