Friday, June 12, 2009

Thailand and Singapore to develop joint securities offerings

Business Times

SC in cross-border securities offering scheme

THE Securities Commission (SC) together with securities regulators in Singapore and Thailand have implemented the Asean and Plus Standards Scheme for the cross-border offering of securities.

The scheme, developed by the Asean Capital Markets Forum, will facilitate multi-jurisdictional offerings of equity and debt securities in the region, the SC said in a statement today.

Multi-jurisdictional offerings are the offering of securities by an issuer, who is either based in Asean or outside Asean, to more than one country within the region.

The scheme now enables issuers in Malaysia, Singapore and Thailand to comply with just one set of common disclosure standards (Asean Standards) with limited additional requirements prescribed by the respective jurisdictions (Plus Standards).

Prior to this, issuers have to comply with different disclosure standards in the three markets.

"The implementation of the scheme is an important step towards creating a more efficient environment for access to capital across Asean," said SC chairman Tan Sri Zarinah Anwar.

"By allowing consistency of information in multi-jurisdictional offering documents, the scheme will aid investors in making informed decisions and provide them with greater investment choices," she said.

The Asean Standards are based on the standards on cross-border offerings developed by the International Organisation of Securities Commissions.

The standards also fully adopt the accounting and auditing standards of the International Financial Reporting Standards and International Standards on Auditing. -- Bernama

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