8 May, 2016
Survey of ASEAN Regulations
Applicable Regulatory Body and Market Information
- Lao Security Commission (“LSC”)
- Lao Security Exchange (“LSX”) where the securities are to be listed onshore. • Five listed companies as of 11/12/15.
- Market capitalization of KIP 10,969 billion/USD 1.35 billion as of 11/12/15.
Securities Offering and/or Registration and Exemption Requirements
Under applicable regulations, all securities to be sold or offered onshore shall be registered with LSC and there is no exemption to this requirement. As of this publication, there is no onshore offering by offshore issuers and although applicable regulations do not clearly provide whether the registration requirements applies to onshore offering by offshore issuers, LSC’s interpretation is that it applies to both onshore and offshore issuers.
Marketing of Securities Where Issuer/Sponsor Offshore and Investor Onshore
Where any offer of securities occurs onshore, then the securities are required to have been registered with the LSC and listed with the LSX.
Need to Engage Onshore Sponsor, Licensed Placement or Other Distribution Agent
Required.
Legends or other Disclosure Requirements on Offering Materials
Required.
Other Relevant Considerations
N/A
For further information, please contact:
Eng Beng SC, Partner, Rajah & Tann
eng.beng.lee@rajahtann.com
