Singapore, Malaysia, Thailand sign deal on common market rules

SINGAPORE - The Association of Southeast Asian Nations has moved one step closer to integrating its capital markets, with Singapore, Malaysia and Thailand agreeing to set up a framework for cross-border offering in securities.

The Monetary Authority of Singapore, Singapore Exchange, and market regulators from Malaysia and Thailand signed a memorandum of understanding on the Streamlined Review Framework for the ASEAN Common Prospectus.

Under the framework, when a company offers shares or bonds in more than two countries, the regulatory review will be expedited as long as the prospectus of the issuer complies with ASEAN's common disclosure standards.

The framework is to be in place by September, with Singapore, Malaysia and Thailand the first ASEAN members to participate.

Other countries in the 10-member regional grouping will join when they are ready, Singapore's monetary authority and bourse said in a press release.

The agreement "will pave the way for ASEAN companies to more efficiently raise funds for their investment and expansion, while investors will have easier access to more opportunities," said Magnus Bocker, CEO of Singapore Exchange.

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