Kuala Lumpur, 16 March 2012
ASEAN corporations to enjoy expedited review of secondary listings
The ASEAN Capital Markets Forum (ACMF)1 announced today that the securities regulators and stock exchanges of Malaysia, Singapore and Thailand have signed a Memorandum of Understanding (MOU) on Expedited Review Framework for Secondary Listings.
The Expedited Review Framework is an initiative under the ACMF Implementation Plan endorsed by the ASEAN Finance Ministers in 2009. The objective of the Framework is to speed up the processing of secondary listing applications together with the relevant disclosure documents. This Framework is available to corporations which are incorporated and whose shares are primarily listed on the main market of an exchange in jurisdictions which are signatories to the MOU. Where corporations satisfy the requirements set out in the Framework, signatories to the MOU will review these applications within a shortened time period of 35 business days2.
Malaysia, Singapore and Thailand are the first three jurisdictions to sign the MOU. Other securities regulators and stock exchanges of ASEAN jurisdictions may join the Framework by signing the Memorandum of Understanding on Expedited Review Framework for Secondary Listings as and when they are able to satisfy the requirements of the Framework.
Tan Sri Zarinah Anwar, Chairman of the Securities Commission Malaysia said “The framework will foster greater capital market integration in the region and promote ASEAN as a global fundraising destination. This initiative represents another significant achievement on the part of the ACMF in promoting a facilitative and efficient environment for greater intra-ASEAN activities”.
Bursa Malaysia Chief Executive Officer Dato’ Tajuddin Atan said, “Bursa Malaysia is proud to be among the signatories to have arrived at this significant milestone in the ACMF Implementation Plan. The signing today of the MoU signifies our commitment to facilitate the expedited review of applications for secondary listing and to the integration of the ASEAN capital markets.”
The Expedited Review Framework for Secondary Listings is expected to encourage more listed companies to seek cross-listings in the region as a means of broadening their investor base.
More information on the ACMF Implementation Plan can be found at http://www.theacmf.org/ACMF/report/ImplementationPlan.pdf.
(From left to right): Chanitr Charnchainarong, Executive Vice President (The Stock Exchange of Thailand), Dr. Vorapol Socatiyanurak, Secretary-General (Securities and Exchange Commission Thailand), Tan Sri Zarinah Anwar, Chairman (Securities Commission Malaysia), Lee Chuan Teck, Assistant Managing Director, Capital Markets Group (Monetary Authority of Singapore), Dato’ Tajuddin Atan, Chief Executive Officer (Bursa Malaysia Berhad), Gan Seow Ann, Chief Executive Officer (Singapore Exchange Securities Trading Limited)
SECURITIES COMMISSION MALAYSIA
The ASEAN Capital Markets Forum (ACMF) is a high-level grouping of ASEAN securities regulators established under the auspices of the ASEAN Finance Ministers in 2004.
This is about 7 weeks, as compared to the normal timeframe of up to 16 weeks.