The Singapore Exchange will establish a separate new subsidiary company to perform its “front-line” regulatory functions. Its objective is to make “more explicit the segregation of its regulatory functions from its commercial and operating activities.” Under its plans, SGX’s new regulatory functions’ entity will have a board of directors different from that of SGX, and the chairman of the new entity’s board and a majority of its members will be independent. According to the Monetary Authority of Singapore, SGX’s actions will be “an important step in strengthening the safeguards to manage potential conflicts of interest between SGX’s commercial and regulatory roles.”