30 May 2018
On 2 April 2018, Bursa Malaysia ("Bursa") announced it had amended the Main Market Listing Requirements to enhance the regulatory framework governing collective investment schemes ("CIS") and business trusts. Real estate investment trusts ("REITs") are also caught by these amendments.
The amendments include the following:
- Bursa will be the approving authority for new issue of securities for listed CIS and business trusts (other than debt securities or pursuant to a significant change in the business direction or policy of a business trust). This change will serve to streamline the regulatory roles of the Securities Commission Malaysia and Bursa;
- Enhanced framework for new issue of securities by listed CIS and business trusts to improve efficiency and time-to-market;
- Enhanced transaction framework for REITs to strengthen unit holder protection and facilitate greater operational facility;
- Enhanced post-listing obligations for REITs, particularly disclosure requirements;
- Enhanced corporate governance framework for REITs to instil greater investor confidence and sustain trust and growth;
- Enhanced periodic reporting framework for CIS and business trusts to promote the provision of value-added information to unit holders.