SC Amends Capital Market Laws to Widen Categories of Sophisticated Investors, Exemption for SC’s Approval on Corporate Proposals
1 July 2021

The Securities Commission Malaysia (SC) today announced several amendments to the Capital Markets and Services Act 2007 (CMSA), which come into force on 1 July 2021.
The amendments, effected through changes made to Schedules 6 and 7 of the CMSA, have widened the categories of sophisticated investors, to include among others, individuals with investments of RM1 million in capital market products, either on their own or through joint accounts with their spouse; CEOs and directors of licensed or registered persons under the CMSA; and corporations that manage funds of their related companies with assets of more than RM10 million.

This will allow more investors to expand their investment options while issuers can now tap into a larger pool of sophisticated investors.

For the full list of qualifying criteria of sophisticated investors, please click https://www.sc.com.my/regulation/acts/capital-markets-and-services-act-2007/sophisticated-investors

In addition, the amendments to Schedules 6 and 7 will enable Bursa Malaysia to undertake the registration of ACE Market prospectuses effective 1 January 2022. Upon the transfer of the registration function, which is currently assumed by the SC, Bursa will become the one-stop centre for all approvals in relation to ACE Market listing.

Meanwhile, Schedule 5 of the CMSA, which sets out the type of corporate proposals that do not require the SC’s approval, has also been amended to include the following:
  1. Initial exchange offering of digital assets through a Recognized Market Operator; and
  2. An initial public offering (IPO) or cross-listing of the shares of a public company or listed corporation on a stock exchange outside Malaysia.

For more information on the amendments, please visit https://www.sc.com.my/regulation/acts/capital-markets-and-services-act-2007.
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