Bursa Malaysia amends business rules, listing requirements on surprise holidays

Publish date: Tue, 03 Jan 2023, 05:06 PM

KUALA LUMPUR: Bursa Malaysia Bhd has amended its business rules and listing requirements to facilitate the continued operations of the stock exchange and its subsidiaries on days declared as surprise holidays.

A surprise holiday refers to a public holiday declared in the Federal Territory of Kuala Lumpur that has not been gazetted as a public holiday at the start of the calendar year.

In a statement, the bourse said the amendments were made in response to instances of unplanned or unanticipated holidays that took place in Kuala Lumpur in recent times.

"By remaining open on a surprise holiday, Bursa Malaysia will ensure that all transactions that occurred prior to the surprise holiday can and will be delivered and settled as scheduled.

"This would accord greater certainty to the capital markets and mitigate any potential market or investment risk that investors may face as a result of the surprise holiday," it said.

Bursa Malaysia said that pursuant to the amendments, if it operates on a surprise holiday, a regulated person must comply with and give effect to the rules or any requirements imposed by the regulator on such day or within the stipulated timeframe that falls on or includes the surprise holiday.

The bourse will also be prudent and exercise due care in deciding whether to remain open on a surprise holiday after consulting the relevant authorities.

"The exchange will only remain open subject to the Real-time Electronic Transfer of Funds and Securities System (Rentas), which is the financial market infrastructure, being operational on the surprise holiday in order to facilitate the clearing and settlement of service," it said.

Bursa Malaysia said in the event it decides to operate on a surprise holiday, market participants and the general public will be informed in a timely manner via a media release, circulars or electronic notification.

The amendments, which incorporate feedback and comments received from the industry, will become effective on Jan 10, 2023, it added.

  - Bernama

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