Jurisdiction - Singapore
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Singapore – Launch Of The Take-Overs & Mergers And Business Trust E-Services Modules On Opera.

13 January, 2013

 

Legal News & Analysis – Asia Pacific – Singapore  Capital Markets

 

Introduction

 

 The Monetary Authority of Singapore (MAS) has recently introduced the Take-overs & Mergers and Business Trust E-Services modules on the OPERA (Offers and Prospectuses Electronic Repository and Access) platform, an online database which can be accessed via the MAS website, as part of its continuous efforts to improve process efficiency.

 

  • Take-Overs & Mergers Module

Prior to the launch of the Take-Overs & Mergers module of OPERA on 3 December 2012, public announcements and all documents bearing on a take-over or merger transaction under the Singapore Code on Take-Overs and Mergers (Code) were sent by email to the Securities Industry Council (SIC). The new Take-Overs & Mergers module allows parties to such a take-over or merger transaction to lodge these documents with the SIC through an electronic submission via the OPERA platform. In addition, disclosure of dealings to the SIC pursuant to Rules 12.1 and 12.2 of the Code, and confirmations by financial advisers pursuant to Note 2 on Rule 9.1 of the Code which were previously made in writing to the SIC can also now be submitted electronically via the OPERA platform. The public can also view the list of current take-overs and merger transactions on the OPERA platform.

  • Business Trust E-Services Module

‚ÄčThe new Business Trust E-Services module allows trustee-managers of prospective business trusts to submit electronic applications for registration of a business trust via the OPERA platform. The MAS has indicated that members of the public will be able to request for information on registered business trusts via the new OPERA platform soon.

  • Website Links and User Guides

The link to the new modules is now available on the MAS website (http://www.mas.gov.sg). The new modules may also be accessed via this link: (https://opera.mas.gov.sg/ExtPortal/Default.aspx). User guides on the new modules may be accessed via this link: (https://opera.mas.gov.sg/ExtPortal/Public/FAQ.aspx?idx=2). An amended Practice Statement on lodgment of documents which sets out the new procedures for lodgment and submissions via the OPERA website has also been introduced in connection with the new Take-Overs & Mergers module. The amended Practice Statement may be accessed via this link: (http://www.mas.gov.sg/sic).

 

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