KUALA LUMPUR (Sept 28): Bursa Malaysia is seeking public feedback via a consultation paper on the suitability of the existing quarterly reporting framework in Malaysia, in view of the global debate and diverse views on the interim financial reporting regime.

In a statement today, the exchange said it intends to encourage and promote an informed, focused and coherent discussion from a broad cross-section of the market to better assess if a change to the current reporting framework is necessary and whether it is in the best interest of the Malaysian capital market .

Bursa Malaysia has also issued another consultation paper on the proposed review of its Main Market and ACE Market Listing Requirements, in relation to the continuing disclosure obligations under the listing requirements.

The review and proposed changes are part of the exchange’s efforts to progressively simplify the listing requirements to commensurate with the state of development in the market, Bursa said.

In this regard, the consultation paper focuses on simplifying the post listing continuing disclosure obligations of listed issuers, mainly in respect of disclosures in announcements and circulars relating to transactions, as well as corporate disclosure policies.

At the same time, the exchange is also proposing the removal of certain disclosure requirements which are viewed as posing insignificant risks to shareholders, as well as enhancements to address gaps to safeguard shareholders' interest.

The key proposed amendments include enhancing the presentation and contents of announcements and circulars relating to transactions, simplifying the Corporate Disclose Policies and removing repetitious or redundant immediate announcement requirements, as well as removing the prescribed restrictions in a trust deed or deed poll of debt securities.

Other proposed amendments include requiring immediate announcements on acquisitions and disposals of subsidiaries, only if the relevant materiality threshold is triggered, and requiring shareholder approval if there is a material change (25% or more) in utilisation of proceeds from an initial public offering or new issue of securities.

The paper also proposes requiring a listed issuer to provide a reason in an announcement for a proposed change in its financial year end, and imposing a requirement to empower the exchange to require the issuance of an interim audited financial statement by a listed issuer, if it changes its financial year end to beyond 18 months, from its last financial year end.

Bursa Malaysia said the proposals are aimed at ensuring the listing requirements remain balanced, providing adequate levels of investor protection so as not to impede the ease of doing business and long-term growth of its listed issuers.

Both consultation papers are available at: http://www.bursamalaysia.com/market/regulation/rules/public-consultation/

Interested parties and the public are invited to submit their comments and feedback to Bursa Malaysia by Nov 30.