MAS implements new scheme to enhance investing in ASEAN capital markets

Scheme takes effect April 2.

In a release, the Monetary Authority of Singapore (MAS) announced the implementation of the ASEAN Disclosure Standards Scheme (Scheme) for multi-jurisdiction offerings of equity and plain debt securities in ASEAN together with the securities regulators in Malaysia and Thailand.

The Scheme aims to facilitate fund raising activities as well as to enhance the investment opportunities within ASEAN capital markets. Issuers offering equity and plain debt securities in multiple jurisdictions within ASEAN will only need to comply with one single set of disclosure standards for prospectuses, known as the ASEAN Disclosure Standards, bringing about greater efficiency and cost savings to issuers.

The Scheme operates on an opt-in basis and ASEAN members will adopt the Scheme as and when they are ready to do so. Malaysia, Singapore and Thailand are the first three ASEAN jurisdictions to implement the Scheme.

The Scheme replaces the ASEAN and Plus Standards Scheme that was announced on 12 June 2009 and is one of the capital market initiatives undertaken by the ASEAN Capital Markets Forum (ACMF) as part of the regional capital market integration plan endorsed by the ASEAN Finance Ministers in April 2009 in Pattaya, Thailand.

The Scheme has been implemented in Singapore via the Securities and Futures (Offers of Investments) (Shares and Debentures) (Amendment No. 2) Regulations 2013 which will come into effect on 2 April 2013, with finer details of implementation discussed on the MAS website.