Circulars and other requirements
What are the main obligations of a listed issuer or the adviser in respect of the Exempt Circulars given that such circulars will not be perused by Bursa Securities?
Pursuant to paragraph 3.0 of Practice Note 18, the Exempt Circulars must include a statement that Bursa Securities has not perused the circular before its issuance. Further, pursuant to paragraph 9.35 of the Main LR, a listed issuer must submit the requisite number of copies of the Exempt Circulars to Bursa Securities together with a checklist showing compliance with the relevant parts of the Main LR immediately upon issuance of the Exempt Circulars to securities holders. The listed issuer, its directors or adviser must also ensure that the Exempt Circulars comply with the Main LR, including the standard of disclosure prescribed in paragraph 9.32 of the Main LR and the prescribed minimum contents, if any, failing which, Bursa Securities may take enforcement action against the listed issuer, its directors and/or adviser.