SC’s further relief measures for licensed entities


In a statement, the SC said that these measures, which aim to ease the cost burden of capital market participants, complement the wider relief effort under the Economic Stimulus Package 2020 announced by the government on Feb 27.

PETALING JAYA: The Securities Commission (SC) has announced further relief measures which will immediately benefit 231 licensed entities, 30 registered audit firms and 9,663 licensed individuals.

In a statement, the SC said that these measures, which aim to ease the cost burden of capital market participants, complement the wider relief effort under the Economic Stimulus Package 2020 announced by the government on Feb 27.

The new relief measures are:

> a waiver of the SC’s annual licensing fees for 2020 on the core regulated activity of all capital markets services licence (CMSL) entities with a profit before tax of RM5mil or less during the financial year 2019. Qualifying CMSL entities which have already made the payment prior to this announcement will be offered credit to offset next year’s licensing fees;

> a waiver of the annual licensing fees for the year 2020 for all individual CMSL holders and capital markets services representative’s licence (CMSRL) holders. Qualifying CMSRL holders who have already made the payment prior to this announcement will be offered credit to offset next year’s licensing fees;

> a reduction in the minimum continuing professional education (CPE) requirements to ten CPE points from the current 20, effective July 1,2020 for a period of 12 months for all CMSRL holders and employees of registered persons;

> a reduction in the minimum training requirements to three days from the current five days effective July 1,2020 for a period of 12 months for trading representatives and marketing representatives; and

> a one-off training subsidy for existing registered firms of the audit oversight board with less than ten audit partners, up to RM30,000 per firm for approved training programmes conducted by the Malaysian Institute of Certified Public Accountants.

Earlier, the government had announced that both the SC and Bursa Malaysia had agreed to waive all listing-related fees for a period of 12 months for companies with a market capitalisation of less than RM500mil seeking listing on the Main Market, as well as for companies seeking to list on the LEAP and ACE Markets.

Further details of these measures will be announced by Bursa Malaysia separately.

The SC is closely monitoring ongoing developments at both the global and domestic fronts and will take all necessary measures, as appropriate, to support an orderly market.

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