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Bursa Malaysia Securities Berhad (the Exchange) today published a consultation paper seeking public feedback on various proposed changes to the Main Market Listing Requirements and ACE Market Listing Requirements (collectively referred to as the “LR”).
The main objective of the review and the proposed changes is to ensure that the LR continues to be appropriate, effective and efficient, given the effluxion of time and the developments in the market.
In this regard, the consultation paper seeks public’s views on the changes proposed in the following key areas:
- related party transactions requirements;
- regularisation plans and de-listing framework for financially distressed listed issuers;
- framework for listed issuers with inadequate level of operations;
- foreign listing requirements;
- disclosure obligations particularly on material information such as default in payment by listed issuers; and
- other amendments to improve market efficiency and provide greater clarity and certainty.
The Exchange has taken into account industry feedback, our findings and observations arising from our supervision and monitoring activities, and international standards in formulating the proposals for change.
In this respect, investor protection and high standards of conduct of listed issuers remain the Exchange’s key focus. At the same time, the Exchange also sought to simplify the rules and ease compliance by listed issuers without compromising on investor protection. The Exchange strives to strike a careful balance between enhancing market regulation and promoting business efficacy and growth.
The consultation paper and the text of the proposed amendments can be downloaded from the Exchange’s website atwww.bursamalaysia.com.
The public and market participants are encouraged to respond to the consultation paper by submitting the table of comments attached to the consultation paper to the Exchange by 10 March 2014.
