The Monetary Authority of Singapore (MAS) and the Singapore Exchange (SGX) today jointly signed a Memorandum of Understanding (MOU) on the Expedited Review Framework for Secondary Listings.
The framework, which was endorsed by the ASEAN Finance Ministers in 2009, aims to speed up the processing of secondary listing applications together with the relevant disclosure documents.
It 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.
If they satisfy the requirements set out in the framework, applications will be reviewed by signatories of the MOU within a shortened time period of 35 business days compared to the normal review time of up to 16 weeks.
'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,' said Lee Chuan Teck, assistant managing director (capital markets group), MAS.
'We expect this will allow listed companies to leverage on ASEAN's growth potential and that our customers will have access to a wider choice of investment opportunities,' said SGX President Mr Gan Seow Ann.
Malaysia, Singapore and Thailand are the first three jurisdictions to sign the MOU.