SC Scorecard Q1 2010 & Statistics of Submissions Approved by the SC in Q1 2010

A. Corporate Submissions to the SC – Q1 2010

Table 1: Status of Substantive Applications as at 31 March 2010

Applications	Total
Balance brought forward from Q4 2009	24
Add: Applications received during Q1 2010	15
Add: Applications deferred and resubmitted during Q1 2010	–
Total applications	39
Less: Applications Considered during Q1 2010	(20)
Less: Applications Withdrawn/Returned during Q1 2010	(1)
Balance carried forward to Q2 2010	18

Table 2: Substantive Applications Considered/Withdrawn/Returned in Q1 2010

Type of Applications	Approved	Rejected⁽¹⁾	Deferred	Withdrawn/Returned⁽²⁾	Total
Initial public offering on the Main Market of Bursa Malaysia	10	1	–	1	12
Reverse Take-Overs and Restructurings	–	–	–	–	–
Transfer to Main Market	1	–	–	–	1
Private debt securities	8	–	–	–	8
TOTAL	19	1	–	1	21

⁽¹⁾ For rejected cases, the grounds for rejection are clearly communicated to the applicant and the principal adviser through formal decision letters followed by post-decision meetings with the SC. The IPO proposal above was rejected as the SC was concerned about the applicant’s corporate governance standards.

⁽²⁾ The principal adviser withdrew the application as it wanted to make further improvements in the submission.

Table 3: Processing Turnaround Time for Substantive Applications Considered in Q1 2010

Substantive Applications	Within Time Charter⁽¹⁾		Exceed Time Charter⁽²⁾		Total
	No.	%	No.	%	No.	%
	19	95	1	5	20	100

(1) The SC time charter for processing, computed from the date of receipt of complete applications to the date of issue of a decision letter, is as follows:

52 working days for applications involving initial public offerings (IPOs) and acquisitions of assets resulting in a significant change in the business direction/policy of a listed company;
32 working days for applications involving large capitalisation IPOs and transfer of listing to the Main Market of Bursa Malaysia; and
Deemed approval and 14 working days for applications involving private debt securities.

Table 4: Status of Licensing Applications in Q1 2010

Type of licence application	Received	Withdrawn	Returned	Considered	Approved	Rejected	Pending
Representative
New	281	4	19	258	184	0	74
Renew	1,293	0	6	1,287	1,256	0	31
Corporation
New	14	0	0	14	6	0	8
Renew	39	0	2	37	25	0	12
Individual
New	1	0	1	0	0	0	0
Renew	2	0	0	2	2	0	0
Total	1,630	4	28	1,598	1,473	0	125

Note:

⁽¹⁾16 applications comprising 12 Ringgit-denominated issues and 4 foreign currency-denominated issues of conventional PDS and sukuk (Tables 5 & 6).
⁽²⁾33 applications comprising 28 Ringgit-denominated issues and 8 foreign currency-denominated issues of conventional PDS and sukuk (Tables 5 & 6).
⁽³⁾17 applications comprising 14 Ringgit-denominated issues and 3 foreign currency-denominated issues of conventional PDS and sukuk (Tables 5 & 6).

Table 5: Processing Turnaround Time for Licensing Applications in Q1 2010

Type of licence application	Within time charter		Exceeds time charter		Subtotal	Exception		Total reported
Type of licence application	Total	%	Total	%	Subtotal	Total	%	Total reported
Representative
New	181	98.37	3	1.63	184	0	0	184
Renewal	1,248	99.36	8	0.64	1,256	0	0	1,256
Corporation
New	6	100	0	0	6	0	0	6
Renewal	20	95.24	1	4.76	21	4	16	25
Individual
New	0	0	0	0	0	0	0	0
Renewal	2	0	0	0	2	0	0	2
Total	1,457	99.18	12	0.82	1,469	4	0.27	1,473

Note:

⁽¹⁾Include 2 asset-backed securities (ABS) amounting to RM3,100.0 million.
⁽²⁾Combination of sukuk and conventional notes.

B. Corporate Submissions Approved by the SC – Q1 2010
i) Corporate Proposals
Table 6: Number of Corporate Proposals Approved

Type of Proposals	No. of Corporate Proposals Approved
Type of Proposals	Q1 2010	Q4 2009	Q1 2009
Initial Public Offering Main Market	10	2	1
Reverse Take-Overs and Restructurings	–	1	4
Transfer to Main Market	1	2	1
Private Debt Securities	8⁽¹⁾	6⁽²⁾	9
Others	–	–	9
TOTAL	19	11	24

Note:

⁽¹⁾ 8 proposals comprising 7 RM-denominated PDS issues and 1 foreign currency-denominated PDS issue (Table 7 & 8).

⁽²⁾ 6 proposals comprising 5 RM-denominated PDS issues and 1 foreign currency-denominated PDS issue (Table 7 & 8).

ii) Private Debt Securities

Table 7: Approved RM-Denominated PDS Issues

Type	Q1 2010		Q4 2009		Q1 2009
Type	No. of proposals	Size (RM mil)	No. of proposals	Size (RM mil)	No. of proposals	Size (RM mil)
Conventional PDS	5⁽¹⁾	8,586.00	4	1,964.68	5⁽²⁾	6,999.10
Sukuk	2	590.00	1	20,000.00	4⁽³⁾	3,600.00
Combination⁽⁴⁾	–	–	–	–	–	–
Total	7	9,176.00	5	21,964.68	9	10,599.10

⁽¹⁾ Includes two ABS amounting RM1.4 billion.

⁽²⁾Includes one multi-currency debt programme which has a combined limit of RM5.0 billion (or its equivalent in foreign currency) with a multi-currency sukuk programme approved in Q2 2009.
⁽³⁾ Includes one ABS amounting RM2.0 billion.
⁽⁴⁾ Combination of conventional and sukuk.

Table 8: Approved Foreign Currency-Denominated PDS Issues by Foreign Corporations

Type	Q1 2010		Q4 2009		Q1 2009
Type	No. of proposals	Size of offers (‘mil)	No. of proposals	Size of offers (‘mil)	No. of proposals	Size of offers (‘mil)
Conventional	–	–	–	–	–	–
Sukuk	1⁽¹⁾	USD450.00	11	USD750.00	–	–
Combination	–	–	–	–	–	–
Total	1	USD450.00	1	USD750.00	–	–

Note:

⁽¹⁾ Offer in Malaysia was part of global offering.

Table 9: Approved Foreign Currency-Denominated PDS Issues by Malaysian Issuers

Type	Q1 2010		Q4 2009		Q1 2009
Type	No. of proposals	Size of offers (‘mil)	No. of proposals	Size of offers (‘mil)	No. of proposals	Size of offers (‘mil)
Conventional	–	–	–	–	–	–
Sukuk	–	–	–	–	–	–
Combination	–	–	–	–	–	–
Total	–	–	–	–	–	–

10: Approved Program Issuance of Structured Products

Type	Q1 2010		Q4 2009		Q1 2009
Type	No. of proposals	Size of offers (‘mil)	No. of proposals	Size of offers (‘mil)	No. of proposals	Size of offers (‘mil)
Conventional	5	RM25,000.00	6	RM30,000.00	1	SGD1,000.00
Conventional	5	RM25,000.00	6	RM30,000.00	2	RM10,000.00
Sukuk	–	–	1	RM5,000.00	–	–
Combination	–	–	–	–	–	–
Total	5	RM25,000.00	4	RM35,000.00	1	SGD1,000.00
Total	5	RM25,000.00	4	RM35,000.00	2	RM10,000.00

iii) Take-overs & Mergers

Table: 11: Number of Approved Submissions Relating to the Malaysian Code on Take-overs and Mergers

Type	Number of Submissions Considered
Type	Q1 2010	Q4 2009	Q1 2009
Clearance of offer document	1	4*	4
Exemption from Mandatory Offer (MO) obligation	7	16	15
Clearance of Independent Advice Circular (IAC)	–	–	–
Confirmation of Appointment of Independent Adviser (IA)	–	–	–
Others*	9	33	23
Total	17	53	42

Note:

^* Including clearance of the revised offer document for the voluntary offer for The New Straits Times Press (Malaysia) Berhad.

iv) Unit Trusts & Collective Investment Schemes

Table: 12: Number of Submissions Relating to Unit Trusts and Other Collective Investment Schemes Approved

Type	Number of Submissions Approved
Type	Q1 2010	Q4 2009	Q4 2009
Establishment of new funds	24	30	15
Increase in fund size	16	11	8
Exemption/variation from Guidelines⁽¹⁾	4	1	0
Other applications⁽²⁾	13	12	17
Total	57	54	40

Note:

⁽¹⁾ Excluding applications submitted through the establishment of new schemes.
⁽²⁾ Including applications for extension of time and change of management company.

Type	Received	Withdrawn	Returned	Considered	Approved	Rejected	Pending
Representative	247	6	13	228	174	–	54
Corporation	8	1	–	7	–	–	7
Individual	–	–	–	–	–	–	–
Total	255	7	13	235	174	–	61

Table 11: Processing Turnaround Time for Licensing Applications

New licence application	Within time charter		Exceeds time charter		Subtotal	Exception		Total approved
New licence application	Total	%	Total	%	Subtotal	Total	%	Total approved
Representative	173	99.43	1⁽³⁾	0.57	174	–	–	174
Corporation	–	–	–	–	–	–	–	–
Individual	–	–	–	–	–	–	–	0
Total	173	99.43	1	0.57	174	–	–	174

Note:

(3) The time charter was exceeded by one business day, for one application.