Skip to content
mylaw.myby aturio
In forceAmendedUpdated to 1 Mar 2016Read it in Bahasa Malaysia
Contents

Act of Parliament

Securities Commission Act 1993

Feedback & supportA commission for securities

Part I

Preliminary

Official textFrom Laws of Malaysia Online, unchanged

(1)

This Act may be cited as the Securities Commission

Malaysia Act 1993.

(2)

This Act shall come into force on such date as the Minister may, by notification in the Gazette, appoint.

(1)

In this Act, unless the context otherwise requires—

“affiliate” has the meaning assigned to it in the Capital Markets and

Services Act 2007 [Act 671];

“appointed day” means the day on which this Act comes into force;

14 Laws of Malaysia ACT 498

“Audit Oversight Board” means the Audit Oversight Board established under section 31C;

“Bank Negara Malaysia” means the Central Bank of Malaysia established under the Central Bank of Malaysia Act 2009 [Act 701];

“Board” means the Board established under section 4;

“Board committee” means any committee established by the Board under section 18;

“books” has the meaning assigned to it in the Capital Markets and

Services Act 2007;

“capital market” has the meaning assigned to it in the Capital

Markets and Services Act 2007;

“capital market products” has the meaning assigned to it in the

Capital Markets and Services Act 2007;

“central depository” has the meaning assigned to it in the Capital

Markets and Serivces Act 2007;

“Chairman” means the Chairman of the Commission appointed under paragraph 4(2)(a);

“clearing house” means a clearing house approved under the

Capital Markets and Services Act 2007;

“Commission” means the Securities Commission Malaysia established under section 3;

“company” has the meaning assigned to it in the Companies Act 1965 [Act 125];

“corporation” has the meaning assigned to it in the Companies Act 1965;

“Court” means—

Securities Commission Malaysia 15

(a)

a High Court established under Article 121 of the

Federal Constitution or a Judge of the High Court; or

(b)

a Sessions Court or a Magistrate’s Court established under section 3 of the Subordinate Courts Act 1948 [Act 92] or a Sessions Court Judge or a Magistrate;

“dealing in derivatives” has the meaning assigned to it in the

Capital Markets and Services Act 2007;

“dealing in securities” has the meaning assigned to it in the Capital

Markets and Serivces Act 2007;

“Deputy Chief Executive” means the Deputy Chief Executive appointed under paragraph 4(2)(b);

“derivatives” has the meaning assigned to it in the Capital Markets and Services Act 2007;

“derivatives exchange” has the meaning assigned to it in the Capital

Markets and Services Act 2007;

“derivatives market” has the meaning assigned to it in the Capital

Markets and Serivces Act 2007;

“director” has the meaning assigned to it in the Capital Markets and

Services Act 2007;

“document” has the meaning assigned to it in the Evidence Act 1950 [Act 56];

“exchange” means a stock exchange established under the Capital

Markets and Services Act 2007;

“exchange holding company” has the meaning assigned to it in the

Capital Markets and Services Act 2007;

“Fund” means the fund established under section 23;

16 Laws of Malaysia ACT 498

“Islamic capital market business or transaction” means—

(a)

the business of carrying any regulated activity;

(b)

any proposal, scheme, transaction, arrangement, activity or matter relating to any capital market product, or under

Part IIIA or Part VI of the Capital Markets and Services

Act 2007;

(c)

any transaction relating to a derivative; or

(d)

the establishing, operating or maintaining of a securities market or a derivatives market, which is consistent with the principles of Shariah as may be determined by the Shariah Advisory Council;

“Islamic capital market product” has the meaning assigned to it in the Capital Markets and Services Act 2007;

“licensed person” means a person licensed under the Capital

Markets and Services Act 2007;

“Minister” means the Minister for the time being charged with the responsibility for finance;

“officer”, in relation to—

(a)

the Commission, means any officer employed under section 20 and includes an Investigating Officer of the

Commission appointed under section 125; and

(b)

a corporation, has the meaning assigned to it in the

Companies Act 1965;

“participant” has the meaning assigned to it in the Capital Markets and Services Act 2007;

Securities Commission Malaysia 17

“participating organization” has the meaning assigned to it in the

Capital Markets and Serivces Act 2007;

“prescribed”, where no manner of prescribing is provided, means prescribed from time to time by regulations or order published in the

Gazette;

“prescribed investment” has the meaning assigned to it in the

Capital Markets and Services Act 2007;

“prescribed investment scheme” has the meaning assigned to it in the Capital Markets and Services Act 2007;

“private retirement scheme” has the meaning assigned to it in the

Capital Markets and Services Act 2007;

“public interest entity” means the entity specified in Part 1 of

Schedule 1;

“recognized market” has the meaning assigned to it in the Capital

Markets and Services Act 2007;

“record” includes information stored or recorded by means of a computer, electronic or digital medium or any other means of storage or recording;

“schedule fund” means the funds specified in Part 2 of Schedule 1;

“stock exchange” has the meaning assigned to it in the Capital

Markets and Services Act 2007;

“securities” has the meaning assigned to it in the Capital Markets and Services 2007;

“securities laws” means—

(a)

this Act;

(b)

the Capital Markets and Services Act 2007;

18 Laws of Malaysia ACT 498

(c)

the Securities Industry (Central Depositories) Act 1991

[Act 453];

(d)

any other legislation which the Commission is empowered to administer or enforce; and

(e)

any other regulations, rules, orders, notifications or other subsidiary legislation made under paragraphs (a),

(b)

, (c) and (d);

“self-regulatory organization” has the meaning assigned to it in the

Capital Markets and Services Act 2007;

“Shariah Advisory Council” means the Shariah Advisory Council established under the section 31ZI;

“specify”, where no manner of specifying is mentioned, means specify from time to time in writing; and a power to specify includes the power to specify differently for different persons or different classes, categories or descriptions of persons;

“trade repository” has the meaning assigned to it in the Capital

Markets and Services Act 2007;

“unit trust scheme” has the meaning assigned to it in the Capital

Markets and Services Act 2007;

(2)

(Deleted by Act A1403).

s 2AReferences to “this Act”

Any reference in this Act to “this Act” shall, unless otherwise expressly stated, include a reference to any regulations, rules, orders, notifications or other subsidiary legislation made under this Act.

s 2B

(Deleted by Act A1305).

(1)

The Commission may keep such registers as it considers necessary in such form as it deems fit.

(2)

Any person may, on payment of the prescribed fee—

(a)

inspect any prospectus or deed relating to a unit trust scheme or prescribed investment scheme that is lodged with the Commission; or

(b)

require a copy of or extract from any document that he is entitled to inspect pursuant to paragraph (a).

(3)

If a reproduction or transparency of a document is produced for inspection, a person is not entitled pursuant to paragraph (2)(a) to require the production of the original of that document.

(4)

The reference in paragraph (2)(b) to a document includes, where a reproduction or transparency of that document has been incorporated with a register kept by the Commission, a reference to that reproduction or transparency and where such a reproduction or transparency has been so incorporated, a person is not entitled pursuant to that paragraph to a copy of or extract from the original of that document.

(5)

A copy of or extract from any document, including a copy produced by way of microfilm, lodged with the Commission and certified to be a true copy or extract by any officer authorized by the

Commission shall in any proceedings be admissible in evidence as of equal validity with the original document.

(6)

A reference in subsection (5) to a document includes, where a reproduction or transparency of that document has been incorporated with a register kept by the Commission, a reference to that reproduction or transparency.

20 Laws of Malaysia ACT 498

(1)

The Commission may provide a service for the electronic filing, lodging or submission of books required by any of the provisions of the securites laws to be filed or lodged with or submitted to the Commission.

(2)

A person who intends to use the service provided under subsection (1) shall become a subscriber to the service by paying the prescribed fee, if any, and by complying with such terms and conditions as may be determined by the Commission.

(3)

Only a subscriber to the service provided under subsection (l), or such other person as the Commission may allow, may electronically file or lodge books with or submit books to the

Commission.

(4)

A book electronically filed, lodged or submitted under this section shall be deemed to have satisfied the requirement for filing, lodgement or submission if the book is communicated or transmitted to the Commission in such manner as may be specified by the

Commission.

(5)

The Commission may specify the books that may be electronically filed, lodged or submitted.

(6)

A book that is required to be stamped, signed or sealed shall, if it is to be electronically filed, lodged or submitted, be certified or authenticated in such manner as may be specified by the

Commission.

(7)

A copy of or an extract from any book electronically filed or lodge with or submitted to the Commission under subsection (1), supplied or issued by the Commission and certified to be a true copy thereof or extract therefrom by any officer authorized by the

Commission, shall be admissible in evidence in any proceedings as of equal validity as the original book.

Securities Commission Malaysia 21

(8)

Where a book is electronically filed or lodged with or submitted to the Commission, the Commission or its authorized agents shall not be liable for any loss or damage suffered by any person by reason of any error or omission, of whatever nature or however arising, appearing in any book obtained by any person under the service referred to in subsection (1) if such error or omission was made in good faith and in the ordinary course of the discharge of the duties of the Commission or of its authorized agents or occurred or arose as a result of any defect or breakdown in the service or in the equipment used for the provision of the service.

(1)

Where under any of the provisions of the securities laws any person is required, or power is given to the Commission to require any person, to keep or maintain any book, the Commission may specify the form and manner in which such book is to be kept or maintained.

(2)

The person referred to in subsection (1) shall take all reasonable precautions, including such precautions as may be specified by the Commission, to prevent damage to, or destruction or falsification of, such book.

(1)

Where under any of the provisions of the securities laws, power is given to the Commission—

(a)

to inspect and make copies of or take extracts from any book required under any of the provisions of the securities laws to be kept or maintained; or

22 Laws of Malaysia ACT 498

(b)

to require any person, or where any person is required under the securities laws, to submit to the Commission any information, document or book, the Commission shall have access to the same and may—

(A)

require that the same be submitted within such period, at such intervals, in such manner, in such form, and in writing or by means of any visual recording, whether of still or moving images, or sound recording, or any electronic, magnetic, mechanical or other recording whatsoever, on any substance, material, thing or article, as the Commission may set out in the specification;

(B)

obtain clear reproductions in writing; or

(C)

copy or move it to a storage or recording device.

(2)

For the purposes of this section, the Commission may require any person involved in the compilation of the book, or in the storing or recording of the book in a storage or recording device, to make a statement providing an explanation of how to secure access to the book.

Power of Commission to require production, etc., of books kept or maintained otherwise than in writing

s 2H

(1)

Where under any of the provisions of the securities laws, power is given to the Commission to allow the Commission to require the production of, search for, seize, take possession of, secure against interference or detain any book, the Commission may require the production of, search for, seize, take possession of, secure against interference or detain any storage or recording device in which the book is stored or recorded.

(2)

For the purposes of this section, the Commission may require any person who is involved in the compilation of the book, or in the storing or recording of the book in a storage or recording device, to

Securities Commission Malaysia 23

make a statement providing an explanation of how to secure access to the book.

Part II

Securities Commission Malaysia

Read on from Part II

Part III

Finance

Read on from Part III

Part IIIC

Shariah Advisory Council

Part IV

Issues or Securites and Take-Overs and Mergers

Part V

Enforcement and Investigation

Read on from Part V

Part VI

General

Read on from Part VI

Part VII

Repeal and Transitional Provisions

Read on from Part VII

Schedules