Covid-19: Securities Commission accords regulatory flexibilities to market participants

In view of the measures implemented by the Malaysian Government under the Movement Control Order from 18 to 31 March 2020, the Securities Commission Malaysia (‘SC’) has issued a circular on 20 March 2020 to accord flexibilities to capital market participants in respect of certain matters that affect them.
Most of these flexibilities relate to extension of time for capital market participants to comply with certain obligations applicable to them under securities laws. For example –
  • a newly appointed director of a holder of a Capital Market Services Licence for dealing in securities is required to complete the Capital Market Director Programme (‘CMDP’) within six months from the date of his appointment. The SC has agreed that a newly appointed director whose deadline for completing the CMDP falls in March-May 2020 will be given until 30 June 2020 to fulfil this requirement; and
  • a Fund Management Company is required to submits its Monthly FMC Report within seven business days after the month-end reporting date. The deadline for submission of the report due in March 2020 has been extended by the SC to 30 April 2020.
The full text of the circular issued by the SC is available here.