Bursa Malaysia’s Consultation Paper on Proposed Amendments to the ACE Market Listing Requirements

09 August 2021

1. to enhance the ACE Market IPO framework by, among others, introducing a mandatory consultation process prior to a submission of an IPO application and incorporating the interest of investors as one of the considerations for an ACE Market IPO;


2. to prescribe the requirements in relation to a prospectus, including the obligations and processes to register the prospectus, circumstances where the Exchange may refuse to register the prospectus, the contents and standards of disclosure expected in a prospectus, advertising restrictions, requirements relating to an electronic prospectus and application and requirements on a supplementary or replacement prospectus;


3. to enhance the Sponsorship framework predicated on a market and outcome based approach in ensuring quality submissions and disclosures by:

• liberalising the eligibility requirements of a Sponsor, to be in line with the recognised principal adviser framework for the Main Market of the Exchange;


• strengthening the role and duty of care of a Sponsor in the discharge of its duties under the ACE LR;


• enhancing the accountability of a Sponsor by extending the regulatory and enforcement ambit to the key officers of a Sponsor involved in submitting certain significant corporate proposals to the Exchange; and


• removing the prescription on how a Sponsor and other relevant parties are to conduct due diligence; and

4. to make consequential amendments to align the requirements in the ACE LR with the SC’s Licensing Handbook, Guidelines on Submission of Corporate and Capital Market Product Proposals, Equity Guidelines and Prospectus Guidelines.