Malaysia, Singapore and Thailand to implement a streamlined review framework for applications to offer or lit securities in ASEAN

Stocks and Financial Services Press Releases Friday March 6, 2015 09:19
Bangkok--6 Mar--SEC

The ASEAN Capital Markets Forum (ACMF) announced that the Securities Commission Malaysia, the Monetary Authority of Singapore (MAS), the Securities and Exchange Commission, Thailand (SEC) and the Singapore Exchange (SGX) have signed a Memorandum of Understanding (MOU) to establish a Streamlined Review Framework for the ASEAN Common Prospectus. The Streamlined Review Framework is an initiative under the ACMF Implementation Plan endorsed by the ASEAN Finance Ministers in 2009. The Framework aims to facilitate cross-border offerings of Equity Securities and Plain Debt Securities in jurisdictions which are signatories to the MOU, in order to foster ASEAN capital markets integration.

Under the proposed Framework, the review process for a multi-jurisdiction offering of Equity Securities or Plain Debt Securities will be streamlined, as long as the Prospectus is prepared in accordance with the ASEAN Disclosure Standards. The Framework requires both Home and Host Authorities to complete the review process at the same time, within three to four months from the date of submission. This will enhance market efficiency as the time taken for the issuer to obtain approval to offer its securities in multiple jurisdictions would be shortened, providing more certainty to the issuer in terms of the time-to-market.

Malaysia, Singapore and Thailand are the first three jurisdictions to sign the MOU. Other securities regulators in an ASEAN jurisdiction may be included in the Framework when they meet the entry requirements. ASEAN exchanges with a substantial role in reviewing qualitative listing requirements may also sign the MOU along with the securities regulators in their jurisdictions.

The signatories to the MOU target to implement the Framework by the third quarter of 2015. They will jointly issue a handbook to provide guidance on the various administrative and procedural matters including the criteria for issuers, the application procedures and the review timeline.

Dr. Vorapol Socatiyanurak, SEC Secretary-General said, “The MOU is another significant accomplishment of the ACMF in developing ASEAN as an asset class. The achievement of a multi-jurisdiction securities offering will pave the way for an integrated ASEAN capital market and upcoming AEC. I also wish to encourage other ASEAN members to become signatories to this MOU to promote yet further fund raising opportunities in this region.”

Notes:
1. The ASEAN Capital Markets Forum (ACMF) is a high-level grouping of ASEAN securities regulators established under the auspices of the ASEAN Finance Ministers in 2004.
2. The Framework will apply to offers of shares and plain debt securities as defined in the ASEAN Disclosure Standards. (http://www.theacmf.org/ACMF/webcontent.php?content_id=00015)
3. More information on the ACMF Implementation Plan and the ASEAN Economic Community Blueprint 2015 can be found at http://www.theacmf.org/ACMF/report/ImplementationPlan.pdf
and http://www.asean.org/archive/5187-10.pdf.

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