Malaysia legislation
Section 212
Section 212
(2)
A person who proposes to undertake a proposal, scheme, transaction, an arrangement or activity, or issue securities or offer for subscription or purchase of securities, or issue an invitation to subscribe for or purchase securities, in relation to—
(a)
the listing and quotation of securities of a corporation on a stock market;
(b)
the transfer of a listing and quotation of securities of a corporation from an alternative market to the main market;
(c)
the listing or quotation of securities other than securities in paragraph (a), including units of a business trust or Islamic securities on a stock market;
(d)
an acquisition or disposal of asset which results in a significant change in the business direction or policy of a listed corporation, listed unit trust scheme or any other listed entity whether or not in relation to any proposal, scheme, transaction, arrangement or activity, under paragraphs (a) and (b), shall seek the approval of the Commission under Division 1A.
(3)
A person who proposes to effect a compromise, arrangement or scheme by way of issue of securities for the amalgamation of two or more listed corporations, shall seek the approval of the Commission under Division 1A.
(4)
A person who proposes to make available, offer for subscription or purchase, or issue an invitation to subscribe for or purchase, outside Malaysia, securities of a public company or listed corporation, or to list such securities on a securities exchange outside Malaysia shall seek the approval of the Commission under Division 1A.
(5)
A person who intends to make available, offer for subscription or purchase, or issue an invitation to subscribe for or purchase unlisted capital market products including unlisted Islamic securities but excluding units in a unit trust scheme, shall—
(a)
seek authorization of the Commission or in the case of a foreign securities or capital market product, recognition by the Commission, under Division 3A;
and
Capital Markets and Services (Amendment)
(b)
register with the Commission, a disclosure document containing information and particulars as may be specified by the Commission under section 92A.
(6)
Notwithstanding subsection (5) or any other written law, a person shall register a business trust with the Commission, or in the case of a foreign business trust, seek recognition by the Commission, under Division 3B, if the person intends to—
(a)
establish, operate, or assist in establishing or operating the business trust;
(b)
hold himself out as operating the business trust; or
(c)
offer or make available units in the business trust.
(7)
The Commission may specify—
(a)
any other proposal, scheme, transaction, arrangement or activity; or
(b)
the originating, offering or making available of any other capital market product, that must comply with the requirements under this Part.
(8)
The requirements under subsections (2), (3), (4), (5)
and (6) shall not apply to any proposal, scheme, transaction, arrangement, activity, product or matter specified under