SGX, MAS Sign MOU to Expedite ASEAN Secondary Listings’ Review Process

The Monetary Authority of Singapore (MAS) and the Singapore Exchange (SGX) Friday signed a Memorandum of Understanding (MOU) on the Expedited Review Framework for Secondary Listings.

The Expedited Review Framework is an initiative under the ACMF Implementation Plan endorsed by ASEAN (Association of Southeast Asian Nations) Finance Ministers in 2009.

The objective of the Framework is to speed up the processing of secondary listing applications together with relevant disclosure documents.

This Framework is available to incorporated corporations whose shares are primarily listed on the main market of an exchange in jurisdictions that are signatories to the MOU.

If 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 days compared with the normal review time of up to 16 weeks.

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 MOU on the Expedited Review Framework for Secondary Listings as and when they are able to satisfy the Framework’s requirements.

Lee Chuan Teck, Assistant Managing Director (Capital Markets Group) of MAS, said: “The signing of the MOU indicates the commitment of ASEAN jurisdictions to work towards integrating our capital market. We hope that the Expedited Review Framework will encourage more listed companies to seek cross-listings in the region to broaden their investor base. With more cross-listings, investors in the region will have easier access to a broader choice of investments.”