Publication Type
Journal Article
Version
publishedVersion
Publication Date
7-2017
Abstract
In 2015, the Association of South-East Asian Nations (ASEAN) Economic Community was formally established and its aim was to achieve, among other things, an integrated securities market within ASEAN.
Before the formal establishment of the ASEAN Economic Community, in 2009, with a view towards achieving the objective of securities integration, Singapore, Malaysia and Thailand adopted the ASEAN Disclosure Standards, a set of harmonized disclosure standards for issuers making cross-border initial public offerings (IPOs). These participating Member States also entered into a framework for the expedited review for cross-listings. However, more than 5 years later, there is no documented use of the ASEAN Disclosure Standards; cross-border IPOs and cross-listings remain rare.
This article is a study of cross-border IPOs of issuers in, and cross-listings within, the participating Member States during the 2010–2014 period, with a view to obtaining insights on how issuers access capital markets. These insights are relevant to the broader questions about the long-term viability of ASEAN’s regulatory policies of promoting integration through harmonization of minimum standards along with limited mutual recognition.
This article compares the ASEAN approach with the EU Prospectus Directive and the Trans-Tasman Mutual Offering Framework. This article argues that to move to a truly pan-ASEAN equity offering, there needs to be, at a minimum, a greater supervisory and enforcement convergence.
Keywords
ASEAN, Asia, initial public offerings, securities, corporation law, harmonization
Discipline
Asian Studies | Commercial Law | Corporate Finance | International Law
Research Areas
Corporate, Finance and Securities Law
Publication
Capital Markets Law Journal
Volume
12
Issue
3
First Page
381
Last Page
411
ISSN
1750-7219
Identifier
10.1093/cmlj/kmx028
Publisher
Oxford University Press
Embargo Period
7-31-2017
Citation
WAN, Wai Yee.
Cross border public offering of securities in fostering an integrated ASEAN securities market: The experiences of Singapore, Malaysia and Thailand. (2017). Capital Markets Law Journal. 12, (3), 381-411.
Available at: https://ink.library.smu.edu.sg/sol_research/2137
Copyright Owner and License
Author
Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial-No Derivative Works 4.0 International License.
Additional URL
https://doi.org/10.1093/cmlj/kmx028
Included in
Asian Studies Commons, Commercial Law Commons, Corporate Finance Commons, International Law Commons