Malaysia legislation
Section 19
Section 19
Amendment of section 201
Section 201 of the principal Act is amended by substituting for subsections (5) and (6) the following subsections:
“(5) Where—
(a)
an insider—
(i)
acquired or agreed to acquire securities; or
(ii)
procured another person to acquire or agree to acquire securities, in contravention of subsection 188(2); or
(b)
an insider communicated information referred to in subsection 188(1) to another person, in contravention of subsection 188(3), and such securities were permitted to be traded on a stock market of a stock exchange, then, whether or not the insider had been charged with an offence in respect of the contravention or whether or not the contravention had been proved in a prosecution, the Commission may, if the
Commission considers that it is in the public interest to do so, by civil action, take any or both of the following actions, against the insider:
(A)
recover an amount equal to three times the amount being the difference between the price at which the securities were acquired or agreed to be acquired, by the insider or the other person, and the price at which they would have been likely to have been acquired at the time of the acquisition or agreement, as the case may be, if the information had been generally available;
(B)
claim civil penalty in such amount as the court considers appropriate having regard to the seriousness of the contravention, being an amount not more than one million ringgit.
(6)
Where—
(a)
an insider—
(i)
disposed of or agreed to dispose of securities;
or
(ii)
procured another person to dispose of or agree to dispose of securities, in contravention of subsection 188(2); or
Capital Markets and Services (Amendment)
(b)
an insider communicated information referred to in subsection 188(1) to another person, in contravention of subsection 188(3), and such securities were permitted to be traded on a stock market of a stock exchange, then, whether or not the insider had been charged with an offence in respect of the contravention or whether or not the contravention had been proved in a prosecution, the Commission may, if the
Commission considers that it is in the public interest to do so, by civil action, take any or both of the following actions, against the insider:
(A)
recover an amount equal to three times the amount being the difference between the price at which the securities were disposed of, or agreed to be disposed of, by the insider or the other person, and the price at which they would have been likely to have been disposed of at the time of the disposal or agreement, as the case may be, if the information had been generally available;
(B)
claim civil penalty in such amount as the court considers appropriate having regard to the seriousness of the contravention, being an amount not more than one million ringgit.”.
Amendment of section 216