Securities Commission Malaysia issues revised Guidelines on Unlisted Capital Market Products under Lodge and Launch framework

28 June 2022

On 30 May 2022, the Securities Commission Malaysia (“SC”) issued the revised Guidelines on Unlisted Capital Market Products under the Lodge and Launch Framework (“LOLA Guidelines”).  

Key amendments to the LOLA Guidelines include those relating to: 

  • post-issuance submission requirements to SC 
  • corporate bonds and sukuk, particularly:
    • lodgement party responsible to lodge the duly executed trust deed; 
    • change in timeline for the submission of post-issuance notice to SC; 
    • change in redemption notice requirements; and 
    • change in the requirement for submission of copies of announcements on revision to principal terms and conditions.
  • asset-backed securities:
    • change in timeframe for special purpose vehicles (SPVs) to accept transfers of the assets or issue asset-backed securities from 60 business days to 90 business days from the date on which the securitisation transaction is lodged with SC.  
  • convertible notes and Islamic convertible notes to specific registered persons:
    • change in timeframe for issuance from 60 business days to 90 business days from the date of lodgement.

The revised LOLA Guidelines came into operation on 1 June 2022 and supersedes:  

  • Guidelines on Wholesale Funds; 
  • Guidelines on the Offering of Structured Products; 
  • Guidelines on Private Debt Securities; 
  • Guidelines on Sukuk; and 
  • Guidelines on the Offering of Asset-backed Securities.

Reference materials 

The Revised LOLA Guidelines and the Summary of Amendments issued on 30 May 2022 can be found on the SC website www.sc.com.my.