Rules Making Process
In order to ensure quality, relevance and adequacy of our rules, amendments proposed are subject to a rigorous rule amendment process. Generally, the key steps are as follows:
In formulating rule amendments, we consider, amongst others, the regulatory objectives to be achieved, concerns to be addressed and the implications of the proposed rule. We will benchmark our rules to those of other more developed markets so that our rules are on par with international standards where applicable.
We circulate the draft rule amendments for thorough review and discussion by relevant parties internally before issuing the same for external consultation, which may include public consultation. This means that the draft rule amendments will be posted on Bursa Malaysia's website for viewing by the public. The public can then provide its comments or feedback for consideration by Bursa Malaysia. Typically, public consultation is done only for major rule changes. The consultation process ensures that the rules are clear, practical and are aligned with stakeholder's expectations.
After taking into account industry feedback, we will finalise the draft rule amendments, procure internal management approval and in accordance with the law, submit the same to the Securities Commission for approval.
The new rule amendments are then implemented after Securities Commission approval is procured.