 |
Acts | |
Guidelines, Codes & Practice Notes | |
Press Releases | |
Speeches & Articles | |
FAQs |
|
Consultation Papers/Presentations | |
Data & Statistics | |
Publications | |
Links | |
SC Library |
|
Unit Trust Database | |
Main |
PRESS RELEASE |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SC releases performance data on corporate proposal processing - part of continuing efforts to enhance efficiency, effectiveness and transparency |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
The Securities Commission (SC) today released detailed information on corporate proposals processed by the regulator for the first half of 2006, with additional information and data on the SC's performance, as part of its overall and continuing efforts at enhancing efficiency, effectiveness and transparency.
SC Chairman Dato' Zarinah Anwar said, "We are committed to continuous improvement of the delivery of regulatory services to the market. By publishing detailed information on our performance, the SC wants to further enhance transparency and accountability in the discharge of our regulatory functions. This follows on from the implementation of various organisational change management initiatives to enhance effectiveness, productivity and delivery time in achieving our regulatory objectives." "We hope that these efforts will translate into clearer benefits for all capital market participants, such as certainty of dealing with the SC, faster decisions, shorter time to market and quality services," she noted. As at 30 June 2006 there were 248 corporate submissions with the SC of which 173 were received for the first six months of 2006 and 75 were brought forward from 2005. The 75 submissions brought forward from 2005 were part of a backlog accumulated from the SC having to first process 72 outstanding MESDAQ listing applications transferred to the SC in 2005 when the SC took over the processing function from Of the 173 applications received in the first half of 2006, 21 were appeal cases, 5 have been withdrawn or returned and 52 submissions are pending consideration. 95 applications were considered of which 81% were processed and decided within the timelines stipulated [see Table 4]. Of the 52 submissions pending consideration, all except 3, are within their respective timelines [see Table 5]. In all rejection cases, the reasons for the rejections were clearly communicated to the applicants and their advisers through formal letters and post-decision meetings with the SC. Among the main reasons for the rejections were concerns on corporate governance and failure of the applicants to demonstrate future sustainability of the business. The SC considers corporate submissions under two approaches. The assessment approach involves a focused review of the suitability of corporate proposals, and is adopted for major transactions such as new listing applications, reverse take-overs, back-door listings and corporate proposals by distressed listed companies, where the qualitative aspects of the proposal will be evaluated. Under the declaratory approach, decisions are made based on applicants' declared compliance with prescribed regulatory standards. Examples of such submissions include rights issues, private placements, share splits and private debt securities issues. The timelines run from the date full and complete submissions are received until the date decision letters are issued.
As part of its continuous improvement efforts, the SC will increase pre and post submission consultations with applicants and their advisers, an initiative started at the beginning of 2006. The SC also intends to publish IPO application rejection reasons on its website soon, to further enhance transparency of the SC's decision making as well as to serve as a guide for future applicants and their advisers. In addition to the corporate submissions mentioned above, the SC also considered 240 other applications up to 30 June 2006. These include revisions to and appeals against terms and conditions of approval, extension of implementation time and applications for lifting of moratorium. Dato' Zarinah stressed, "The release of this information, I hope, will provide the market with a better understanding of the SC's timelines and enable applicants and their advisers to better manage their expectations. We are committed towards enhancing our performance standards and will continue to engage with our stakeholders to intensify these improvement efforts." Capital market statistics released by the SC now contain expanded information on processing, approvals and rejections of submissions, including timing and reasons. In addition to these scorecard indicators, the periodic quarterly statistics of submissions approved by the SC for the second quarter of 2006 were also reported. The full series of capital market statistics released by the SC today is set out below. CAPITAL MARKET STATISTICS A. Corporate Submissions to the SC - 1H 2006 Table 1: Status of Submissions as at 30 June 2006
Table 2: Submissions Considered/Withdrawn/Returned as at 30 June 2006
Table 3: Average Processing Time for Submissions Considered/Withdrawn/Returned, 1 January-30 June 2006
Table 4: Processing Turnaround Time for Corporate Submissions Considered,
Table 5: Submissions Pending Consideration as at 30 June 2006
B. Statistics of Submissions Approved by SC — Q2 2006 i) Corporate Proposals Table 6: Number of Corporate Proposals Approved
ii) Private Debt Securities Table 7: Approved RM-denominated PDS Issues
Table 8: Foreign Currency-denominated PDS Issues by Malaysian Issuers
Table 9: Foreign Currency-denominated PDS Offer by Foreign Corporation
1 Offer in Table 10: Approved PDS Issues by Cagamas Berhad
Table 11:Number and Size of Approved Programme Issuance of Structured Products
iii) Take-Overs & Mergers Table 12: Number of Approved Submissions Relating to the Malaysian Code on Take-overs and Mergers
iv) Unit Trust & Other Collective Investment Schemes Table 13: Number of Submissions Relating to Unit Trust and Other Collective Investment Schemes Approved
SECURITIES COMMISSION |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
