The Monetary Authority of Singapore and the Singapore Exchange have signed a memorandum of understanding to expedite secondary listings on the local exchange.

The Expedited Review Framework is an initiative under the ACMF Implementation Plan endorsed by finance ministers of ASEAN member countries in 2009, with the goal to speed up the processing of secondary listing applications together with the relevant disclosure documents. 

The programme is open to firms that are incorporated and whose shares are primarily listed on the main market of an exchange in jurisdictions which are signatories to the MOU. Signatories will then review applications within a shortened period of 35 business days, from the normal review time of as much as 16 weeks. 

"The MOU indicates the commitment of ASEAN jurisdictions to work toward integrated the capital market. With more cross-listings, investors in the region will have easier access to a broader choice in investments," said Lee Chuan Teck, assistant managing director for the capital markets group at the MAS.

The first three jurisdictions to sign the MOU are Malaysia, Singapore and Thailand.