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Fees and levy under the Capital Markets Services Act 2007 and Securities Commission Act 1993 revamped

15 January 2026

Three pieces of subsidiary legislation were gazetted on 31 December 2025 to replace the existing framework for the payment of fees and levy to the Securities Commission Malaysia (“SC”) under the Capital Markets and Services Act 2007 (“Act”) and the Securities Commission Malaysia Act 1993, namely: 
  1. Capital Markets and Services (Fees) Regulations 2025 [P.U.(A) 475/2025] (“Fees Regulations”); 
  2. Capital Markets and Services (Amendment) Regulations 2025 [P.U.(A) 477/2025] (“Amendment Regulations”); and 
  3. Securities Commission Malaysia (Rate of Levy for Purchase or Sale of Securities and Derivatives) Order 2025 [P.U.(A) 474/2025] (“Levy Order”). 
All three pieces of subsidiary legislation came into operation on 1 January 2026.
 
On 2 January 2026, the SC also issued a set of Frequently Asked Questions (“FAQs”) to provide clarification on the Fees Regulations.
 
This Alert provides a summary of the main provisions of the Fees Regulations, the Amendment Regulations and the Levy Order.
 
The Fees Regulations
 
The Fees Regulations set out the fees payable to the SC for matters under the Act, as summarised in Table 1 below:
 
TABLE 1
 
  Matter / Proposal Regulation or Schedule of Fees Regulations
1. Application to the SC, unless otherwise specified in the Fees Regulations Regulation 2(2)(a)
2. Deposit or lodgement of a document with the SC, unless otherwise specified in the Fees Regulations Regulation 2(2)(b)
3. Stock exchange, derivatives exchange, clearing house and exchange holding company Schedule 1
4. Recognized market operator Schedule 2
5. Capital Markets Services Licence and Capital Markets Services Representative's Licence Schedule 3
6. Registered person under section 76 of the Act Schedule 4
7. Person registered under section 76A of the Act Schedule 5
8. Person registered pursuant to any guidelines issued by the SC under section 377 of the Act Schedule 6
9. Any other matters under Part III of the Act other than those set out in items 6, 7 and 8 of Table 1 Schedule 7
10. Proposals relating to securities pursuant to Division 1A of Part VI of the Act, other than debentures, sukuk, unit trust schemes and prescribed investment schemes Schedule 8
11. Take-overs, mergers and compulsory acquisitions pursuant to Division 2 of Part VI of the Act Schedule 9
12. Registration of prospectus and disclosure document, and deposit of information memorandum, other than in relation to unit trust scheme and prescribed investment scheme, under Division 3 of Part VI of the Act Schedule 10
13. Registration of prospectus and deposit of information memorandum in relation to unit trust scheme and prescribed investment scheme under Division 3 of Part VI of the Act Schedule 11
14. Business trust pursuant to Divisions 1A, 3A and 3B of Part VI of the Act, other than the registration of prospectus and deposit of information memorandum Schedule 12
15. Debentures and sukuk pursuant to Divisions 1A, 3A and 4 of Part VI of the Act, other than debentures and sukuk under the Lodge and Launch Framework Schedule 13
16. Unit trust schemes and prescribed investment schemes pursuant to Divisions 1, 1A, 3A and 5 of Part VI of the Act, other than business trust Schedule 14
17. Proposal referred to in section 212 of the Act involving assessment by experts and asset valuation Schedule 15
18. Deposit of disclosure document and lodgement of product highlights sheet specified by the SC Schedule 16
19. Proposals and lodgement of documents and information under the Lodge and Launch Framework Schedule 17
20. Other fees payable in respect of structured warrants Schedule 18
21. Private retirement schemes Schedule 19
 
Fees paid are non-refundable except with approval of the SC. The SC may, upon application, reduce or waive any fees payable by any person or class of persons, subject to such terms and conditions as the SC may impose.
 
The Fees Regulations revoke: 
  1. the Capital Markets and Services (Fees) Regulations 2012 [P.U.(A) 483/2012]; and 
  2. the Capital Markets and Services (Private Retirement Scheme Industry) (Fees) Regulations 2012 [P.U. (A) 211/2012]. 
The Amendment Regulations
 
The Amendment Regulations amend the Capital Markets and Services Regulations 2012 [P.U.(A) 474/2012] by deleting Regulation 8 and Schedules 2, 3 and 4 pertaining to fees for matters and proposals that are now covered under the Fees Regulations.
 
Concession rates
 
To facilitate a smooth transition under the Fees Regulations, the SC will grant concession rates for certain fees over a three-year period from 2026 to 2028 as follows: 
  1. a 50% reduction in variable annual fees e.g. annual fee for dealing in securities, dealing in derivatives, and fund management; and 
  2. a 20% reduction in transaction fees relating to products, fund-raising activities and other product-related fees, including a 20% concession rate for annual fees payable for unit trust fund and wholesale fund; 
However, no concession will be granted for the following: 
  1. all minimum amount of the annual fees; 
  2. all fixed annual fees; and 
  3. all admission fees and transactions fees related to licences and registrations. 
The concession rate mentioned above would be subject to the SC’s review, and the SC will notify the industry of any changes.
 
Holders of capital market services licences for multiple regulated activities will also be granted a further concession, whereby the licence holder will be exempted from paying the annual fees for regulated activities that are ancillary to its main regulated activity. For example, a holder of a capital markets services licence for dealing in derivatives and dealing in derivatives restricted to contract for differences, will only be required to pay the annual fee for the regulated activity of dealing in derivatives, and not for dealing in derivatives restricted to contract for differences.
 
Refer to the FAQs for further explanation of the concessions.
 
The Levy Order
 
The Levy Order revokes the Securities Commission (Levy on Securities Transactions) Order 1995 [P.U. (A) 281/1995] and provides the levy to be paid to the SC as follows: 
  1. the rate of levy to be paid by a purchaser or seller in respect of the purchase or sale of securities recorded on the stock exchange or securities notified to the stock exchange in accordance with its rules shall be 0.015% of the purchase price of such purchase or sale of the securities, provided that, the amount of levy derived from the clearing fee will be limited to a sum of RM93.75 per contract (paragraph 2); and 
  2. the rate of levy to be paid by a purchaser or seller in respect of the purchase or sale of derivatives effected on the derivatives exchange in accordance with its rules shall be 37.5% of the clearing fee and 37.5 % of the trading fee, in each case as specified by the derivatives exchange (paragraph 3). 
Comments
 
By reason of the new subsidiary legislation, all fees payable to the SC under the Act have been consolidated under the Fees Regulations and the levy payable to the SC for trades effected through the facilities provided by a stock exchange or derivatives exchange approved under section 8(2) of the Act will be subject to the Levy Order.
 
A random sampling indicates that in most instances, there has been an increase in the fees payable under the Fees Regulations, which may be mitigated by the interim concessions granted by the SC. A comparison of some of the changes in the fees is set out in Table 2 below:
 
TABLE 2
 
  Matter / Proposal New Amount Previous Amount
1. Annual fee payable by a Recognized Market Operator which is not registered as a digital asset exchange operator 0.3% of gross revenue earned from operating the regulated platform; or RM20,000, whichever is higher, for each type of platform that the recognized market operator is registered to operate RM50,000
2. Annual Fee for Capital Markets Services Licence for dealing in securities (except unit trusts) 1.5% of gross revenue from that regulated activity or RM20,000, whichever is higher. RM2,000 for first regulated activity and RM1,000 for each subsequent regulated activity
3. Proposal relating to an Initial Public Offering RM100,000 + 0.05% of the total market value of securities to be listed and nominal value of any additional securities issued or to be issued but not listed, subject to maximum amount of RM3 million* less RM50,000 paid for submission of the preliminary application pack but excluding the fees paid for review of assessment by experts and asset valuation RM80,000 + 0.05% of the total market value of securities to be listed and nominal value of any additional securities issued or to be issued but not listed, subject to maximum amount of RM800,000 inclusive of
fees paid for review of assessment by experts and asset valuation
4. Registration of prospectus (other than in relation to unit trust scheme and prescribed investment scheme) under Division 3 of Part VI of the Act RM30,000 RM15,000
5. Lodgement of programme or one-off issuance facility of RM-denominated debentures or sukuk of RM100 million and more under the Lodge and Launch Framework RM50,000 RM50,000
6. Clearance of offer document in relation to a take-over under Division 2 of Part VI of the Act RM30,000 + 0.075% of offer value Offer value of RM1 to RM2.98 billion – RM10,000 + 0.05% of offer value (up to RM2.98 billion); and any remaining sum above RM2.98 billion - 0.025% of the remaining offer value
 
 
Alert by Tan Wei Liang (Partner) and Joey Tiw (Senior Associate) of the Corporate Practice of Skrine.
 

This article/alert contains general information only. It does not constitute legal advice nor an expression of legal opinion and should not be relied upon as such. For further information, kindly contact skrine@skrine.com.

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