Securities Commission Malaysia Act 1993 (Act 498) [As At 5th October 2015]

Securities Commission Act 1993 (Act 498)

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Subsidiary Legistlation And Malaysian Code On Corporate Governance 2012

(As At 5th October 2015)

An Act to establish the Securities Commission Malaysia and to provide for matters connected therewith and incidental thereto.

Detailed Contents of Securities Commission Malaysia Act 1993 (Act 498):

The Securities Commission Malaysia (SC) is established as the authority over the Malaysian capital market by the Securities Commission Malaysia Act 1993 (Act 498), a statute passed in Malaysia. The SC is in charge of overseeing and regulating Malaysia's securities and futures business, as well as making sure that the market works fairly and openly.

The Act outlines the SC's duties and authority, which include:

• governing and overseeing the Malaysian securities and futures market, as well as approving and registering market intermediaries like broker-dealers and investment advisers.

• fostering the growth of a Malaysian securities and futures market that is fair, efficient, and well-organized.

• ensuring adherence to securities rules and regulations and, where appropriate, initiating enforcement action.

• representing Malaysia in international securities organisations and giving government advice on issues involving the securities and futures industry

• carrying out research and giving the general public and market participants instruction and training.

The SC's governing structure, which consists of a chairman and commissioners chosen by the minister of finance, is also outlined in the Act. High moral character and significant experience in the disciplines of finance, law, economics, or other related fields are required of the chairman and commissioners.

Additionally, the Act calls for the creation of an Appeals Tribunal, which will have the authority to hear and decide appeals from SC rulings. The Tribunal is separate from the SC and is composed of individuals chosen by the Minister of Finance.

Since it was first introduced, the Act has undergone various revisions, the most recent of which were made in 2018. The changes were made in order to strengthen the SC's governance, increase investor protection, and provide the SC more authority to combat financial crimes.

Securities Commission Malaysia Act 1993 (Act 498)Contains:

Securities Commission Malaysia Act 1993 (Act 498)
Securities Commission (Collection of Levies) Rules 1993
Securities Commission (Compoundable Offences) Regulations 1998
Securities Commission (Shelf Registration Scheme for Debentures) Regulations 2000
Securities Commission (Non-Application of the Definition of Debenture) Order 2001
Securities Commission (Disapplication of Division of Part IV) Order 2005
Securities Commission (Audit Oversight Board) (Fees) (No. 2) Regulations 2010
Securities Commission (Disapplication of Schedule 1) Regulations 2011
Securities Commission (Unit Trust Scheme) Regulations 1996
Malaysian Code on Corporate Governance 2012

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