The Securities Commission Malaysia (SC) today announced that it will grant flexibilities for capital market participants in meeting selected regulatory requirements, in view of Covid-19 and the implementation of the Movement Control Order (“MCO”) between 18 to 31 March 2020.
The capital market is a critical function of the financial services industry which has been identified as essential services under MCO. It will continue to operate to support the economy during the nationwide restrictive movement period. As part of their business continuity plans, many market participants are taking precautionary measures like working on split team operations or remotely from home during this period. In addition to a host of significant general business concerns, Covid-19 has raised a number of specific regulatory issues and administrative challenges for market participants to comply with the SC’s regulatory reporting requirements.
As such, the regulator is extending deadlines for market participants to comply with requirements such as regulatory filings and submissions to the SC and fulfilment of training requirements.
The SC said that the deferment of these regulatory submissions is part of the SC’s wider relief package for the capital market in support of the government’s measures to contain the spread of Covid-19.
For further details, please visit the SC website at https://www.sc.com.my/regulation/technical-notes-and-practice-notes/circular-to-capital-markets-services-licence-holders or email RegDeferment@seccom.com.my for clarification.
