SECURITIES INDUSTRY (EXEMPT DEALER)(NO. 2) ORDER 2002 [P.U. (A)
314]
(Gazetted on 1 August, 2002)
IN exercise of the
powers conferred by paragraph (d) in the definition of “exempt dealer”
in subsection 2(1) of the Securities Industry Act 1983 [Act 280], the
Minister makes the following order:
Citation and
commencement
1. (1) This order may
be cited as the Securities Industry (Exempt Dealer) (No. 2)Order 2002.
(2) This Order comes into
operation on 1 August 2002.
Interpretation
2. In this Order,unless the context otherwise
requires —
“listed” means admitted for quotation on a stock market of a stock
exchange;
“interest” means —
(a) rights issue of
securities;
(b) a bonus issue of securities; or
(c) any other rights, options or interests as may be specified by the
Commission in respect of securities;
“venture
capital corporation” means a corporation that is registered with the Commission
in accordance with any guidelines issued by the Commission relating to venture
capital corporation;
“venture capital management corporation” means
a corporation that is registered with the Commission in accordance with any
guidelines issued by the Commission relating to venture capital management; and
“securities”
has the same meaning as in the Securities Commission Act 1993 [Act 498].
Venture capital
corporation and venture capital management corporation declared to be exempt
dealers
3. Subject to the terms and conditions specified
in paragraph 4,a venture capital corporation and a venture capital management
corporation are declared to be exempt dealers.
Terms and conditions
4. (1) A venture capital corporation is limited to
deal in securities in the following activities:
(a) the acquisition of, disposition of or subscription for, securities
that are not listed; or
(b) the making
or offering to make with any person, or inducing or attempting to induce any
person, to enter into or to offer to enter into —
(i) an agreement to or with a view to acquire,
dispose of or subscribe for securities that are not listed; or
(ii) an agreement, other than a futures contract,
the purpose or avowed purpose of which is to secure a profit to any of the
parties from the yield of securities that are not listed or by reference to
fluctuations in the value of such securities.
(2) A venture capital management corporation is
limited to deal in securities in the following activities:
(a) prior to the listing of the securities —
(i) the acquisition of, disposition of or
subscription for, such securities; or
(ii) the making or offering to make with any
person, or inducing or attempting to induce any person, to enter into or to
offer to enter into —
(A) an agreement to or with
a view to acquire, dispose of or subscribe for such securities; or
(B) an agreement other than a futures contract,
the purpose or avowed purpose of which is to secure a profit to any of the
parties from the yield of such securities or by reference to fluctuations in
the value of such securities;
(b) upon the securities referred to in subparagraph (a) being
listed —
(i) the disposition of such securities; or
(ii) the making or offering to make with any
person, or inducing or attempting to induce any person, to enter into or to
offer to enter into an agreement for or with a view to dispose of such
securities;
(c) in relation to the securities referred to in
subparagraph (a)which have been listed and which the venture capital
management corporation has not disposed of —
(i) the acquisition of, disposition of or
subscription for, any interest in respect of such securities; or
(ii) the making or offering to make with any
person, or inducing or attempting to induce any person, to enter into or to
offer to enter into an agreement for or with a view to acquiring, disposing of
or subscribing for any interest in respect of such securities.
(3) A venture capital corporation and a venture
capital management corporation shall comply with such guidelines relating to
venture capital corporations or venture capital management corporations, as the
case may be, and any amendments made to it, as may be issued from time to time
by the Commission.
Made 29 July 2002
[S(8.02)443-21 Jd.3;PN(PU2)135/VII]
DR.MAHATHIR
BIN MOHAMAD
Minister of Finance
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