Amendments To Bursa Malaysia’s Main Market Listing Requirements And ACE Market Listing Requirements.

Legal News & Analysis - Asia Pacific - Malaysia - Corporate/M&A

Asia Pacific Legal Updates

 

28 February, 2018

 

Amendments To Bursa Malaysia’s Main Market Listing Requirements And ACE Market Listing Requirements.

 

On 29 November 2017, Bursa Malaysia announced various amendments to the Listing Requirements in relation to the following: 

 

  • the implementation of the Companies Act 2016 which came into force on 31 January 2017;
  • the issuance of the Malaysian Code on Corporate Governance by the Securities Commission Malaysia on 26 April 2017;
  • post-listing disclosure obligations following the introduction of a new listing framework for mineral, oil and gas corporations by the Securities Commission Malaysia on 19 January 2017;
  • disclosure obligations of special purpose acquisition companies (“SPACs”); and
  • the codification of certain financial disclosure requirements relating to FRS 139 and disclosure of realised and unrealised profits/losses. 

 

The objectives of the amendments to the Listing Requirements include the alignment of the Listing Requirements with the relevant laws, codes or guidelines, improving corporate governance practices and disclosures whilst continuing to safeguard investors’ interests.
 
Most of the amendments to the Listing Requirements came into effect from 2 January 2018 onwards with some amendments such as the corporate governance enhancements coming into effect on 31 December 2017.

In certain areas, listed issuers are accorded with a grace period to comply with the amended Listing Requirements, for example, a listed issuer is required to amend its constitution in accordance with the Companies Act 2016 by 31 December 2019.
 
Further details of the amendments to the Main Market Listing Requirements are available at: www.bursamalaysia.com/market/regulation/rules/listing-requirements/main-market/amendments-to-listing-requirements/.
 
Further details of the amendments to the ACE Market Listing Requirements are available at: www.bursamalaysia.com/market/regulation/rules/listing-requirements/ace-market/amendments-to-listing-requirements/.

 

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For further information, please contact:

 

Michelle Wong Min Er, Partner, Shearn Delamore & Co​

[email protected]