MAS joins in implementation of the ASEAN and Plus Standards Scheme to promote ASEAN capital markets

Singapore, 12 June 2009…The Monetary Authority of Singapore (MAS) today announced the implementation of the ASEAN and Plus Standards Scheme (Scheme) for multi-jurisdiction offerings of securities in ASEAN. 

2   The Scheme will be implemented in Singapore via the Securities and Futures (Offers of Investments) (Shares and Debentures) (Amendment) Regulations 2009 which will come into effect on 19 June 2009. Under the Scheme, issuers making an “ASEAN Offering ” of plain equity or debt securities  will be required to comply with a set of common disclosure requirements known as the ASEAN Standards, and limited additional requirements, known as the Plus Standards, prescribed by the respective jurisdictions. In Singapore, issuers will be required to comply with the ASEAN Standards and the Singapore’s Plus Standards.

3   The ASEAN Standards are based on the international standards on cross-border offerings of the International Organisation of Securities Commissions and fully adopts the International Financial Reporting Standards and the International Standards on Auditing. The Scheme operates on an opt-in basis and ASEAN members will adopt the Scheme as and when they are ready to do so. Singapore, Malaysia and Thailand are the first three ASEAN jurisdictions to implement the Scheme.

4   The Scheme seeks to bring about efficiency and cost savings to ASEAN and non-ASEAN issuers offering securities in multiple jurisdictions within ASEAN. By doing so, the Scheme aims to facilitate fund raising activities within ASEAN, as well as to enhance the visibility of ASEAN capital markets as an attractive investment destination for global investors.

5   More information on the Scheme can be found on MAS’ website at www.mas.gov.sg. Details on the implementation of the Scheme in Malaysia and Thailand can be found at the websites of the Securities Commission Malaysia (www.sc.com.my) and the Securities and Exchange Commission, Thailand (www.sec.or.th), respectively.

***