Currently, prospectuses and other offer documents relating to offers of shares, debentures and units in business trusts and collective investment schemes (“CIS”) are lodged in hard copies with MAS, and published on OPERA (Offers and Prospectuses Electronic Repository and Access), an on-line database which can be accessed via the MAS website.
2 As part of MAS’ continuous efforts to improve process efficiency, MAS will be launching OPERA II in 2012. This is a new platform that will allow users to lodge documents electronically and make the requisite payments with credit cards on-line. It will also include new functions such as allowing users to submit applications for registration of business trusts and applications for authorization/recognition of CISs as well as to lodge offer documents in respect of mergers and acquisitions under the Singapore Code on Take-overs and Mergers. (As the fees for lodgment of offer documents for mergers and acquisitions are usually large and therefore impracticable to be paid by credit cards, these payments will continue to be made with cheques.) The new electronic lodgment process will remove the need for physical submissions and provide greater convenience and flexibility to market participants.
3 OPERA II will be launched in phases as follows:
Phase 1: Business Trusts module [estimated launch date: Q2 2012] – This allows trustee-managers of registered business trusts and/or their representatives to submit applications for registration of the business trust, lodge annual returns and update particulars of the business trust electronically. Members of the public can also request for information on registered business trusts online.
Phase 2: Mergers and Acquisitions module [estimated launch date: Q2 2012] - This allows users to lodge offer documents and Whitewash circulars electronically.
Phase 3A: Offers of Shares, Debentures (including Debenture Issuance Programmes), and Business Trust Units modules [estimated launch date: Q4 2012]– This allows persons making an offer of shares, debentures and business trust units and/or their representatives to lodge prospectuses and offer information statements with MAS electronically.
Phase 3B: Offers of CIS (including REITs) module [estimated launch date: Q4 2012]– This allows managers of CISs and/or their representatives to submit applications for authorization/recognition of the CIS and lodge CIS prospectuses with MAS electronically.
4 Persons such as law firms, trustee-managers of business trusts and CIS managers wishing to access OPERA II would have to open an account with MAS. We will be contacting industry players soon on the opening of accounts.
