The Securities Commission Malaysia (“SC”) and Bursa Malaysia Securities Berhad (“Bursa Malaysia”) jointly announced on 18 May 2026, the proposed enhancements to Bursa Malaysia’s Leading Entrepreneur Accelerator Platform (“LEAP Market”), the main platform for early-stage and emerging companies in Malaysia.¹
 
The objectives of the LEAP Market 2.0 initiatives include the following: 

The main enhancements under the LEAP Market 2.0 are as follows: 

The LEAP Market was originally established as a market exclusively for sophisticated investors. In a significant shift of policy, retail investors will be allowed to participate in the LEAP Market. However, as a safeguard, participation by retail investors will be subject to a total investment limit of RM250,000 at any point in time, including a cap of RM100,000 per issuer in the primary market and RM100,000 per broker in the secondary market. 

Under the LEAP Market 2.0, eligible equity crowd funding (“ECF”) issuers with a proven fundraising track record can transition to the LEAP Market through an alternative admission route.
 
Eligible ECF issuers (namely, those that have, within seven years before submitting its listing application, successfully completed at least one equity fundraising exercise on the ECF platform where it is hosted, and raised an aggregate sum of at least of RM5 million with VC/PE firms or any foreign corporation managing VC/PE funds that is regulated by a securities regulator equivalent to the SC) may submit listing applications without appointing an approved adviser. Instead, an ECF Registered Market Operator (ECF-RMO) or Venture Capital and Private Equity (VC/PE) firm may act as an eligible ECF issuer’s listing agent to liaise with Bursa Malaysia. However, following admission to the LEAP Market, these companies will be required to appoint a continuing adviser to ensure ongoing compliance with post-listing obligations. 

In another interesting departure from existing practice, advisers will be allowed to receive up to 50% of their advisory fees in the form of ordinary shares of the applicant, subject to the following safeguards, namely the maximum shareholding limit per adviser is 2%, and the aggregate cap for all advisers is 5%. A six-month moratorium will be imposed on the disposal of these shares. 

Under the LEAP Market 2.0, an alternative disclosure document will be introduced. This alternative document will focus on a simplified format while retaining essential information necessary for informed investment decision-making.
 
The simplified and structured format is designed to enhance clarity, improve consistency and facilitate greater standardisation across submissions while maintaining the quality and integrity of disclosures for investors. 

 The transfer framework from the LEAP Market to the ACE Market will be enhanced by removing the existing mandatory withdrawal of listing and exit offer requirement to improve efficiency for companies eligible to transfer after a minimum of two years on the LEAP Market. This initiative will bring an end to a process that did not find favour with advisers and companies listed on the LEAP Market.
 
On the same day, Bursa Malaysia issued its Public Consultation Paper No. 2/2026, seeking public feedback on the proposed enhancements to be made to the LEAP Market Listing Requirements pursuant to LEAP Market 2.0.  The consultation paper can be accessed here. The public consultation closes on 15 June 2026.

Comments
 
The proposed amendments under LEAP Market 2.0 initiative are the most far-reaching changes to the LEAP Market Listing Requirements since the LEAP Market was launched in mid-2017. The proposed amendments, in particular, the proposal to allow non-sophisticated investors to have limited access to the market, the proposal to simplify the disclosure document and the transfer process, and the proposal to allow advisors to receive a limited amount of their advisory fees in the form of share based payments from the listed corporation, if carried through, will most certainly be welcomed by the relevant stakeholders. It is hoped that the initiatives under LEAP Market 2.0 will enhance the standing of the LEAP Market as a listing destination and the volume of shares traded on that market.
 
 
Article by Kok Chee Kheong (Consultant) of the Corporate Practice of Skrine.
 
 

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