Dear Sir

I refer to "Let's not make an Opera out of IPOs" (BT, June 28) is incorrect in claiming that poison pen letters have caused unnecessary delays in the public offering process of many companies.

2   MAS carefully assesses the merits of any comments we receive before deciding whether follow-up action is necessary.  We do not act on feedback that is unsubstantiated or malicious. Of the comments that we receive through OPERA, only a small percentage are complaints that require follow-up.

3   On balance, we believe that the public exposure process has been useful in alerting us to deficient prospectuses and IPOs that could have an adverse impact on the public.  Adequate checks are in place to prevent potential abuses. Under the Securities and Futures Act, it is an offence for any person to provide false or misleading information to MAS.

4   Professionals who have conducted the proper due diligence, addressed all material issues and made proper disclosures in lodged prospectuses are unlikely to have their IPOs' time to market adversely affected by the discipline of public exposure.

Angelina Fernandez (Ms)
Director (Communications)
Monetary Authority of Singapore