Further Flexibilities to Capital Markets Services Licence Holders and Registered Persons

16 April 2020

To Capital Markets Services Licence Holders and Registered Persons--

The Securities Commission Malaysia (SC) recognises the constraints and challenges faced by licensed and registered persons in complying with the timelines for certain regulatory requirements, following the extension of the Movement Control Order (MCO) to 28 April 2020.

In addition to the flexibilities accorded on 20 March 2020, the SC is granting further extensions or flexibilities to licensed and registered persons, as part of the SC’s wider relief package for the capital market in support of the Government’s measures to contain the spread of COVID-19.

The regulatory flexibilities announced by the SC on 20 March 2020 remain unchanged unless mentioned below.

A. Report Submissions

#	Subject Matter	Extension Granted on 20 March 2020	Further Extension or Flexibility
1.	Lodgement of auditor's report within 3 months after the close of each financial year (FYE) (for CMSL holders)	30 June 2020 (for corporations with FYE December 2019 - February 2020) Note: This applies to lodgement of auditor's report via the Electronic Licensing Application (ELA) system, and the submission of audited financial statements via the SC Common Reporting Platform (ComRep).	31 August 2020 (for corporations with FYE December 2019 - April 2020)
2.	Submission of audited financial statements for Venture Capital (VC) and Private Equity (PE) within 3 months after FYE (for registered corporations¹)	30 June 2020 (for corporations with FYE December 2019 - February 2020) Note: granted via e-mail to registered corporations on 20 March 2020.	31 August 2020 (for corporations with FYE December 2019 - April 2020)
3.	Submission of the ARAA² report within 7 business days before the anniversary date (for CMSL holders)	30 June 2020 (for CMSL holders whose anniversary dates fall in March - May 2020)	31 August 2020 (for CMSL holders whose anniversary dates fall in March - June 2020)
4.	Submission of Interim Report and Annual Report to unitholders, SC and Private Pension Administrator (for PRS) within 2 months after the end of each financial period or FYE ✔ Unit trust fund ✔ PRS (prepared by management companies and PRS Providers³)	30 April 2020 (for financial period or year ended 31 January 2020) Note: Management companies and PRS Providers that are facing challenges during this period are encouraged to keep their unitholders and members updated.	30 June 2020 (for financial period or year ended 31 January 2020, 29 February 2020 and 31 March 2020) 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 SC (where applicable) within 2 months after the end of period of the report ✔ Wholesale fund (prepared by management companies or representatives⁴)	30 April 2020 (for financial period or year ended 31 January 2020)	30 June 2020 (for financial period or year ended 31 January 2020, 29 February 2020 and 31 March 2020) Note: Management companies and representatives are encouraged to issue the report earlier where possible.
6.	Submission of Annual Report to unitholders and SC within 2 months after FYE ✔ Listed REIT (prepared by management companies)	N/A	30 June 2020 (for financial year ended 31 March 2020)
6(a).	Holding of Annual General Meeting within 4 months after FYE ✔ Listed REIT	30 June 2020 (for financial year ended 31 December 2019) (Granted on 17 March 2020)	31 August 2020 (for financial year ended 31 March 2020) (Added on 13 May 2020)
7.	Submission of Monthly Fund Management Company Report via ComRep within 7 business days (by 5.00pm) after month-end reporting date (for management companies)	30 April 2020 (for reports due in March 2020)	31 May 2020 (for reports due in April 2020)

¹ Corporations undertaking venture capital or private equity activity which is registered under the Guidelines on the Registration of Venture Capital and Private Equity Corporations and Management Corporations.
² Anniversary Reporting for Authorisation of Activity.
³ Private retirement scheme provider as defined in section 139A of the Capital Markets and Services Act 2007

⁴ Person appointed by foreign operator relating to foreign funds.

B. Statistics / Data

#	Subject Matter	Extension Granted on 20 March 2020	Further Extension or Flexibility
1.	Submission of monthly statistical returns within 7 business days following the end of every month ✔ Unit trust fund ✔ Wholesale fund ✔ Foreign fund (for management companies or representatives)	30 April 2020 (for March 2020 returns)	31 May 2020 (for April 2020 returns)
2.	Submission of monthly PRS returns within 7 business days following the end of every month ✔ PRS (for PRS Providers)	30 April 2020 (for March 2020 returns)	31 May 2020 (for April 2020 returns)
3.	Submission of monthly compliance (including compliance review report) / investment returns within 14 business days following the end of every month ✔ Unit trust fund ✔ Wholesale fund (for management companies)	30 April 2020 (for March 2020 returns/reports)	31 May 2020 (for April 2020 returns/reports)
4.	Submission of mid-year filing for VC and PE (Form 3A) within 14 calendar days from 30 June of each year (for registered corporations)	N/A	31 August 2020 (for filings due within 14 calendar days from 30 June 2020)
5.	Submission of Client Asset Report within 3 months after FYE (for management companies)	N/A	31 August 2020 (for management companies with FYE December 2019 - April 2020) Note: Submission of report to [email protected].
6.	Submission of Semi-Annual Fit and Proper Compliance Report (Form 6A) within 7 business days from reporting period (for CMSL holders)	N/A	31 August 2020 (for reports due in July 2020)
7.	Submission of Quarterly Report to the Trustee, Registrar of Companies and SC within one month after the end of each quarter ✔ Corporate Bonds / Sukuk (for issuers)	N/A	Within 30 calendar days after the end of MCO (for reports due during the MCO period and up to 14 calendar days after the MCO period)

C. LOLA-Related Notices

#	Subject Matter	Extension Granted on 20 March 2020	Further Extension or Flexibility
1.	Submission of monthly post-issuance report within 7 business days after the end of every month ✔ Structured Products (for issuers)	30 April 2020 (for reports due March 2020)	Within 7 business days after the end of MCO (for reports due March 2020) Within 7 business days after the month end of April 2020 or within 7 business days from the date the MCO is uplifted, whichever is later (for reports due April 2020) Within 7 business days after the month end of May 2020 or within 7 business days from the date the MCO is uplifted, whichever is later (for reports due May 2020)
2.	Submission of post-issuance notices within 7 business days from the date of issuance ✔ Corporate Bonds / Sukuk (for issuers)	Within 30 calendar days from issuance date (for notices due 1 March - 30 April 2020)	Within 30 calendar days after the end of MCO (for notices due from 1 March 2020 - end date of MCO)
3.	Submission of redemption notices within 7 business days from the date of redemption ✔ Corporate Bonds / Sukuk (for issuers)	Within 30 calendar days from redemption date (for notices due 1 March - 30 April 2020)	Within 30 calendar days after the end of MCO (for notices due from 1 March 2020 - end date of MCO)

#

Subject Matter

Extension Granted on 20 March 2020

Further Extension or Flexibility

1.

Submission of monthly post-issuance report within 7 business days after the end of every month

✔ Structured Products

(for issuers)

30 April 2020 (for reports due March 2020)

Within 7 business days after the end of MCO (for reports due March 2020)

Within 7 business days after the month end of April 2020 or within 7 business days from the date the MCO is uplifted, whichever is later (for reports due April 2020)

Within 7 business days after the month end of May 2020 or within 7 business days from the date the MCO is uplifted, whichever is later (for reports due May 2020)

2.

Submission of post-issuance notices within 7 business days from the date of issuance

✔ Corporate Bonds / Sukuk

(for issuers)

Within 30 calendar days from issuance date (for notices due 1 March - 30 April 2020)

Within 30 calendar days after the end of MCO (for notices due from 1 March 2020 - end date of MCO)

3.

Submission of redemption notices within 7 business days from the date of redemption

✔ Corporate Bonds / Sukuk

(for issuers)

Within 30 calendar days from redemption date (for notices due 1 March - 30 April 2020)

Within 30 calendar days after the end of MCO (for notices due from 1 March 2020 - end date of MCO)

D. Lodgement Obligations and Changes to Product Information

#	Subject Matter	Extension Granted on 20 March 2020	Further Extension or Flexibility
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 1 March - 30 April 2020)	Within 90 business days after the end of MCO (for lodgements made from 1 January 2020 - end date of MCO)
2.	Submission of post-issuance revision to principal terms and conditions within 14 business days after the proposed revision comes into effect ✔ Corporate Bonds / Sukuk (LOLA) (for issuers)	Within 30 calendar days after revision is effective (for notifications due 1 March - 30 April 2020)	Within 30 calendar days after the end of MCO (for notifications due 1 March 2020 - end date of MCO)
3.	Submission of copies of FAST announcements (proposed revision to principal terms and conditions) within 2 business days from date of announcement ✔ Corporate Bonds / Sukuk (LOLA) (for principal advisers)	Within 30 calendar days from date of FAST announcements (for submissions due 1 March - 30 April 2020)	Within 30 calendar days after the end of MCO (for submissions due 1 March 2020 - end date of MCO)
4.	Submission of copies of FAST announcements (proposed upsizing of programme) within 2 business days from date of announcement ✔ Corporate Bonds / Sukuk (LOLA) (for principal advisers)	Within 30 calendar days from date of announcement (for submissions due 1 March - 30 April 2020)	Within 30 calendar days after the end of MCO (for submissions due 1 March 2020 - end date of MCO)
5.	Lodgement of prospectus⁵ and abridged prospectus with the Registrar of Companies (for issuers)	N/A	Within 2 weeks after the end of MCO (for lodgements due during the MCO period) Note: Applicable for all capital market products which require lodgement of prospectus, supplementary or replacement prospectus with the Registrar of Companies

⁵ This is applicable to Base Prospectus, Supplementary Base Prospectus and term sheets.

E. Continuing Education / Training Requirements

#	Subject Matter	Extension Granted on 20 March 2020	Further Extension or Flexibility
1.	Requirement of 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)	N/A	Exempted for the year 2020.