Page 89 - SC SCAR 2023 ENGLISH Flipbook

PART 3 STRENGTHENING THE SUSTAINABILITY AND COMPETITIVENESS OF THE CAPITAL MARKET
REVITALISING THE CAPITAL MARKET VIA FACILITATIVE FRAMEWORK
Review of the Capital Markets and Services Act 2007 and the Securities Commission Malaysia Act 1993
The SC is undertaking a holistic review of the CMSA to ensure that the securities laws remain fit-for-purpose. The review is part of the SC’s efforts to modernise the CMSA and promote efficiencies to enable the capital market to remain competitive while maintaining adequate investor protection. Among the areas under review are in relation to the capital market infrastructure, licensing framework, disclosure requirements accompanying an offer of a capital market product, the approval process for corporate proposals and takeovers regulations.
The SC has engaged the various stakeholders for feedback to ensure the comprehensiveness of its review which includes industry engagements and focus group consultations. By seeking input from stakeholders across the industry, the SC would also be able to identify potential gaps and gain valuable insights into how best to improve the CMSA.
In tandem with the CMSA review, the SCMA is also being reviewed to modernise and streamline its provisions with the new CMSA. This includes ensuring that the SC is well positioned to address the fast-evolving digital advances in the capital market.
ENHANCING THE TALENT PIPELINE IN THE CAPITAL MARKET
Recognising the importance of human capital growth in the capital market, the SC continues to enhance the talent pipeline in the capital market. Besides the capacity- building initiatives in ICM such as the Islamic Capital Market Talent Development (ICMTD) Programme and the Shariah Mentorship Programme, the SC has embarked on the 3-year Capital Market Graduate Programme known as investED, which is in tandem with the national agenda and supported by the Ministry of Finance and Ministry of Higher Education.
ICM Talent Development Programme
The ICMTD programme is a capacity-building initiative developed by the SC and run by the Securities Industry Development Corporation (SIDC). The ICMTD programme is specially designed to facilitate the development and upskilling of graduates seeking a career in the ICM. ICMTD also offers an internship programme to selected participants, geared towards channeling fresh talent for the future development needs of the ICM. Since its inception in 2009, the programme has produced a total of 26 cohorts with 1,042 graduates.
After nearly 14 years, the ICMTD programme concludes with the last cohort in 2023, as the SC shifts from a wide-based approach to a more focused approach for talent and capacity building within the ICM.
Shariah Mentorship Programme
The Shariah Mentorship Programme (SMP) was introduced in 2023 as one of the SC’s targeted strategies in capacity building to meet the specific needs of the ICM industry. At its core, SMP is designed to create a continuous talent pipeline of Shariah advisers equipped with adequate technical competencies and knowledge of ICM products and offerings and appropriate regulatory expertise. The framework and structure of SMP are designed to equip the participants with the necessary skills and resources suited for Shariah advisory roles, ensuring continued growth and relevance of Islamic finance principles on a global scale.
SMP is open to fresh graduates with Shariah background, or Shariah officers with less than two and half years of experience in Islamic finance or ICM. The programme spans eight months and will include comprehensive classes to establish strong foundational knowledge and skills, followed by an internship with industry partners for practical experience in ICM.
The first cohort for SMP commenced in October 2023 where 15 participants were chosen out of 273 applicants.
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