NO 242 – APRIL 2013

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WFE Focus April 2013
Regulation

Bursa Malaysia amends listing rules to facilitate listing of business trusts and foreign collective investment schemes

In line with the objective to promote market and product innovation, Bursa Malaysia issued its amended rules to enable the listing of business trusts on its Main Market. Business trusts are business enterprises set up as a trust structure, managed by a trustee-manager which holds the assets on trust for unit holders of the business trust. They can be considered as an alternative structure to raise capital through IPOs in Malaysia. The Exchange has also extended the possibility to list to all eligible foreign collective investment schemes. Under the amendments, any foreign collective investment schemes which meet the Securities Commission’s guidelines for the offering, marketing and distribution of foreign funds can now seek listing on the Exchange.

IOSCO elects new Chairman

Mr. Greg Medcraft, chairman of the Australian Securities and Investments Commission, took over as chair of the International Organization of Securities Commissions Board at its meeting in Sydney on 21-22 March 2013. He succeeds Mr. Masamichi Kono of the Japan FSA. The Board also elected Ontario Securities Commission chairman Mr. Howard I. Wetston as IOSCO vice chairman following the retirement of Mr. Ethiopis Tafara.

Shanghai Stock Exchange revises rules for shares repurchase by listed companies

To guide and rationalize shares repurchase by listed companies through auction trading, safeguard the securities market order, and protect legal rights and interests of investors and listed companies, the Shanghai Stock Exchange has revised the “SSE Business Guidelines for Shares Repurchase by listed companies through auction trading”.

Shanghai Stock Exchange promotes investor suitability management

The Shanghai Stock Exchange released and implemented the “SSE Provisional Measures on Investor Suitability Management” on 26 March 2013 for guiding investors to rationally participate in securities investment and protecting their legal rights and interests, with an aim of implementing the requirements of the China Securities Regulatory Commission for investor suitability management, regulating the investor suitability management, and strengthening the protection for legal rights and interests of investors.

Shenzhen Stock Exchange revises appraisal measures for information disclosure of listed companies

Recently, the Shenzhen Stock Exchange made amendments to the “Appraisal Measures for Information Disclosure of Listed Companies” in a move to improve the quality of information disclosure, propel regulated operations of listed companies, intensify the daily supervision over listed companies, and promote the construction of the market-oriented operation mechanism which rewards the good and fines the bad.