Operators who are interested in establishing and operating equity crowdfunding (ECF) or Shariah-compliant ECF platform can now submit their application to the Securities Commission Malaysia (SC).
The SC announced yesterday that it is inviting interested parties to send in applications, which it will review.
The SC is still waiting for the Parliament to pass the bill on ECF, which legalises such online platform as a means for startups and small and medium enterprises to obtain capital through small equity investments from relatively large numbers of investors.
Malaysia is the first in the region to have pushed for the legislation of ECF. The SC is hoping to be able to launch the platform some time in the middle of this year.
On February 10 this year, the SC released the revised ‘Guidelines on Regulation of Markets” under Section 34 of the Capital Markets and Services Act 2007, which introduced requirements for the registration of ECF platforms.
The guidelines provide a framework for the regulation of registered ECF Platform, duties and responsibilities of an ECF operator and the type of issuers and investors who can participate in ECF.
The guidelines and the application form are available at the SC website.