Guidelines on Sustainable and Responsible Investment Funds

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AA
GUIDELINES ON
SUSTAINABLE AND
RESPONSIBLE INVESTMENT
FUNDS
SC-GL/4-2017 (R2 – 2023)
1st Issued: 18 December 2017
Revised: 17 February 2023

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GUIDELINES ON SUSTAINABLE AND RESPONSIBLE INVESTMENT FUNDS Effective Date upon 1st Issuance: 18 December 2017 Revision Series Revision Date Effective Date of Revision Series Number 1st Revision 9 July 2021 9 July 2021 SC-GL/4-2017 (R1-2021) 2nd Revision 17 February 2023 17 February 2023 SC-GL/4-2017 (R2-2023)

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CONTENTS
PAGE
Chapter 1 Introduction 1
Chapter 2 Definitions 2
PART A
SUSTAINABLE AND RESPONSIBLE INVESTMENT (SRI) FUND
Chapter 3 General SRI Fund Requirements 4
Chapter 4 Disclosure and Reporting Requirements of SRI Fund’s Investments 8
Chapter 5 Certification In Respect of Tax Exemption for Managing an SRI Fund 12
PART B
ASEAN SUSTAINABLE AND RESPONSIBLE FUND STANDARDS
Chapter 6 Requirements to Qualify as an ASEAN Sustainable and Responsible Fund 14
PART C
APPLICATION TO QUALIFY AS A SUSTAINABLE AND RESPONSIBLE INVESTMENT FUND AND AN ASEAN SUSTAINABLE AND RESPONSIBLE FUND
Chapter 7 Application and Submission 15
APPENDICES
APPENDIX 1
Tax Exemption Order
APPENDIX 2
Documents to be Submitted for Certification in Respect of Tax Exemption for Managing an SRI Fund

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Chapter 1
INTRODUCTION
1.01 The Guidelines on Sustainable and Responsible Investment Funds (Guidelines) are
issued by the SC pursuant to section 377 of the Capital Markets and Services Act 2007 (CMSA).
1.02 These Guidelines set out the additional requirements to be complied with by any new
or existing funds seeking to qualify as an SRI Fund or as an ASEAN Sustainable and Responsible Fund.
1.03 These Guidelines draw upon and adopt international best practices and is not intended
to define or create a standard on SRI products. However, issuers and fund managers are encouraged to keep abreast of global developments and adopt relevant international best practices to meet client expectations on sustainability. Applicability
1.04 These Guidelines apply to–
(a) an issuer of any new or existing funds seeking to qualify as an SRI Fund or an ASEAN Sustainable and Responsible Fund; and (b) a fund management company seeking for certification in respect of tax exemption for managing an SRI Fund.
1.05 These Guidelines are in addition to and not in derogation of any other guidelines issued
by the SC or any requirements provided under the securities laws.
1.06 These Guidelines and the relevant securities laws form the regulatory framework
governing funds in Malaysia and must be read together.
1.07 Guidance on the application of the requirements of these Guidelines has been
provided, where appropriate. Any departure from the Guidance will be taken into consideration in the SC’s assessment on whether a breach of these Guidelines had occurred.
1.08 The SC may, upon application, grant an exemption from or a variation to the
requirements of these Guidelines if the SC is satisfied that– (a) such variation is not contrary to the intended purpose of the relevant requirements in these Guidelines; or (b) there are mitigating factors which justify the said exemption or variation.

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Chapter 2
DEFINITIONS
2.01 Unless otherwise defined, all words used in these Guidelines shall have the meanings
assigned to them in the CMSA. In these Guidelines, unless the context otherwise requires:
ACMF means the ASEAN Capital Markets Forum; ESG means environmental, social and governance; existing fund means any existing unit trust fund, closed-end fund, wholesale fund, exchange-traded fund, venture capital or private equity fund, real estate investment trust or a fund under a private retirement scheme, which has not been qualified as an SRI Fund by the SC under these Guidelines; fund management company means a person who undertakes the fund management function, or part thereof, for an SRI Fund and who is either– (a) a holder of a Capital Markets Services Licence for the regulated activity of fund management; or (b) a registered corporation in the Guidelines on the Registration of Venture Capital and Private Equity Corporations and Management Corporations; issuer means (a) in relation to unit trust scheme, a management company; (b) in relation to wholesale fund, a fund management company; (c) in relation to private retirement scheme, a private retirement scheme provider; or (d) in relation to VC/PE, a registered corporation, as the case may be. net asset value (NAV) means the value of all the fund’s assets less the value of all the fund’s liabilities at the valuation point;

Confidential (Sulit) offering documents means a prospectus, disclosure document, information memorandum or product highlights sheet, as the case may be; registered corporation has the same meaning assigned to it in the Guidelines on the Registration of Venture Capital and Private Equity Corporations and Management Corporations; Sustainable and Responsible Investment (SRI) Fund means a fund structured in accordance with paragraph
3.01 of these Guidelines;
Sustainable
Development Goals
(SDGs) means the SDGs described in the resolution adopted by the United Nations General Assembly; United Nations Global Compact (UNGC) Principles means the principles relating to sustainability as described by the UNGC.

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PART A: SUSTAINABLE AND RESPONSIBLE INVESTMENT (SRI) FUND
Chapter 3
GENERAL SRI FUND REQUIREMENTS
Scope of an SRI Fund
3.01 An SRI Fund must be a fund that–
(a) is structured as a:
(i) unit trust fund;
(ii) closed-end fund;
(iii) wholesale fund;
(iv) exchange-traded fund;
(v) real estate investment trust;
(vi) venture capital (VC) or private equity (PE) fund; (vii) private retirement scheme (PRS); or (viii) any other fund structure permitted by the SC; and (b) incorporates sustainability considerations as stipulated in paragraph 3.07 of these Guidelines.
3.02 In the case of a feeder fund seeking to be qualified as an SRI Fund, the target fund
must comply with paragraphs 3.07, 3.08, 3.09, 4.03, 4.05, 4.10 and 4.11 of these Guidelines.
3.03 In the case of –
(a) a unit trust fund or a wholesale fund that is an umbrella fund; or (b) a PRS, any sub-fund of the umbrella fund or a fund under a PRS seeking to be qualified as an SRI Fund must comply with these Guidelines.

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Name of Fund
3.04 The name of an SRI Fund must accurately and proportionately reflect the sustainability
features of the fund, as set out in the policies or strategies of the fund.
3.05 The name of an SRI Fund must not overstate or overemphasise the sustainability
features of the fund or be misleading.
3.06 The offering documents must include a statement on the cover page that the fund is
a qualified SRI Fund under these Guidelines.
Policies and Strategies
3.07 An SRI Fund’s policy and strategies, including the selection, retention and realisation
of its investments, must adopt one or more sustainability considerations such as– (a) the UNGC Principles; (b) the SDGs; or (c) any other ESG factors, as may be authorised by the SC.
3.08 In relation to paragraph 3.07 of these Guidelines, an SRI Fund must adopt one or more
of the following strategies to achieve its policy:
(a) ESG integration;
(b) ethical and faith-based investing;
(c) impact investing;
(d) negative screening;
(e) positive screening;
(f) thematic investments; and
(g) any other ESG-related strategies, as may be authorised by the SC.

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Guidance to paragraph 3.08
In determining whether a fund satisfies the requirements of this paragraph, information submitted to the SC will be compared against SRI strategies as described in the table below. Strategies outlined in this table are illustrative of the various SRI strategies currently in practice globally and are not intended to be exhaustive. Strategy Description ESG integration Systematic assessment of quantitative and qualitative data and explicit inclusion on environmental, social and governance factors in investment analysis. Ethical and faith￾based investing Investing in line with certain principles, usually using negative screening to avoid investing in companies whose products and services are deemed morally objectionable by the investor or certain religions, international declarations, conventions or voluntary agreements, (e.g., by applying Shariah screening methodologies). Impact investing Investments made with the intention to generate positive, measurable social and environmental impact alongside a financial return. An SRI Fund with an impact investing strategy, such as environmental or social impact, is required to clearly state the positive impacts that it aims to achieve, and the impact of the measurement methodology used. Negative screening Exclusion of certain sectors, projects or companies undertaking certain business activities or practices from a portfolio for their poor ESG performance relative to industry peers or based on specific ESG criteria (e.g., avoiding particular products, services or business practices). Positive screening Prioritising investment in sectors, companies or projects that demonstrate positive ESG performance relative to industry peers. Thematic investments Selection on investments and allocation of capital that align with specific themes or assets related to sustainability or certain environmental or social outcomes, (e.g., clean energy, energy efficiency, sustainable agriculture, healthcare, social inclusion).
3.09 An SRI Fund must primarily invest in securities which are in accordance with its policies
and strategies, with a minimum asset allocation of at least two thirds (2/3) of its NAV.

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Guidance for paragraph 3.09
The issuer of an SRI Fund may take a temporary defensive position, provided that at least 2/3 of the SRI Fund’s NAV is maintained by investing in instruments that are subjected to sustainability considerations. For example, an equity SRI Fund may, as part of its defensive strategy, reduce its holding in ESG-compliant shares and invest in ESG-compliant instruments that are less risky e.g. money market instruments.

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Chapter 4
DISCLOSURE AND REPORTING REQUIREMENTS OF SRI FUND’S INVESTMENTS
4.01 An SRI Fund must disclose in its offering documents, detailed description of the
information on policies and strategies as required in paragraphs 3.07 – 3.09, as well as the disclosure and reporting requirements in Chapter 4 of these Guidelines.
4.02 Where no offering document is issued, the information must be disclosed to the SC in
its application to qualify as an SRI Fund.
Reference Benchmarks and Indices
4.03 In the event that an index is designated as a reference benchmark for the purpose of
attaining the policies and strategies of an SRI Fund, the following information must be disclosed:
(a) details of the benchmark being tracked including the characteristics and general composition of the benchmark; and (b) an explanation of how the designated reference benchmark is relevant to the fund.
4.04 In the event that a benchmark index is used only for the purpose of measuring the
financial performance of an SRI Fund, the SRI Fund is required to disclose in accordance with paragraphs 4.01 or 4.02, as the case may be. Sustainability Risk Considerations
4.05 Disclosures must be made on the SRI Fund’s risks and limitations associated with its
policies and strategies, including how these risks or limitations will be managed, as well as its mitigation policies. Use of Third-Party Verification
4.06 The issuer may appoint a third-party verifier on a voluntary basis, to verify that the
SRI Fund’s investments are aligned with its policies and strategies.
4.07 Where the issuer appoints a third-party verifier and the verification report is made
publicly available, disclosure on the third-party verifier’s credentials and expertise must also be made in the report.

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Obligations of an Issuer
4.08 The issuer must continuously monitor and evaluate the underlying investments to
ensure that the SRI Fund continues to comply with the requirements under these Guidelines throughout its lifecycle.
4.09 Disclosures must be made on how the policies and strategies are being measured and
monitored throughout the lifecycle of the SRI Fund and the due diligence carried out to ensure the underlying investment’s compliance with the SRI Fund’s policies and strategies.
4.10 The SRI Fund must disclose its policies and processes where the fund has breached
the minimum asset allocation threshold as required under paragraph 3.09 or where the fund’s investments become inconsistent with the sustainability considerations adopted under paragraph 3.07 of these Guidelines. Guidance for paragraph 4.10 The policies and procedures should incorporate, with necessary modifications, the requirements in relation to “Breach of Investment Limits” as set out in the relevant SC Guidelines, as follows:
(i) Paragraphs 6.47, 6.48, and 6.49 of the Guidelines on Unit Trust Funds; (ii) Paragraphs 6.55, 6.56, and 6.57 of the Guidelines on Exchange-traded Funds; (iii) Paragraphs 8.41, 8.42, and 8.43 of the Guidelines on Real Estate Investment Trusts; (iv) Paragraphs 8.36 to 8.41 of the Guidelines on Listed Real Estate Investment Trusts; and (v) Paragraphs 8.47A, 8.47B, and 8.47C of the Guidelines on Private Retirement Schemes;
4.11 The issuer must disclose steps that will be taken to ensure that the overall impact of
the investments of its SRI Fund pursuant to sustainability considerations in paragraph
3.07 of these Guidelines is not inconsistent with any other sustainability considerations.
4.12 In the event that the investment management function of the SRI Fund has been
delegated, the issuer remains responsible for any delegated functions and the issuer must have in place suitable processes to monitor and control the activities of the delegatee(s) and evaluate the performance of the delegatee(s). The disclosure and reporting of the SRI Fund must be made in accordance with these Guidelines and the issuer must ensure that appropriate arrangements are made with the delegatee(s) in ensuring compliance with these Guidelines.

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4.13 In the case of a feeder fund, the offering documents of the feeder fund must include
a statement that in the event there is a change in the target fund, the replacement target fund must also be in compliance with the relevant paragraphs under these Guidelines.
4.14 Other relevant policies and procedures to ensure compliance with these Guidelines
must also be disclosed, if available.
4.15 The issuer must notify the SC of any changes to the SRI Fund immediately and use its
best efforts to provide, without prior request, as soon as reasonably practicable, the relevant information which may include but is not limited to any event that could impact the SRI Fund’s ability to comply with these Guidelines to the SC.
4.16 When an SRI Fund is found to be no longer in compliance with these Guidelines, the
SC may revoke the SRI Fund’s qualification.
Reporting Requirements of SRI Fund’s Investments
4.17 The annual and interim reports, where applicable, of an SRI Fund must include–
(a) a statement that the fund has complied with these Guidelines during the reporting period; (b) descriptions on sustainability considerations that have been adopted in the policies and strategies employed; (c) descriptions of the SRI Fund’s policies and strategies achieved during the reporting period which must include, but are not limited to the following:
(i) a review on sustainability considerations of the SRI Fund’s portfolio; (ii) the proportion of underlying investments that are consistent with the SRI Fund’s policies and strategies; (iii) where the SRI Fund’s underlying investments are inconsistent with its policies and strategies, descriptions on steps undertaken to rectify the inconsistency; (iv) actions taken in achieving the SRI Fund’s policies and strategies; (v) a comparison of the SRI Fund’s performance against the designated reference benchmark, if available; (vi) descriptions on sustainability risk considerations and the inclusion of such risks in the SRI Fund’s investment decision making process; and (vii) any other information, considered necessary and relevant by the issuer; (d) where the SRI Fund has provided previous periodic reviews, a comparison between the current and at least the previous reporting period.

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Guidance for paragraph 4.17(c)(i)
The review may include a commentary on any action, outcome and performance metric (where available) on sustainability topics material to the SRI Fund’s portfolio.
4.18 In the event an issuer chooses to disseminate the description under paragraph 4.17
(a) to (c) of these Guidelines in a separate document or platform such as newsletter, website, social media or any other official communication channel, the issuer must ensure that reference must be made to such document or platform in the annual and interim reports of the SRI Fund.
4.19 In the case of an SRI Fund with an impact investing strategy, the issuer must publish
the SRI Fund’s impact reporting on an annual basis and provide a comparison to the results of previous reporting periods for transparency and comparability purposes. Guidance for paragraph 4.19 For avoidance of doubt, an SRI Fund’s impact reporting may be integrated in the fund’s annual report or prepared as a separate reporting, as deemed appropriate.
4.20 In the case of an SRI Fund structured as venture capital or private equity fund, the
information required under paragraph 4.17 of these Guidelines must be submitted to the SC within three months after the close of each financial year end or any other period as may be prescribed by the SC. The information must be submitted via email to vcpecontact@seccom.com.my.

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Chapter 5
CERTIFICATION IN RESPECT OF TAX EXEMPTION FOR MANAGING AN SRI FUND
5.01 The SC has been empowered to provide certification for the purpose of an application
by a fund management company for the tax exemption as set out in Appendix 1 of these Guidelines in relation to managing an SRI Fund.
5.02 This chapter sets out the –
(a) qualifying conditions as set out in the tax exemption order which must be fulfilled by the fund management company; and (b) forms and documents that must be submitted by the fund management company for the purpose of applying for the certification in respect of the tax exemption.
5.03 A fund management company who wish to apply for the tax exemption must meet the
following conditions:
(a) The fund management company must conduct the fund management services for the SRI Fund in Malaysia; (b) The fund management company has incurred an annual operating expenditure of at least RM250,000 in Malaysia; and (c) The fund management company has at least— (i) in the case where the fund management company is licensed under the Capital Markets and Services Act 2007 (CMSA), two full time employees in Malaysia of which one of the employees holds a Capital Markets Services Representative’s Licence (CMSRL) under the CMSA; or (ii) in the case where the fund management company is registered with the SC as a corporation, two full time employees in Malaysia of which one of the employees is a responsible person in accordance with the Guidelines on the Registration of Venture Capital and Private Equity Corporations and Management Corporations.
5.04 The SC may, at its discretion, request for additional information and documents other
than those specified in these Guidelines.
5.05 The fund management company must immediately inform the SC on any material
change that may impact the application.

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5.06 For the purpose of applying for the certification as set out in this chapter, the fund
management company is required to submit to the SC the application form and the written declaration in accordance with Appendix 2 of these Guidelines and other information as may be required by the SC via e-mail in the following manner:
(a) Documents must be in a text searchable portable document format (PDF); (b) The PDF-text files must be in a readable and proper condition; and (c) In a size of up to 10MB per email to SRIfundtaxsubmission@seccom.com.my
5.07 The SC may return any application which is deemed unsatisfactory or which do not
comply with the requirements of the SC.

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PART B: ASEAN SUSTAINABLE AND RESPONSIBLE FUND STANDARDS
Chapter 6
REQUIREMENTS TO QUALIFY AS AN ASEAN SUSTAINABLE AND RESPONSIBLE FUND
6.01 This chapter sets out the requirements for new or existing SRI Funds seeking to qualify
as an ASEAN Sustainable and Responsible Fund.
6.02 The issuer must ensure that the SRI Fund complies with the ASEAN Sustainable and
Responsible Fund Standards issued by ACMF.
Guidance to paragraph 6.02
A fund seeking to qualify as an ASEAN Sustainable and Responsible Fund, can be regarded as having a sustainable investment objective if they adopt at least one of the sustainability considerations highlighted in paragraph 3.07 of these Guidelines.
6.03 The issuer must not–
(a) Use or adopt the term “ASEAN Sustainable and Responsible Fund” in relation to the name of the fund; or (b) Hold itself out as an issuer of such ASEAN Sustainable and Responsible Fund, unless the fund has complied with this chapter.

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PART C: APPLICATION TO QUALIFY AS AN SRI FUND AND AN ASEAN
SUSTAINABLE AND RESPONSIBLE FUND
Chapter 7
APPLICATION AND SUBMISSION
New fund
7.01 In the case of a new fund, the application to qualify as an SRI Fund or an ASEAN
Sustainable and Responsible Fund must be submitted to the SC in accordance with these Guidelines. Guidance for paragraph 7.01 In respect of the establishment of the fund, the issuer must submit the application in accordance with the respective SC Guidelines, where applicable.
7.02 In the case of a new wholesale fund, the qualification as an SRI Fund or an ASEAN
Sustainable and Responsible Fund must be obtained prior to lodgement of the new wholesale fund under the Lodge and Launch Framework.
7.03 In addition to the submission documents stipulated in these Guidelines, the application
must be accompanied by a checklist of compliance with the relevant chapters of these Guidelines. The checklist must include commentary on whether the requirements are met, not met or not applicable, and provide detailed illustration, explanation and justifications thereof, with reference to the Guidance where appropriate. Existing fund
7.04 In the case of an existing fund, the following must be submitted to the SC:
(a) A cover letter which contains the following:
(i) Rationale for the qualification sought; (ii) Details of any exemption or variation sought, if any, from these Guidelines, together with relevant justifications. Where exemption or variation has been obtained, to provide details of such exemption or variation; and (b) A checklist of compliance with the relevant chapters of these Guidelines. The checklist must include commentary on whether the requirements are met, not met or not applicable, and provide detailed illustration, explanation and justifications thereof, with reference to the Guidance where appropriate;

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(c) Where the fund is required to issue a replacement or supplementary offering documents, an application to register and lodge the fund’s replacement or supplementary offering documents must be made in accordance with the relevant guidelines. (d) Where revisions are made to an offering document that has been lodged with the SC, the draft amended or replacement offering document. Further information and documents required by the SC
7.05 The SC may, at its discretion, request for additional information and documents other
than those specified in these Guidelines.
7.06 The issuer must immediately inform the SC on any material change that may impact
the application.
Submission of applications and notifications
7.07 Unless otherwise specified in these Guidelines, an application under this chapter must
be submitted as follows:
(a) All documents contained within an application must be submitted in electronic copy and in text-searchable PDF format; and (b) The documents must be submitted via e-mail, up to 30MB per e-mail, to MISsubmissions@seccom.com.my or vcpecontact@seccom.com.my (for venture capital or private equity funds)
7.08 Should there be non-compliance on the requirements under these Guidelines,
notification of breaches must be submitted via the SC Common Reporting Platform (ComRep) as set out under the Fund Management and Unit Trust Companies Reporting Manual, or in the case of venture capital or private equity funds, notification of breaches must be submitted via email to sup-advisory@seccom.com.my.
7.09 The SC may return any application which is deemed unsatisfactory or which do not
comply with the requirements of the SC.

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Appendix 1
TAX EXEMPTION ORDER
Exemption Available to Legislation
(a) Income tax exemption on statutory income derived from fund management services of managing a fund in accordance with these Guidelines. (i) Fund management company that is licensed under the CMSA for fund management; (ii)Fund management company that is registered with the SC as a venture capital management corporation or a private equity management corporation. Income Tax (Exemption) (No.5) Order 2018 – P.U. (A) 356 and Income Tax (Exemption) (No.5) Order 2021 – P.U. (A) 209.

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Appendix 2
DOCUMENTS TO BE SUBMITTED FOR CERTIFICATION IN RESPECT OF TAX EXEMPTION FOR MANAGING AN SRI FUND This Appendix contains the following:
(a) Section A: Application form for certification in respect of tax exemption for managing an SRI Fund; and (b) Section B: Declaration
Section A: Application form for certification in respect of tax exemption for
managing an SRI Fund
(1) Please complete the form and submit together with the declaration required as set out in Section B. Name of Fund Management Company Licensing/Registration Number Financial Year End Year of Assessment Income Tax Reference Number Name of Contact Person of Fund Management Company Contact Number Fax Number E-mail

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(2) Provide the list of SRI Funds managed in the following manner:
No. Name of
Fund
Type of Fund [unit trust fund, closed￾end fund, wholesale fund, exchange￾traded fund, real estate investment trust, venture capital or private equity fund] Shariah￾compliant or Conventional Has there been any change to the SRI Fund that would have an impact on the SRI Fund’s compliance with these Guidelines in the last financial year/from the last certification?* Notes:
(a) If yes, please state in the column provided if the fund management company has complied with paragraph 4.17 of these Guidelines. A copy of the notification as per paragraph 4.15 of these Guidelines must also be submitted with the application for the certification of SRI Fund in respect of tax exemption. (b) If there is insufficient space provided in this application form, additional information may be included by way of annexures. (3) Justification on how the fund management company has complied with paragraph 5.03 of these Guidelines. (a) Please provide relevant details to confirm that the fund management company has met the requirements for having the prescribed minimum number of full-time employees. Full time employees who are relevant to the SRI Fund in the year of assessment No. Full Name Designation and Job Description Date Approved by the SC (if applicable) Date of Employment (required for those employed within the year of assessment) Note:
*Employee must be carrying out investment or compliance-related functions, or any function relevant to the SRI Fund. Investment-related functions include front-office staff and mid or back-office staff supporting the core fund management activity of the fund management company.

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Section B: Declaration
The declaration must have 2 signatories signed by the executive director, responsible person approved by the SC, or a person authorised by the board of directors of the fund management company. [Company Letterhead] Chairman Securities Commission Malaysia Dear Sir NAME (name of fund management company) We, ….(name of fund management company)…., confirm that, after having made enquiries as were reasonable in the circumstances, we have reasonable grounds to believe and do believe that, the information in the application, which is provided to the Securities Commission Malaysia (SC) in the application for the certification in respect of tax exemption for managing a Sustainable and Responsible Investment (SRI) Fund, is not false or misleading and contains no material omission. We hereby declare that we are satisfied, after having made enquiries as were reasonable in the circumstances, that the application is in full compliance with the following:
(a) The SRI Fund listed in the application is carried out in accordance with the SRI policies and strategies required under Chapter 3 of the Guidelines on Sustainable and Responsible Investment Funds; (b) Paragraph 5.03 of Chapter 5 of the Guidelines on Sustainable and Responsible Investment Funds have been met, whereby we have:
(i) conducted the fund management services for the SRI Fund listed in the application in Malaysia; (ii) incurred annual operating expenditure of at least RM250,000 in Malaysia; and (iii) [delete paragraph that is not applicable] a. for a company licensed under the Capital Market and Services Act 2007; two full time employees in Malaysia of which one holds a Capital Markets Services Representative’s Licence for fund management activity under the Capital Markets and Services Act 2007; or

Confidential (Sulit) b. for a company registered with the SC as a venture capital management corporation or a private equity management corporation; two full time employees in Malaysia of which one is a responsible person approved by the SC. We also undertake to provide to the SC all information the SC may require on the application, including the submission of the audited financial statements for the financial year ended (dd/mm/yyyy) which has been made through the ….[Electronic Application System (EASy)/ SC Common Reporting (ComRep) Portal]… on ….(date of submission)…. We declare that no other tax incentive application1 has been made for the fund listed in this application for the stipulated financial year. Yours faithfully <Signature> <Signature> <Full Name> <Full Name> <Designation (Executive Director / Responsible Person)> <Designation (Executive Director / Responsible Person/ Authorised Signatory)> <Date Signed> <Date Signed> 1 The tax exemption on the management fee for SRI Fund and other tax incentives i.e. tax exemption on the management fee for Islamic funds and venture capital tax incentives are mutually exclusive. Hence, an application for one incentive can only be made for the same SRI Fund in a given financial year.