Approval Process for Main Market Initial Public Offerings of Corporations in Malaysia

Corporations seeking listing on Bursa Malaysia will require SC’s approval, under section 212 of the Capital Markets and Services Act 2007.

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Actual listing timetable depends on various factors, including the progress of due diligence, preparation of application materials, regulatory approval, applicant’s response time and quality of response, and conditions of the capital market.

Principal advisers are strongly encouraged to consult the SC prior to the submission of the IPO Application, to highlight and discuss all material issues and concerns in relation to the application.

Client Charter & Performance Statistics
For continuous improvement in our transparency and accountability, the SC reveals its performance in the discharge of its regulatory functions. We provide a brief synopsis on the functions and the underlying principles and regulations we refer to in the evaluation of proposals. It is with strict adherence to these principles that we discharge our regulatory functions and the results of our performance are presented below.

Corporate Proposals
The SC reviews proposals for listing and RTO on the Main Market of Bursa Malaysia Securities Bhd under section 212 of the Capital Markets and Services Act 2007 (CMSA). In this regard, it checks if the proposal is in compliance with the Equity Guidelines, and that the applicants’ directors and substantial shareholders are free from any adverse records and corporate governance issues. The SC also reviews and registers prospectuses under sections 232 and 237 of the CMSA for offerings of securities on both the Main and ACE Markets.

Private Debt Securities (PDS)
Evaluate PDS proposals, monitoring of compliance with the securities laws, regulations and guidelines relating to issues, offers of PDS, for the purpose of achieving the SC’s objectives of promoting and maintaining an orderly, fair, efficient, secure and transparent securities market and affording adequate investor protection.

Take-over Offers
Regulates take-overs and mergers under Division 2 of Part VI of the CMSA. In this regard, the Malaysian Code on Take-overs and Mergers 2016 sets out broad principles to be adhered to by parties involved in a take-over or merger transaction and the Rules on Take-overs, Mergers and Compulsory Acquisitions (Rules) provides operational and conduct requirements.

Applications for compliance with the Bumiputera equity requirements
Analyse the effect of proposals in particular the Bumiputera equity participation, in accordance with the National Development Policy.

Collective Investment Schemes (CIS)
Evaluate proposals relating to the issuance of securities by CIS, vetting and clearance of prospectuses and deeds, registration of prospectuses and deeds, vetting of prospectuses, fund reports, promotional materials and advertisements, to ensure the orderly regulation of the industry.

Licensing
Execute all licensing activities, monitor fit and properness of licensees, administer disciplinary actions on licensees and ensure the processes are done in a transparent, efficient and effective manner.
SC Scorecard
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IPO Non-Approval
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Business Processes
The Licensing Process
The Approval Process of Initial Public Offerings (IPOs) in Malaysia
The Review Process of Documents Relating to Offers and Schemes
The Approval Process of Unit Trust Funds in Malaysia
The Approval Process of Initial Public Offerings (IPOs) of Real Estate Investment Trusts (REITs) in Malaysia
The Complaints Management Process
Calendar of Periodic Updates
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