The SC to Issue New Guidelines on the Contents of Prospectus

Kuala Lumpur, 26 May 2000

The Securities Commission (SC) is pleased to announce that it will be issuing new guidelines on the contents of prospectuses (Prospectus Guidelines) which would regulate the disclosure requirements for prospectuses once the Securities Commission (Amendment) Act 2000 becomes effective. The amendments to the Securities Commission Act 1993 (SCA) were approved by both Dewan Rakyat and Dewan Negara on 19 April 2000 and 9 May 2000, respectively.

Presently, the disclosure requirements of prospectuses for the issuance of securities (other than unit trust schemes) are regulated by the Registrar of Companies (ROC) under the Companies Act 1965, and in the event of the issuer seeking listing on a stock exchange, the listing requirements of the relevant stock exchanges.

With the imminent coming into force of the amendments to the SCA, the SC will be the approving and registering authority for prospectuses other than for the offer for subscription or purchase of shares or debentures by an unlisted recreational club. The lodgement of prospectuses (except for unit-trust schemes and prescribed investment schemes) will remain with the ROC.

All other corresponding provisions on prospectuses as set out in the Kuala Lumpur Stock Exchange Listing Requirements, the Malaysian Exchange of Securities Dealing and Automated Quotation Listing Rules and the Companies Act 1965, where appropriate or relevant, will be consequently amended.

In formulating the disclosure requirements under the Prospectus Guidelines, the SC had over the past year held various consultative dialogues with and sought the views from various market participants, such as, the Association of Merchant Banks in Malaysia, the Federation of Public Listed Companies, the Malaysian Association of the Institute of Chartered Secretaries and Administrators, members of the Malaysian Bar, the Malaysian Association of Certified Public Accountants and the Malaysian Institute of Accountants.

The Prospectus Guidelines will be made available in due course. All relevant prospectuses after the date of coming into force of the amendments to the SCA, will be required to comply with the Prospectus Guidelines.

The SC will be holding briefing sessions with corporate advisers to inform and clarify any queries that may arise in regard to these guidelines.


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