Malaysia: Adopted revised SCM Guidelines on Recognised Markets

On 19 August 2024, the Securities Commission Malaysia (SCM) adopted the revised Guidelines on Recognised Markets, as required by the Capital Markets and Services Act 2007. The revised guidelines facilitate the introduction of a focused scope assessment approach, improve the compliance and governance requirements for recognised market operators, and ensure its requirements are aligned with the International Organization of Securities Commission's principles. Key amendments in the guidelines include a new requirement to submit a validation by an independent third-party validator by applicants, the introduction of the role of a compliance officer, enhancements to the role of key persons and other requirements relating to governance and controls.