ASEAN To Implement Streamlined Review Framework For Common Prospectus

KUALA LUMPUR, March 3 (Bernama) -- Four Asean regulators Tuesday signed a memorandum of understanding (MOU) to establish a Streamlined Review Framework for Asean Common Prospectus. The four are the Securities Commission of Malaysia (SC), Monetary Authority of Singapore (MAS), Securities and Exchange Commission, Thailand (SEC) and the Singapore Exchange (SGX). The Streamlined Review Framework, an initiative under the Asean Capital Markets Forum (ACMF) Implementation Plan endorsed by Asean finance ministers, aims at expediting the review of prospectuses registered in the respective Asean jurisdictions. SC chairman, Ranjit Singh, said these would enhance Asean's attractiveness as a fund-raising centre. "Under the framework, issuers planning to offer or list equity or plain debt securities can now expect a shorter time-to-market and faster access to capital across signatory countries through a streamlined review process," he said at the signing ceremony here Tuesday. Ranjit signed for SC, while MAS was represented by its assistant managing director (capital market), Lee Boon Ngiap, SEC by its deputy secretary-general, Tipsuda Thavaramara, and SGX by its chief executive officer, Magnus Bocker. Also present at the ceremony were senior Asean regulators and representatives from regional bodies. It was held in conjunction with the 22nd ACMF meeting here, hosted by the SC, the current chair for ACMF. The MOU signatories target to implement the framework by the third quarter of 2015 with a handbook to be jointly issued. The handbook will provide guidance on the various administrative and procedural matters including the criteria for issues, the application procedures and the review timeline. Ranjit said the pre-condition to participate as the signatories was that the regulator member must first be a member of the International Organisation of Securities Commissions, the global body of capital market regulators. "The MOU is important as it will enable participating members to have cross-border supervision capability. "Other member countries (Asean) are keen to participate. The Indonesian and the Philippine regulators are preparing themselves to join. I believe by year-end, we will see others joining us," Ranjit said. -- BERNAMA