The following table provides a summary of amendments to the Guidelines on Recognized Markets made effective on 2 May 2016:

General update made throughout the guidelines

1. Editorial amendments including streamlining similar requirements for Equity Crowdfunding (ECF) and Peer-to-peer Financing (P2P)

Specific amendments to the Guidelines on Recognized Markets

Part and Paragraph

Reference in the guidelines


Prior to
13 April 2016

Updated Version on 13 April 2016

Part A Paragraph 1.17

  • N/A
New definition of ‘licensed institution’ Where applicable, the guidelines require a RMO to establish and maintain in a licensed institution, a trust account for monies received by the operator payable to issuers or investors.The new definition of ‘licensed institution’ is inserted to provide clarity as to the type of financial institution licensed by BNM that may be appointed to maintain the trust account.

Part C Subparagraph 6.01(c)

  • N/A
New item (iii) Part C Chapter 6 provides for the continuous obligations of a RMO.The new item 6.01(c)(iii) requires a RMO to also maintain all documents and records of its participants for a period of not less than 7 years.

Part F Chapter 13

  • N/A
New Chapter on regulatory framework for P2P Part F of the Guidelines currently provides the additional requirements for RMO that is a crowdfunding platform. Chapter 12 sets out the requirements for ECF operators.The new chapter 13 sets out the requirements for the registration of a P2P operator. The introduction of the new Chapter 13 in the Guidelines also provides for the duty and responsibility of a P2P operator, type of issuer and investor who can participate in P2P.

Part G: Chapter 14

Chapter 13 Chapter 14 Consequential change as a result of inserting the new Chapter 13 for P2P. Chapter renumbered as Chapter 14.