Assisting Lawyers

Have a query? Call the Helpdesk
PII & RM: +603-2032 4511
General Line: +603-2050 2050
Font size
  • small text
  • medium text
  • large text

Amendments to Main Market Listing Requirements and Ace Market Listing Requirements (Circular No 001/

Circular No 001/2018
Dated 3 Jan 2018

To Members of the Malaysian Bar

Amendments to Main Market Listing Requirements and Ace Market Listing Requirements

Bursa Malaysia Berhad (Regulatory Policy & Advisory) informed us, in its email dated 30 Nov 2017, regarding amendments to the Main Market Listing Requirements (Main LR”) and ACE Market Listing Requirements (“ACE LR”) (collectively referred to as the “LR”), which were issued on 29 Nov 2017.

The amendments are as follows:

(1)        Amendments to the LR in various areas relating to:
        (a)   the Companies Act 2016 and others (“CA Amendments”);
        (b)   corporate governance requirements (“CG Amendments”); and
        (c)   the codification of certain disclosure requirements pursuant to the removal of directives dated 25 Mar 2010 and 20 Dec 2010 on disclosure requirements arising from implementation of FRS 139 and disclosure of realised and unrealised profits/losses (“Codification of Financial Disclosures”); and

(2)        Amendments to the Main LR relating to post-listing obligations for mineral, oil and gas (“MOG”) listed issuers (“MOG Amendments”) and special purpose acquisition companies (“SPACs”) (“SPAC Amendments”).

The CA Amendments, CG Amendments, Codification of Financial Disclosures, MOG Amendments, and SPAC Amendments — collectively referred to as the “LR Amendments” — will be implemented on a staggered basis, commencing from 31 Dec 2017.  

Please click here to access the documents relating to the amendments, including two sets of “Questions and Answers”, provided by Bursa Malaysia (see pages 4 to 361). 

For more details, please refer to the email from Bursa Malaysia Berhad, which is reproduced below.

Thank you.

Roger Chan Weng Keng
Secretary
Malaysian Bar


Please be informed that the amendments to the Main Market Listing Requirements (“Main LR”) and ACE Market Listing Requirements (“ACE LR”) (collectively referred to as the “LR”) relating to the following areas together with the relevant Questions & Answers, have been issued yesterday, 29 November 2017:

(a) amendments to the LR in various areas relating to –

       (i) the Companies Act 2016 and others (“CA Amendments”);
       (ii) corporate governance requirements (“CG Amendments”); and
       (iii) the codification of certain disclosure requirements pursuant to the removal of directives dated 25 March 2010 and 20 December 2010 on disclosure requirements arising from implementation of FRS 139 and disclosure of realised and unrealised profits/losses (“Codification of Financial Disclosures”); and

(b) amendments to the Main LR relating to post-listing obligations for mineral, oil and gas (“MOG”) listed issuers (“MOG Amendments”) and special purpose acquisition companies (“SPACs”) (“SPAC Amendments”), (the CA Amendments, the CG Amendments, Codification of Financial Disclosures, the MOG Amendments and the SPAC Amendments are collectively referred to as the “LR Amendments”).

The LR Amendments this time are predicated on the following themes:

(a) aligning the LR with the relevant laws, codes or guidelines;

(b) promoting business efficacy and growth through a balanced and proportionate framework;

(c) improving corporate governance practices and disclosures; and

(d) enhancing quality of disclosures and transparency of MOG listed issuers and SPACs.

The LR Amendments will be implemented on a staggered basis, commencing from 31 December 2017. We are mindful that listed issuers should be given sufficient grace period to comply with the LR Amendments and therefore we have provided sufficient grace period in implementing the relevant LR Amendments in areas where listed issuers may require more time to comply with the LR Amendments.

In view of the above, we are pleased to attach the following documents for your ease of reference:

  • Our circular dated 30 November 2017.
  • Appendix 1 setting out the prescribed format for CG Report
  • Appendix 2 setting out the full text of the Main LR in relation to the LR Amendments [Staggered Effective Dates: 31 December 2017, 2 January 2018, 31 March 2018,
    2 April 2018 and 31 December 2019].
  • Appendix 3 setting out the full text of the ACE LR in relation to the LR Amendments [Staggered Effective Dates: 31 December 2017, 2 January 2018 and 31 December 2019].
  • Appendix 4 setting out the Main LR Questions and Answers in relation to LR Amendments.
  • Appendix 5 setting out the ACE LR Questions and Answers in relation to LR Amendments.

These documents are also available on our website. In addition, the clean versions of the amended Chapters/Practice Notes/Guidance Notes of the Listing Requirements will also be uploaded on our website on the respective effective dates.