SC to Report on Y2K-Readiness of Malaysian Capital Market

Kuala Lumpur, 7 April 1999

The Securities Commission (SC) will report on the level of preparedness of the Malaysian capital market to face the impending millennium bug at the forthcoming SC "Conference on Year 2000: Readiness of the Malaysian Capital Market" to be held on 12 April 1999.

Since 1997, the SC has initiated several measures to ensure that capital market institutions and intermediaries take immediate action to prepare themselves for the ramifications of the year 2000 (Y2K) problem.

Measures taken by the SC to advocate Y2K compliance include organising awareness programmes; conducting a capital market readiness survey and identifying target dates for the completion of critical Y2K compliance activities. The SC has also required all capital market institutions - the Kuala Lumpur Stock Exchange (KLSE), Malaysian Exchange of Securities Dealing and Automated Quotation (MESDAQ), the Kuala Lumpur Options and Financial Futures Exchange (KLOFFE), the Commodity and Monetary Exchange (COMMEX), the Malaysian Derivatives Clearing House (MDCH), the Malaysian Issuing House (MIH) and MIDF Consultancy and Corporate Services (MIDFCCS) - to provide progress reports on Y2K-compliance measures.

Market institutions are also required to monitor and submit progress reports on the readiness of their member companies, which includes stockbroking companies and futures brokers. Public listed companies report on their Y2K status through the KLSE while unit trust and asset management companies report directly to the SC.

Hence, the Conference on the Year 2000 will be a platform for the SC to report on the results of its Y2K-related efforts, taken to date, vis-à-vis the Malaysian capital market. It will also provide a global update on the subject as well as facilitate discussion, through a panel session, on assessing risk and contingency planning.

Highlights of the conference include an Opening Address entitled "Challenges Facing Financial Markets in Addressing the Year 2000 Problem" by Y. B. Tun Daim Zainuddin, Minister of Finance I and Minister of Special Functions. Other speakers and panelists include:

  • Encik Ramli Saad, Director of Information System, Bank Negara Malaysia;
  • Dr. Nik Ramlah Nik Mahmood, Director, SC;
  • Ungku A Razak Ungku A Rahman, Deputy President, KLSE;
  • Encik Khairil Anuar Abdullah Executive Chairman, MESDAQ;
  • Ms Wong Fay Lee, Chief Executive Officer, MDCH; and
  • Mr Alan Chong, Consulting Principle, RMA Consulting, Australia.

The SC, in its efforts to inculcate awareness of the Y2K problem, has always stressed that the Y2K problem is not merely a technical problem but is in fact a business problem with widespread legal and commercial implications. Hence, target participants for the conference are senior management of exchanges, clearing houses and other market institutions as well as market intermediaries such as fund managers, stockbrokers and futures brokers. The SC also expects people who are directly and indirectly involved in -implementing Y2K risk mitigation measures for their companies including professionals such as lawyers, accountants, IT managers, merchant bankers to also benefit from the conference.

Interested parties may contact Puan Rosma Abd Azid at tel: (03) 654 8590 or fax: (03) 651 5811 for further details.


Issued on behalf of the Securities Commission. For assistance, please contact the Corporate Affairs Department at tel. no. 03-2597164 (Karen De Cruz)/ 03-2507695 (Sarina Ariffin) or fax no. 03-2536184.
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