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Flexibilities to Capital Markets Services Licence Holders and Registered Persons

3 June 2021
(updated 16 June 2021)

To Capital Markets Services Licence (“CMSL”) Holders and Registered Persons-
The Securities Commission Malaysia (“SC”) today confirms some targeted flexibilities in relation to the time limits specified in our regulatory requirements. This will give firms temporary relief arising from the current Movement Control Order 3.0 commencing from 1 June 2021 to address the coronavirus (Covid-19) pandemic in Malaysia.
Licensed and registered persons are facing unparalleled challenges in complying with certain regulatory deadlines as a result of the Covid-19 pandemic. These challenges are largely operational, particularly the need to engage a large number of internal and external parties. While most of these parties will be able to work remotely, it is likely that the Covid-19 restrictions currently in place will significantly slow the process down and impede the ability of licensed and registered persons to meet the regulatory deadlines.

In response, the SC is offering the temporary relief to the regulatory deadlines described below. The regulatory flexibilities previously announced by the SC remain unchanged unless mentioned below. This is not a waiver or variation of our regulatory requirements and this policy is intended to be temporary while Malaysia faces the extreme disruption of the Covid-19 pandemic and its aftermath. The SC will continue to review the appropriateness of the length of the temporary relief and over the coming months, we will continue to monitor the situation.

Notwithstanding the flexibilities below, the SC expects licensed and registered persons to contact us, to communicate issues of material concern and to promptly report any exceptional matters.
  • A. Reports from Licence Holders and Registered Corporations (1)
    # Subject Matter Flexibility Granted on 3 June 2021 and 16 June 2021
    1.

    Lodgement of auditor’s report within 3 months after the close of each financial year (“FYE”)

    (for CMSL holders)
    • 31 July 2021 (for FYE 31 March 2021)
    • 31 August 2021 (for FYE 30 April 2021)
    • 30 September 2021 (for FYE 31 May 2021)
    2.

    Submission of audited financial statements within 3 months after FYE
     
    (for registered corporations)
    • 31 July 2021 (for FYE 31 March 2021)
    • 31 August 2021 (for FYE 30 April 2021)
    • 30 September 2021 (for FYE 31 May 2021)
    3.

    Submission of the Anniversary Reporting for Authorisation of Activity (ARAA) within 7 business days before the anniversary date

    (for CMSL holders)
    • 31 July 2021 (for CMSL holders whose anniversary dates fall in June 2021)
    • 31 August 2021 (for CMSL holders whose anniversary dates fall in July 2021)
    • 30 September 2021 (for CMSL holders whose anniversary dates fall in August 2021)

     
    4.

    Submission of Interim Report and Annual Report to unitholders, the SC and Private Pension Administrator (for PRS) within 2 months after the end of each financial period or FYE

    ✔ Unit trust fund
    ✔ PRS
    ✔ Unlisted REIT

    (for management companies and PRS Providers2)
    • 31 July 2021 (for financial period or FYE 30 April 2021)
    • 31 August 2021 (for financial period or FYE 31 May 2021)
    • 30 September 2021 (for financial period or FYE 30 June 2021)

     

    Note: Management companies and PRS providers are encouraged to issue the report earlier, where possible.

    5.

    Submission of Quarterly Report and Annual Report to unitholders and the SC within 2 months after the end of period of the report

    ✔ Wholesale fund

    (for management companies or representatives3)
    • 31 July 2021 (for financial period or FYE 30 April 2021)
    • 31 August 2021 (for financial period or FYE 31 May 2021)
    • 30 September 2021 (for financial period or FYE 30 June 2021)

     

    Note: Management companies or representatives are encouraged to issue the report earlier, where possible.
    6. Temporary Increase in Gearing Limit for REITs No change to earlier flexibility granted i.e. gearing limits increase from 50% to 60% until 31 December 2022 (announced on 12 August 2020)
    7.

    Submission of Annual Report to the unitholders and SC within 2 months after FYE

    ✔Listed REIT
    ✔ETF

    30 September 2021 (for FYE 30 June 2021) (Granted on 16 June 2021)

    Note: Management companies are encouraged to issue the report earlier, where possible.

    1

    Corporations registered under the Guidelines on the Registration of Venture Capital and Private Equity Corporations and Management Corporations and the Guidelines on the Registration and Conduct of Capital Market Services Providers.

    2

    Private retirement scheme provider as defined in section 139A of the Capital Markets and Services Act 2007.

    3

    Person appointed by foreign operator relating to foreign funds.
  • B. Statistics / Data
    # Subject Matter Flexibility Granted on 3 June 2021
    1.

    Submission of Quarterly Report to the Trustee, the Registrar of Companies (“ROC”) and the SC within one month after the end of each quarter

    ✔ Corporate Bonds / Sukuk

    (for issuers)

    Within one month after the end of the quarter or 2 weeks after the ROC is able to accept submissions of the report, whichever is later (for June 2021 quarterly reports)
  • C. LOLA-Related Notices
    # Subject Matter Flexibility Granted on 3 June 2021
    1.

    Lodgement of Monthly Post-Issuance Report within 7 business days after the end of every month

    ✔ Structured Products

    (for issuers)
    • May 2021 report:  To be submitted within 7 business days after the month end of June 2021
    • June 2021 report: To be submitted within 7 business days after the month end of July 2021

     
  • D. Lodgement Obligations and Changes to Product Information
    # Subject Matter Flexibility Granted on 3 June 2021
    1.

    Issuance of Bonds (one-off or first issuance under a programme) within 60 business days from the date of lodgement

    ✔ Corporate Bonds / Sukuk (LOLA)

    (for issuers)

    Within 90 business days from lodgement date (for lodgements made from 1 March to 31 December 2021)

     
    2.

    Lodgement of Prospectus4 and Abridged Prospectus with the ROC before the date of issue of the prospectus

    (for issuers)

    Within 2 weeks after lodgement is able to be made with the ROC (for lodgements due when the ROC is closed for lodgement)

    Note: Applicable for all capital market products which require lodgement of prospectus, supplementary or replacement prospectus, base prospectus and term sheet with the ROC.

    4

    This is applicable to Base Prospectus, Supplementary Base Prospectus and term sheets.
  • E. Continuing Education / Training Requirements
    # Subject Matter Flexibility Granted on 3 June 2021
    1.

    Expenditure of at least 3% per annum of a management company’s or PRS provider’s gross salary expense on training its officers

    (for management companies and PRS providers)
    • Exempted for year 2021 (announced on 17 February 2021)
    • Further exemption for the year 2022

     

     
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