Bursa Malaysia Berhad (“Bursa Malaysia” or the Exchange”) has issued a Public Consultation Paper to seek public feedback on the proposal to simplify the requirements on the opening of trading and securities accounts for individual investors.
This is expected to provide a degree of flexibility to Participating Organisations (“POs”) and authorised depository agents (ADAs) of the Exchange.
Currently, an individual seeking to open both a trading and securities account is required to be present in person before the PO/ADA to submit the account opening documents or to sign the account opening documents before an acceptable witness such as a notary public or a commissioner for oaths.
Bursa Malaysia is proposing to simplify this process for the individual investors and provide the flexibility to POs and ADAs to just require an individual investor to complete and sign the account opening form and submit the same to the PO/ADA together with the relevant supporting documents, in hard or soft copy (for example via electronic means) without the need to submit the form in person or sign it before any acceptable witness.
The proposal is to facilitate the account opening through alternative mediums including internet-based applications.
This should simplify and smoothen the account opening process whilst at the same time ensure that proper checks are made to ensure the applicant’s identity and information in the application form are authenticated before the accounts are opened.
The consultation paper is available on www.bursamalaysia.com.
