The Monetary Authority of Singapore (MAS) has released a consultation paper on proposed enhancements to the current rules relating to prospectus disclosures for offers of securities.
The proposals aim to improve the readability of prospectuses and facilitate better understanding by investors of key information presented in prospectuses, and make prospectuses more accessible to retail investors.
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The proposals set out in the consultation paper are as follows:
(a) extend the existing requirements for a Product Highlights Sheet (PHS) to offers of debt securities, hybrid instruments and equity securities, with the following modifications:
- increase the page limit of a PHS for hybrid instruments and equity securities to 8 pages (or 12 pages including diagrams and glossary) to allow for the inclusion of a wider array of information in respect of such products;
- adopt a "Question and Answer" format for equity securities PHS;
(b) permit certain information contained in a separate document outside the prospectus to be incorporated in the prospectus by reference to the separate document; and
(c) develop a regulatory guide to highlight common drafting problems and encourage good drafting practices for prospectuses.
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