18 June, 2017
In view of the Companies Act 2016 (“the CA 2016”) coming into force and replacing the Companies Act 1965, Bursa Malaysia Berhad has amended the following rules to take into account the CA 2016:
The amendments are set out below:
Amendments to the Rules of Bursa Malaysia Securities Berhad
Effective date: 29 May 2017
Salient amendments include:
(a) references to the “Companies Act 1965” have been replaced with “Companies Act 2016”;
(b) the admission criteria for a Participating Organisation which requires an application to have as one of its objects, the carrying on the business of dealing in securities has been clarified in that it only applies if the applicant has a constitution which states the objects of the company;
(c) references to “memorandum and articles of association” have been replaced with “constitution”; and
(d) any cross references to the sections under the Companies Act 1965 has been updated with the new sections under the Companies Act 2016.
For more, please click here.
Amendments to Directive No.3-001 (Directives on Applications to the Exchange and Fees pursuant to Chapter 3 of the Rules) and Directive No.4-001 (Directives on Market Making and Specified Securities) (“Directives”) and Amendments to Best Practice No.7.16-001 (Best Practices in the Islamic Stockbroking Services Undertaken by Participating Organisations), Best Practice No.8.16-001 (Direct Market Access Handbook) and Best Practice No.3.39(2)-001 (Recommendations on Compliance Reporting) (“Best Practices”)
Effective date: 29 May 2017
Salient amendments include:
(a) references to “memorandum and articles of association” have been replaced with “constitution”;
(b) the application form for registration as Market Markers in Appendix 2 of Directive 4-001 has been updated;
(c) references to “Authorised Capital” have been deleted;
(d) references to Forms 9,49,13,24 and 44 under the Companies Act 1965 have been replaced with the equivalent forms under the Companies Act 2016;
(e) the recommendation in relation to the memorandum and articles of association of an Islamic Participating Organisation in Best Practice No. 7.16-001 has been removed;
(f) the Best Practice 3.39(2)-001 on compliance reporting has been updated and references to Forms 9,24 and 44 under the Companies Act 1965 have been replaced with the equivalent forms under the CA 2016; and
(g) references to the Certificate of Incorporation in the DMA Handbook under Best Practice 8.16-001 have been replaced with “notice of registration”.
For more, please click here.
Amendments to the Rules of Bursa Malaysia Securities Clearing Sdn Bhd
Effective date: 31 May 2017
Salient amendments include:
(a) references to “Companies Act 1965” have been replaced with “Companies Act 2016”;
(b) references to “Articles of Association” have been replaced with “constitution”.
For more, please click here.
Amendments to the Rules of Bursa Malaysia Derivatives Berhad (“Rules of Bursa Derivatives”)
Effective date: 29 May 2017
Salient amendments include:
(a) references to “nominal” capital from Rule 202.4(a) have been deleted;
(b) references to “memorandum and articles of association” have been replaced with “constitution”; and
(c) references to “Companies Act 1965” have been replaced with “Companies Act 2016”.
For more, please click here.
Amendments to the Direct Market Access Handbook (“DMA Handbook”) issued vide TP Circular 23/2010
Effective date: 29 May 2017
Salient amendments include:
(a) references to “Certificate of Incorporation” have been replaced with “notice of registration”; and
(b) references to “memorandum and articles of association” have been replaced with “constitution”.
For more, please click here.
For more information, please contact:
Datuk Seri Dr Nik Norzrul Thani, Chairman and Senior Partner, Zaid Ibrahim & Co (a member of ZICO Law)
nik.norzrul.thani@zicolaw.com
