KUALA LUMPUR, Malaysia (July 1): The Securities Commission of Malaysia (SC) has implemented a number of changes to the Capital Markets and Services Act 2007 (CMSA), which are now in effect. The amendments, which were effected through changes to Schedules 6 and 7 of the CMSA, widened the categories of sophisticated investors to include individuals with RM1 million in capital market products, either on their own or through joint accounts with their spouse, according to a statement released today by the SC.
Chief executive officers (CEOs) and directors of licensed or registered people under the CMSA, as well as corporations that manage funds of their connected firms with assets of more than RM10 million, are now considered sophisticated investors, according to the CMSA.
“This will enable more investors to diversify their investment portfolios, while issuers will have access to a bigger pool of knowledgeable investors,” it stated.
In addition, the regulator stated that the changes to Schedules 6 and 7 will allow Bursa Malaysia to register ACE Market prospectuses beginning January 1, 2022.
“Bursa would become the one-stop centre for all approvals in relation to ACE Market listings once the registration role, which is presently assumed by the SC, is transferred,” it stated.
Schedule 5 of the CMSA, which outlines the types of business proposals that do not require the SC’s approval, has also been changed to cover initial exchange offers of digital assets through a recognized market operator, according to the SC.
According to the regulator, this includes an initial public offering (IPO) or the cross-listing of shares in a public business or listed corporation on a stock exchange outside of Malaysia.
Visit https://www.sc.com.my/regulation/acts/capital-markets-and-services-act-2007 for more details on the modifications./n
