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Regional Cooperation on Financial Initiatives

ASEAN Capital Markets Development and Integration

MAS supports the strong regional commitment to accelerate the establishment of the ASEAN Economic Community (AEC) by 2015 to transform ASEAN into a highly competitive economic region with a single market and production base. MAS, as chair of the Working Committee of Capital Markets Development under the ASEAN Finance Ministers' process, will work together with our counterparts in the region and the private sector to promote the strengthening and deepening of regional capital markets, by enhancing market linkages, market access and market liquidity.

MAS is also a member of the ASEAN Capital Markets Forum (ACMF). The bi-annual ACMF aims to promote greater capital market integration in ASEAN and provides a platform for securities regulators to discuss key regulatory and developmental issues in the region. The ACMF has developed an "Implementation Plan to Promote the Development of an Integrated Capital Market to Achieve the Objectives of the AEC Blueprint" (the Implementation Plan), which serves as a detailed roadmap containing specific initiatives and timelines to ensure ASEAN achieves greater capital market integration by 2015.

One initiative under the Implementation Plan is the ASEAN and Plus Standards Scheme. The Scheme aims to facilitate multi-jurisdictional offerings of plain equity and debt securities in ASEAN by allowing the issuer to comply with one single set of common prospectus disclosure standards, known as the "ASEAN Standards" which are based on the IOSCO Standards on Cross-Border Offerings, together with limited additional requirements prescribed by each jurisdiction, known as the "Plus Standards". The Scheme is envisaged to bring greater efficiency and cost-saving for issuers undertaking cross-border offerings. Malaysia, Singapore and Thailand were the first ASEAN jurisdictions to adopt the Scheme in June 2009.

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