Friday, July 16, 2010

Bursa issues consultation papers on disclosure, governance

KUALA LUMPUR: Bursa Malaysia published two consultation papers on Thursday, July 15, seeking public feedback on proposals that are aimed at promoting further transparency, quality and efficiency of the Malaysian capital market. ''

In a statement, Bursa said the first paper sought feedback on various proposed amendments to its listing requirements (LR) on the listed issuers' disclosure obligations, corporate governance practices and other obligations (Consultation Paper No 3/2010). ''

The second paper is on the proposed corporate disclosure guide which seeks to provide clarification and guidance on the listed issuers' disclosure obligations under the LR (Consultation Paper No 4/2010).

'The proposed amendments are part of the exchange's ongoing efforts to enhance the regulatory framework for listed issuers to ensure the competitiveness and attractiveness of Bursa Malaysia as a listing and investment destination. ''

'Maintenance of market integrity remains our key focus in formulating the proposed amendments, and in so doing, we strive to strike a careful balance between enhancing market regulation and promoting business efficacy,' said Bursa Malaysia chief regulatory officer Selvarany Rasiah.

The consultation paper seeks the public's views on the following key areas:
' enhancing the continuing disclosure and financial reporting obligations of a listed issuer
' enhancing the corporate governance requirements
' reviewing the framework of share scheme for employees
' allowing listed issuers to dispatch documents to its securities holders via electronic means, if permitted under the laws
' facilitating listed issuers to pay dividends in shares to their shareholders through a scheme known as 'dividend re-investment scheme'.

'The proposed CD Guide seeks to provide greater clarity and guidance to help listed issuers in better understanding and complying with their disclosure obligations under the LR,' said Selvarany. The consultation papers can be downloaded from the exchange's website at The deadline for feedback is Aug 29.

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