Malaysia legislation
Section 6
Section 6
The principal Act is amended by substituting for section 27
the following section:
Quoted provision
Section 27
(2)
In exercising his power under subsection (1), the Minister may, on the recommendation of the Commission—
(a)
direct the exchange to close the stock market or the derivatives market for a period not exceeding five business days; and
(b)
extend the closure of the stock market or derivatives market under paragraph (a) for any further periods each not exceeding five business days.
(3)
The Minister shall specify the grounds for the closure in the direction given and the grounds for any extension of closure under subsection (2).
(4)
The Commission may make the recommendation in subsection (1) if the Commission is of the opinion that an orderly and fair market for trading in securities on a stock market or trading in derivatives on a derivatives market, of an exchange is being or is likely to be prevented because—
(a)
an emergency or natural disaster has occurred within
Malaysia; or
(b)
there exists an economic or financial crisis or any other circumstances within or outside Malaysia.
(5)
The Commission shall, as soon as may be practicable, give a copy of the direction or extension under subsection (2)
to an approved clearing house and direct the approved clearing house to do all that it is reasonably capable of doing to give effect to such direction or extension while the direction or extension remains in force.
Capital Markets and Services (Amendment)
(6)
In this section—
“business day” means any day on which there is official trading on the exchange but for the closure;
“fair market” includes but is not limited to a market that reflects the forces of supply and demand.”.
Amendment of section 30