Capital Markets and Services Act 2007 comes into force 28 Sept Capital Markets and Services Act 2007 comes into force 28 Sept – Strengthens capital ma

2007年9月29日 星期六
Capital Markets and Services Act 2007 comes into force 28 Sept Capital Markets and Services Act 2007 comes into force 28 Sept – Strengthens capital market
and investor protectionThe Capital Markets and Services Act 2007 (CMSA) comes into force on 28 September 2007,
marking a major milestone in the Securities Commission’s (SC) continuous measures to
strengthen the capital market regulatory framework, improve business efficacy and further
enhance investor protection.“The introduction of the CMSA marks significant enhancements to
our approach in regulating the marketplace. It sets the stage for us to achieve key
regulatory outcomes in relation to investor protection, market integrity and systemic
stability,” said the SC Chairman, Dato’ Zarinah Anwar.The CMSA accords greater protection
to investors by:enhancing the SC’s power to take civil action and administrative
actions,allowing the SC to recover three times the amount of losses through civil action for
a wider range of market misconduct including market manipulation,requiring application
monies of sophisticated investors to be held on trust in fund raising exercises,enhancing
the standards of trustees for debenture holders, andextending investor protection provisions
to clients of financial institutions.A key CMSA measure benefitting capital market
intermediaries is the introduction of the single licensing regime. Under this measure,
intermediaries hold a Capital Markets and Services Licence as opposed to multiple separate
licences, which effectively reduces administrative and compliance costs, and ultimately
saves time.A Licensing Handbook explaining the implementation of the single licensing regime
has also been released. The Handbook stipulates, among others, that Capital Markets and
Services Licence holders are required to attend mandatory equity training courses under the
Industry Transformation Initiative (ITI), a new series of CPE training courses funded by the
Capital Market Development Fund.The CMSA increases the efficiency of the fund raising
process where SC’s approval on corporate proposals such as share splits or share
consolidations, and entitlements in respect of warrants, options or rights will no longer be
required.The law provides further impetus to Malaysia's position as a competitive global
Islamic financial hub by providing clear statutory provisions to recognise Islamic products.
Notably, under the CMSA, Islamic banks which carry out the whole range of capital market
activities for all Shariah-based products and services are automatically granted the
‘registered person’ status.To ensure a smooth transition to the new regulatory framework,
the SC has introduced the Capital Markets and Services Regulations 2007 and Guidelines on
Regulation of Markets, which come into effect concurrently with the CMSA and the
consequential amendments to the Securities Commission Act 1993.Provisions relating to take-
overs and mergers in the CMSA will come into force in 2008 with the revised Code on Take-
Overs and Mergers, which will be introduced after consultation with industry
participants.The CMSA, passed by Parliament in May 2007, consolidates the Securities
Industry Act 1983, Futures Industry Act 1993 and Part IV of the Securities Commission Act
1993 which deals with fund raising activities.The SC will be issuing a series of FAQs on the
salient features of the CMSA. These FAQs, the CMSA, the Licensing Handbook, Capital Markets
and Services Regulations 2007 and Guidelines on Regulation of Markets will be available at
here from 28 September 2007.Enquiries on the CMSA can be e-mailed to cmsa@seccom.com.my or
directed to the Corporate & International Affairs Department via telephone at 03-6204
8777.SECURITIES COMMISSION
2007资本市场和服务法在9月28日生效－强化资本市场和保护投资者2007资本市场和服务法（CMSA）在9月28日生效，这标志着在证券事务监察委员会（ sc ）的连续措施下
取得的一个重大里程碑，这些措施旨在加强资本市场的监管架构，提高商业效能，并进一步加强对投资者
的保护。“CMSA的推出标志着我们在规范市场的方法上有了重大的提高。在保护投资者，市场的完整性和系统性稳
定方面，CMSA为我们搭建了一个舞台来完成关键的管理结果。” 证券事务监察委员会（ sc ）主席Dato
’ Zarinah说。CMSA给予投资者更大的保护：加强证券事务监察委员会（ sc ）采取民事诉讼与行政诉讼的权力，允许证券事务监察委员会（ sc ）通
过民事诉讼从一个更大范围的市场失当行为包括操纵市场中追回三倍的损失。要求投资老手的款项运用在
资金募集活动中保持托管，提高债券持有者的托管标准，扩展针对金融机构的投资者保护条款。对资本市场中介机构有好处的一个关键CMSA措施是推出单一许可证制度。在这个措施下，为了反对多重独
立许可证，中介机构持有一个资本市场和服务许可证，可有效地降低行政成本，并最终节省了时间。一本牌照手册解释了单一许可证制度推出的结果。该手册规定，除了其他因素外，资本市场和服务许可证
持有者要求在产业转型倡议（ITI）下参加强制性股市培训课程，一系列新的进修培训课程由资本市场发
展基金提供资金。在证券事务监察委员会（ sc ）批准公司提案方面，诸如分配拆分或合并，委托证书，买卖权或者不再需
要的权利，CMSA提高了资金募集进程的效率。作为竞争激烈的全球伊斯兰金融中心，这个法律的推出进一步推动了马来西亚的立场，通过提供明确的法
律条文来承认伊斯兰产品。值得注意的是，根据CMSA ，伊斯兰银行进行了一系列的资本市场活动，为所
有伊斯兰教法为基础的产品和服务自动获得“注册人”的地位。为确保顺利过渡到新的监管架构，证券事务监察委员会（ sc ）推出了2007资本市场和服务制度和调节市
场准则，与CMSA和1993证券委员会修订版同时生效。在CMSA里面关于接管和合并的规定和修正在2008年生效，修正版在与行业相关人员协商后推出。2007年5月CMSA由议会通过以巩固1983证券业法，1993期货业法，1993证券委员会法第四章关于处理资金
募集活动部分。证券事务监察委员会（ sc ）讲发布一系列关于具有CMSA显著特征的常见问题。从2007年9月28日，这些
常见问题，CMSA，2007资本市场和服务制度和调节市场准则将生效。查询CMSA可以通过发邮件到 cmsa@seccom.com.my或者直接通过电话联系企业及国际事务部，联系电话：
036204 8777。证券事务监察委员会