ACMF Drives Greater Connectivity Of ASEAN's US$3.5 Trn Capital Market

KUALA LUMPUR, Sept 2 (Bernama) -- The ASEAN Capital Markets Forum (ACMF) continues to drive greater connectivity of the region’s US$3.5 trillion (US$1 = RM4.20) capital market which aims to create more opportunities and avenues for ASEAN businesses and investors and contribute to regional growth and economic integration, according to the Securities Commission Malaysia (SC). Hosted by the SC, the 10 ASEAN capital market regulators gathered here Wednesday at its 23rd meeting. The Comission is currently the Chair of the ACMF, a high-level grouping of ASEAN capital market regulators created under the auspices of the ASEAN Finance Ministers to better integrate the region’s capital markets. The SC said ACMF Wednesday announced the implementation of the Streamlined Review Framework for the ASEAN Common Prospectus, with the launch of a handbook which details the operational aspects of the framework. Cross-border issuers can now enjoy a shorter time-to-market and faster access to capital across the region, it said. The SC; Monetary Authority of Singapore (MAS); Securities and Exchange Commission (SEC), Thailand; and the Singapore Exchange (SGX) had signed on to the framework in March this year. The SC said the meeting reviewed the progress of key initiatives under the ACMF, including the ASEAN common prospectus review framework, the corporate governance ranking of public-listed companies in the region, and the cross-border offering of ASEAN Collective Investment Schemes (CIS). The ASEAN capital market regulators also discussed the impact of recent market developments and the outlook for capital markets in the region, it said. The Commission said the framework for the cross-border offering of ASEAN CIS, which was operationalised in August 2014, had received good response from fund managers in the region, and to date 11 funds have been recognised as Qualifying ASEAN CIS by the current participating member countries, namelyMalaysia, Singapore and Thailand. Meanwhile, the ACMF finalised the ACMF Action Plan 2016-2020, developed in collaboration with regulators and market participants in the region, to set out the ACMF’s strategic objectives to achieve an interconnected, inclusive and resilient regional capital market for the next five years. The ACMF recognised that the attainment of the objectives of the Action Plan is dependent on the commercial viability of the initiatives and acceptance by the industry. The ACMF would therefore embark on a more focused engagement process in relation to the ACMF Action Plan with key stakeholders including major domestic industry players in the respective member countries. One of the key initiatives under the Action Plan is the ACMF Market Development Programme (A-MDP) to facilitate the development of member countries through various capacity building programmes. The A-MDP aims to enable inclusive participation of member countries in ACMF initiatives, as well as to cultivate domestic and regional regulatory expertise that will be recognised globally. The Action Plan will be presented to the ASEAN Finance Ministers for endorsement at its next meeting in 2016. More information on the ACMF and its initiatives can be found at the ACMF website www.theacmf.org. -- BERNAMA