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MAS proposes changes to make prospectuses easier to understand

Posted by Property Launch Invest on Thursday, 14 November 2013 in Property News

Retail investors will soon be able to make better sense of the prospectuses issued by companies seeking a listing in Singapore -- MAS has released a consultation paper to improve the readability of prospectuses.

SINGAPORE: Retail investors will soon be able to make better sense of the prospectuses issued by companies seeking a listing in Singapore.

The Monetary Authority of Singapore (MAS) released a consultation paper on Monday to improve the readability of prospectuses and facilitate better understanding by investors.

A key change will require offers of debt securities, hybrid instruments and equity securities to be accompanied by a simplified disclosure document, called the product highlights sheet.

Hybrid instruments include preference shares, perpetual securities and convertible bonds, while equity securities will cover ordinary shares, units in real estate investment trusts and business trusts.

Currently, a product highlights sheet is required only for offers of more complex investment products. It is given together with the prospectus to investors before they make their investment decisions.

MAS is proposing to increase the page limit of the document to 8 pages, or 12 pages including diagrams and glossary, to include more information for hybrid instruments and equity securities.

For equity securities, information in the product highlight sheet will be presented in a question and answer format.

MAS is also considering allowing certain information contained in a separate document outside the prospectus, to be incorporated in the prospectus -- by reference to the document.

It will also develop a regulatory guide to highlight common drafting problems and encourage good drafting practices for prospectuses.

The consultation paper is available on the MAS website and comments should reach MAS by November 14.

Source: ChannelNews Asia October 14th 2013

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PROPERTY LAUNCHES & INVESTMENTS

Property Launches & Investments

MAS proposes changes to make prospectuses easier to understand

Retail investors will soon be able to make better sense of the prospectuses issued by companies seeking a listing in Singapore -- MAS has released a consultation paper to improve the readability of prospectuses.

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