Page 166 - SC Annual Report 2018 (ENG)
P. 166
Securities
Commission
Malaysia
ANNUAL
REPORT
2018
In addition to regulating firm offers and considering The SC also undertakes surveillance and enquiries
formal applications, a significant amount of on potential take-over related breaches and
resources was allocated to consultations sought on non-compliances. This has resulted in a number
possible offers, exemptions, concert party matters, of actions taken in 2018 including issuances of
potential favourable deals and general enquiries reprimands and impositions of fines for failure to
pertaining to the interpretation and application of undertake a mandatory offer. Actions taken also
the Code and the Rules. include issuances of infringement notices for various
non-compliances such as delay in serving the notice
During the year, the SC organised dialogue sessions of take-over offer as well as delay in providing
with various stakeholders as part of its post- dealing disclosures during an offer period, and
implementation review of the Rules issued in 2016, dealings in shares during a restricted period.
and issued letters to practitioners to provide clarity
in relation to opinions by independent advisers for
offers that are ‘not fair but reasonable’.
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