These revisions to the FFMC Guidelines have been made to reflect policy changes and development that have occurred in the financial markets recently. In addition, the SC has also restructured and reformatted the FFMC Guidelines as well as clarified and amplified certain clauses for easy reading and reference.

In making these revisions, the SC has taken into consideration comments and suggestions made by relevant market participants from the fund management industry.

The revised FFMC Guidelines are available at the SC's homepage (http://www.sc.com.my).

The FFMC Guidelines were introduced in August 1995 as part of the Government's effort to further promote and develop the fund management industry, and to ensure that the pace of liberalisation is properly managed so as not to adversely affect the development of the local fund management industry.

As at the end of December 1999, there were 71 licensed fund managers managing a total of RM44.01 billion of funds. These licensed fund managers comprised of 56 companies that are 100% local-owned, nine companies with majority local ownership, and six foreign fund management companies (FFMCs) of which two are 100% foreign-owned and four are joint-ventures with majority foreign ownership. The size of the funds managed by these FFMCs were RM2.72 billion or 6.2% of the total fund managed by licensed fund managers.