Bursa Ammending Operation Rules To Facilitate ‘Surprise Holidays’

Bursa Malaysia is making amendments to its Business Rules and Listing Requirements to facilitate the continued operations of the Exchange and its subsidiaries on days declared as surprise holidays. The definition of 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.

The past year saw an unprecedented number of ‘surprise holidays’ declared by ruling governments that were outside the gazetted public holidays.

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

The Exchange also said it will be prudent and exercise due care in deciding whether to remain open on a surprise holiday, after consulting the relevant authorities. It will also 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 service.

Market participants and the general public will be informed in a timely manner via a media release, circulars, or electronic notification if Bursa remained open. Accordingly, amendments, which incorporate feedback and comments received from the industry, will become effective on 10 January 2023.

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