What does MAS' prospectus review entail?
MAS reviews lodged prospectuses solely for compliance with the statutory disclosure requirements. Where a lodged prospectus is found to be deficient in complying with statutory disclosure requirements, MAS will indicate to the issuer in general terms where and how the prospectus does not comply with the law. MAS does not vet prospectuses to determine whether they contain inaccuracies in information or factual errors. Issuers and their advisers are solely responsible for ensuring accurate and adequate disclosure in prospectuses.
In line with international best practice and our risk-focused approach, MAS will devote more regulatory resources to offers that may pose higher risks to investors. These may include offers by companies with no profit record, those involving novel issues or where the promoter's probity is doubtful.