Presently, applications for the issue and listing of securities on the MESDAQ Market must be approved by both the SC and Bursa Securities. Bursa Securities had assumed the listing function for MESDAQ Market applications when MESDAQ Berhad merged with Bursa Malaysia (then, Kuala Lumpur Stock Exchange) in March 2001.
"The streamlining of listing functions for the MESDAQ Market under one regulator, the SC, is a practical move and in the best interest of issuers, intermediaries, regulators and the exchange as this will enhance the efficiency of the fund-raising process on the MESDAQ Market," said Md Nor Ahmad, Chief Regulatory Officer of Bursa Malaysia.
"The admission to the Official List and quotation for trading of securities on the MESDAQ Market will however continue to be approved by Bursa Securities," he added.
Unless otherwise notified in writing by Bursa Securities, all applications for a MESDAQ Market listing or appeals in relation to such applications which have been submitted to Bursa Securities but which decisions have yet to be communicated to the companies by 31 December 2004 will be forwarded to the SC for consideration and decision.
All new applications for issue and listing on the MESDAQ Market or new appeals in relation to the applications to be made after 31 December 2004 should be submitted to the SC only.
