As a result of this streamlining, the MESDAQ Market listing process will be considerably enhanced. Under the new process, approval for MESDAQ Market corporate proposals need only be sought from one authority, under section 32 of the Securities Commission Act 1993 (SCA), which is in line with the approval process for Main and Second Board companies. Currently, MESDAQ Market listings require the approval of both the SC and Bursa Malaysia Berhad (Exchange).
Under the new approval process for MESDAQ Market applications:
- All new submissions or appeals in relation to applications for issue and listing of securities on the MESDAQ Market after 31 December 2004 are to be made to the SC only.
- Applications, as well as appeals in relation to such applications, which have been submitted to the Exchange but for which decisions have yet to be made by 31 December 2004, will be considered by the SC.
Submissions to the SC must comply with the MESDAQ Market Listing Requirements (MMLR). The SC will be adopting relevant sections of the MMLR, with consequential modifications, to be effected as its own guidelines and requirements. A list of these provisions is available here.
