NOTICE TO MEMBERS
SPECIAL NOTICE
A. RAZAK & CO (AF 0842)
AN ESTABLISHED AUDIT FIRM URGENTLY REQUIRES:
AUDIT MANAGER
Minimum 5-6 years experience
AUDIT ASST. MANAGER
Minimum 4-5 years experience
Interested candidates are invited to call
03-9282 9032 or fax 03-9285 3871
or email to arnd@tm.net.my for an interview appointment
www.arazaknco.com
News from Bank Negara
Malaysia (BNM)
BNM Guidelines and Circulars
The BNM has recently uploaded all
guidelines issued by them for public viewing on their website at www.bnm.gov.my.
The BNM will also be uploading all
circulars issued by them on their website
in the future.
The guidelines uploaded are in the following areas:
Banking
䡲 Capital Adequacy
䡲 Financial Reporting
䡲 Anti-Money Laundering
䡲 Prudential Limits & Standards
Insurance & Takaful
䡲 Capital Adequacy
䡲 Anti-Money Laundering
䡲 Prudential Limits & Standards
Development of Financial Institutions
䡲 Anti-Money Laundering
䡲 Prudential Limits & Standards
Islamic
Hardcopies of these guidelines are also
available for members’ reference at the
MIA Resource Centre, Monday to Friday
from 8.45a.m. - 5.30 p.m. and Saturday from
8.45 a.m. - 12.45 p.m.
The above information was sent to members via Circular No.28 /2008 on 23 April
2008. AT
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Amendments to the Listing Requirements and the MESDAQ Market Listing Requirements of Bursa Malaysia
Securities Berhad on:
1 The Offering of Equity and EquityLinked Securities.
2 Guidelines on Principal Advisers for
Corporate Proposals.
3 Other Amendments.
Please be informed that pursuant to Section 9 of the Capital Markets and Services
Act 2007, amendments have been made to
the Listing Requirements (“LR”) and the
MESDAQ Market Listing Requirements
(“MMLR”) of Bursa Malaysia Securities
Berhad (“Bursa Securities”) for companies
listed on the Main Board, Second Board
and MESDAQ Market arising from the following:
Issuance/Revision of guidelines by the
Securities Commission on:
䡲 Financial Reporting
Malaysia Inter national
Financial Centre (MIFC)
News from the Securities
Commission (SC) and
Bursa Malaysia
• Offering of Equity and Equity-Linked
Securities (“SC’s Equity Offering Guidelines & SC’s MESDAQ Equity Offering
Guidelines”); and
• Guidelines on Principal Advisers for
Corporate Proposals.
Removal of the Fungibility Restriction
in relation to Dual Listing.
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Some Amendments arising from
both the SC’s Equity Offering
Guidelines & SC’s MESDAQ Equity
Offering Guidelines are as
follows.
(a) Removal of the par value requirements
in respect of the minimum issued and
paid-up capital and criteria for subdivision of shares;
(b) Imposition of the new disclosure requirements in respect of the following:
i) two-call rights issue in the announcement and circular similar to that of a
bonus issue;
ii) confirmation of compliance with the
public shareholding spread requirements following an acquisition involving a new issue of securities in the listing application; and
iii) the quantum and issue price of the securities upon placement of the securities where the issuer is undertaking an
issuance and placement of securities in
stages.
(c) Amendment to the bonus issue requirements on the confirmation by the reporting accountants or external auditors that the available reserves for capitalisation is adequate to cover the entire bonus issue is only required for
available reserves which is based on
the latest quarterly report;
(d) Imposition of a new criterion for subdivision in paragraph 13.06 and Rule
13.06 of the LR and MMLR respectively
for a minimum share price adjusted for
the subdivision of shares of RM0.50
based on the daily closing price of the
listed company’s/issuer’s shares dur-
ACCOUNTANTS TODAY • June 2008
R E G U L AT O RY U P DAT E S
ing the 3-month period before the application for subdivision.
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Some Amendments arising from
the SC’s Guidelines on Principal
Advisers for Corporate Proposals
(a) For Main Board and Second Board
i) Amendment to the definition or references of ‘adviser’ to include corporate
finance adviser, where relevant; and
ii) Amendment to require the main adviser or the adviser who submits certain announcement and corporate proposals to Bursa Malaysia to be a corporate finance adviser that may act as a
principal adviser.
(b) For MESDAQ Market
i) Amendment to require a person wishing to act as an adviser under Rule 4.03
of the MMLR to be a corporate finance
adviser that may act as a principal adviser.
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Other Amendments arising from
Removal of the Fungibility
Restriction in relation to Dual
Listing for LR
Introduction of the “Guidelines
and Best Practices on Islamic
Venture Capital” by the Securities
Commission
requirements under Part 1 is highly encouraged to adopt the best practices set out
below:
The SC has introduced a set of guidelines
and best practices to promote the adoption
of appropriate standards for the development of the Islamic Venture Capital industry.
Some of the key areas highlighted in the
Guidelines and Best Practices on Islamic
Venture Capital are:
Part 2 — Best Practices
Part 1 — Guidelines
Sets out the core requirements for establishing an Islamic Venture Capital Corporation (VCC) and Islamic Venture Capital Management Corporation (VCMC)
䡲 an independent Shariah adviser must be
appointed to provide expertise and guidance on conformance to the Shariah
principles
䡲 the activities of the venture companies
must be Shariah-compliant
䡲 list of non-permitted Shariah activities
are provided
A VCC or VCMC which has met the core
Sets out the best practices which are intended to assist such VCCs and VCMCs in
carrying out Islamic venture capital business activities. The best practices cover the
following areas:
䡲 responsibilities of a Shariah adviser
䡲 written disclosure and declaration by the
Shariah adviser
䡲 the need for a compliance officer
䡲 portfolio management
䡲 maintenance of accounts.
The adoption of these best practices is
intended to raise the standards of the Islamic venture capital industry and enhance
professionalism in the industry.
Please take note that the above guidelines and best practices have been effective since 7 May 2008 and are available
on the SC’s website at www.sc.com.my.
The above information was sent to members via Circular No. 33/2008 on 14 May
2008. AT
(a) Deletion of paragraph 8.33A of the LR
which requires a listed issuer or a foreign corporation with predominantly
Malaysian-based operations to ensure
that not more than 30 per cent of its
issued and paid-up capital is listed on
the other stock exchange(s); and
(b) Deletion of paragraph 12.14A of the LR
which requires a listed issuer or a foreign corporation with predominantly
Malaysian-based operations not to purchase its own shares on Bursa Securities if that purchase(s) will result in the
listed company or the foreign corporation being in breach of paragraph 8.33A
of the LR.
Please take note that the above are just
some amendments highlighted. Members are
encouraged to refer to the Bursa Malaysia’s
website at www.bursamalaysia.com for complete amendments under LR and the MMLR.
All the above Amendments (including
those not highlighted above) have been
effective since 2 May 2008.
The above information was sent to members via Circular No. 31/2008 on 30 April
2008.
June 2008 • ACCOUNTANTS TODAY
Found us on Facebook yet?
MIA has its own group on Facebook. Look us up.
MIA has also hit the blogosphere. Find it @
http://miapresident.blogspot.com
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