SC Proposes Amendments to Enhance Framework for Principal Advisers
6 March 2017   |   Kuala Lumpur
Securities Commission Malaysia (SC) today released a consultation paper inviting feedback on an enhanced framework for principal advisers as part of its ongoing efforts to develop a competitive and efficient capital market. This consultation paper is issued after a holistic review conducted last year on the 2009 Principal Adviser Guidelines.

As part of the review, SC had, in April 2016, conducted a survey to identify needs and concerns in the corporate finance industry. Feedback received from the 14 Approved Principal Advisers (APA)1 indicated that there is a need for, expansion of the current pool of Qualified Senior Personnel (QSP) and common standards for submission.

In issuing this consultation paper, the SC is seeking responses from the public on several proposed enhancements, including providing clarity on the roles and responsibilities of QSP and APAs. In addition, cognisant of the challenges faced by APA in increasing the number of QSP, SC is proposing new eligibility criteria for registration of QSP which includes admission of lawyers and reporting accountants with relevant experience as QSPs.

These enhancements are in line with the SC’s efforts in promoting the quality of due diligence in corporate proposals submitted to the SC and the governance standards of industry gatekeepers in order to maintain the integrity of the capital markets and protect investors’ interests. To this end, the SC will also enhance its monitoring of QSP‘s continuous involvement in the preparation and submission of corporate proposals.

The full consultation paper is available here. Interested parties and the public are invited to review and submit their comments and feedback to the email [email protected] before the closing date of 30 April 2017.


1 Refers to holders of a Capital Markets Services Licence for advising on corporate finance approved by the SC.
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