KUALA LUMPUR: The Securities Commission (SC) today announced several amendments to the Capital Markets and Services Act 2007 (CMSA), which come into force on July 1, 2021.
In a statement, SC said the amendments, effected through changes made to Schedules 6 and 7 of the CMSA, have widened the categories of sophisticated investors.
The categories now include, among others, individuals with investments of RM1 million in capital market products, either on their own or through joint accounts with their spouse, chief executive officers (CEOs) and directors of licensed or registered persons under the CMSA, and corporations that manage funds of their related companies with assets of more than RM10 million.
SC said this will allow more investors to expand their investment options while issuers can now tap into a larger pool of sophisticated investors.
In addition, the amendments to Schedules 6 and 7 will enable Bursa Malaysia to undertake the registration of ACE Market prospectuses, effective January 1, 2022.
Upon transferring the registration function, which the SC currently assumes, Bursa will become the one-stop centre for all approvals concerning ACE Market listing, SC noted.
Meanwhile, SC said Schedule 5 of the CMSA, which sets out the type of corporate proposals that do not require the SC's approval, has also been amended.
It now includes an initial exchange offering of digital assets through a recognized market operator and an initial public offering (IPO) or cross-listing of the shares of a public company or listed corporation on a stock exchange outside Malaysia.