SOPs Tightened for Capital Market Participants, Only Fully Virtual AGMs Allowed during Total Lockdown
31 May 2021

The Securities Commission Malaysia (SC) affirms that the capital market will continue to remain open and operate as usual within normal business hours throughout the total lockdown period announced by YAB Prime Minister on 28 May 2021.
As essential service providers, capital market participants (CMPs) can continue to undertake and provide capital market activities and services. These entities include the approved exchanges, licensed entities (CMSL holders), registered persons, Audit Oversight Board registered auditors, self-regulatory organisations, recognised market operators (RMOs) and other capital market related entities.

To support the Government’s efforts to break the chain of COVID-19 transmission during this critical lockdown period, CMPs are required to minimise their workforce capacity in the office.

Under the updated Standard Operating Procedure (SOP) for the capital market issued by Majlis Keselamatan Negara (MKN), CMPs must ensure that their employees working at the office is capped at 60% during this period.

CMPs are required to have in place clear criteria and processes to ensure compliance with the SOP requirements as well as maintain complete and updated record of employees working at the office and at home, which must be made available to the SC upon its request.

In addition, CMPs are required to request new verification letters from the SC to enable their employees to travel to work during this period. As the regulatory body for the capital market, the SC is authorised by the Ministry of Finance to issue verification letters to facilitate the movement of CMPs and their third party service providers for critical services. CMPs who require verification letters can email their request to the SC at [email protected].

The SC has also updated its Guidance Note on the Conduct of General Meetings for Listed Issuers (Guidance Note). During the total lockdown period, only fully virtual general meetings are allowed where all meeting participants including the Chairperson of the meeting, board members, senior management and shareholders, participate in the meeting online. Any queries relating to the Guidance Note can be channelled to [email protected].

Further, listed issuers and CMPs are prohibited from conducting any physical meetings or gatherings, irrespective of the number of participants involved.

All CMPs and listed issuers are reminded to be vigilant and minimise the movement and interaction of their employees, agents, customers, shareholders and other external parties as well as fully comply with the safety and hygiene procedures stated in the SOPs issued by MKN and other relevant authorities.

The Guidance Note can be downloaded at www.sc.com.my. Queries relating to the Guidance Note can be emailed to [email protected].
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