Regulatory Alerts2002-11-25
Guidelines for Public Offerings of Securities of Closed-end Funds
The Securities Commission of Malaysia issued these guidelines to establish a regulatory framework for the public offerings of securities by closed-end funds, aiming to protect investor interests and facilitate orderly market development. The document mandates specific approval criteria for listings, including minimum capital requirements, shareholding spreads, and strict investment limits on diversification, derivatives, and borrowing. It further imposes rigorous obligations on fund directors, managers, and custodians regarding qualifications, conflict of interest disclosures, and ongoing compliance with statutory declaration and reporting standards.
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