The ASEAN and Plus Standards Scheme was developed by the ASEAN Capital Markets Forum (ACMF) to facilitate cross-border offerings of securities within the ASEAN region. The Scheme brings ease and cost savings to issuers who make offerings of securities across borders within ASEAN.
The Scheme therefore enhances the attractiveness of ASEAN as a combined capital market for fund-raising, as well as underlines the combined ASEAN securities as an attractive asset class by raising the disclosure standards among ASEAN members to international level.
Scope of the ASEAN and Plus Standards Scheme
The ASEAN and Plus Standards Scheme will apply:
|1.||To multi-jurisdiction offerings within ASEAN of plain equity and debt securities that require the registration of prospectuses or registration statements.|
|2.||To all issuers, ASEAN and non-ASEAN alike, making such offerings within ASEAN.|
The ASEAN and Plus Standards Scheme (the Scheme)
The Scheme introduces two levels of Standards, comprising a set of common ASEAN Standards, and a set of limited additional standards known as the Plus Standards.
|1.||The ASEAN Standards are based on the standards on cross-border offerings set by the International Organization of Securities Commissions (IOSCO). However, the ASEAN Standards do exceed some of the dated IOSCO standards where appropriate. They also fully adopt the accounting and auditing standards of the International Financial Reporting Standards (IFRS) and International Standards on Auditing (ISA).|
|2.||The Plus Standards contain additional standards that are required by some ASEAN jurisdictions due to their individual market practices, laws or regulations.|
The ASEAN and Plus Standards’ Documents
The following documents are details of the ASEAN and Plus Standards of Malaysia.
|Equity Securities||Debt Securities|
|1.||ASEAN Equity Securities Disclosure Standards||1.||ASEAN Debt Securities Disclosure Standards|
|2.||Supporting documents required to submit to the SC|
|1.||The ASEAN and Plus Standards are based on:|
|a.||IOSCO’s International Disclosure Standards for Cross-Border Offerings and Initial Listings by Foreign Issuers (1998), on which the ASEAN Standards for the offerings of equity securities are based, and|
|b.||IOSCO International Disclosure Standards for Cross-border Offerings and Listings of Debt Securities by Foreign Issuers (2007) on which the ASEAN Standards for the offerings of debt securities are based.|
|2.||The scheme does not apply to the following securities:|
|a.||Options, warrants or any other rights or interests in shares or debt securities; or|
|b.||Debt securities that are not plain-vanilla.|