SERVING THE PUBLIC,

ENGAGING STAKEHOLDERS

PROTECTING CONSUMERS
ENHANCING PROSPECTUS DISCLOSURE RULES FOR SECURITIES OFFERS

Improving the Readability of Prospectuses
In February 2015, MAS issued a consultation paper proposing guidelines on good drafting practices for prospectuses. The guidelines encourage the use of plain English and presentation of information in prospectuses in a clear, concise and logical manner. Further, MAS published the guidelines to implement proposals on the product highlight sheets (the extended PHS guidelines) for offers of plain vanilla debt securities, equity securities and preference shares, perpetual securities and convertible bonds (hybrid instruments). The extended PHS guidelines apply to prospectuses and offer information statements lodged with MAS on or after 1 June 2015. These guidelines will improve the readability of prospectuses and help retail investors better understand the key information in prospectuses. This will empower investors to make informed investment decisions.