This high level of delivery was achieved despite a significant increase in licensing applications. During the October-December period the SC received 503 applications, an 81 per cent increase, compared with 278 applications received in the previous quarter.

The increase in new licence applications is largely attributable to the implementation of the Investment Bank (IB) framework which saw the conversion of merchant banks to IBs. As a result of the conversion, merchant banking entities and their designated persons were subject to licensing.

In the fourth quarter, the SC received a total of six dealers' licence applications by IBs and 124 dealer’s representative licence applications from individuals functioning in a dealing capacity in these IBs.

During the period, the SC approved a larger number of proposals to raise capital via private placements, and special, rights and restricted issues. There was a 55 per cent increase in the approvals for this group of capital raising exercises compared with the previous quarter.

The increase in capital raising exercises was in tandem with general improvement of the stock market as reflected by the continuous rise of the KLCI since the beginning of the fourth quarter.

Capital market statistics released by the SC cover information on processing, approvals and rejections of submissions, including timing and reasons. In addition to these scorecard indicators, the periodic quarterly statistics of submissions approved by the SC for the fourth quarter of 2006 were also reported.

The full series of capital market statistics released by the SC is set out below and on its website: