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Key Disclosure Obligations of a Listed Company
  • Overview
  • Objectives & Outline
  • Methodology
  • Participant Profile
  • Trainer
  • Overview
    PROGRAMME DETAILS

    DATE

    18 February 2020

    TIME

    9:00 AM – 5:00 PM

    VENUE

    Asian Banking School

    Companies listed on the Main and ACE Markets of Bursa Malaysia are expected to comply strictly with the disclosure framework embedded in the Listing Requirements. A strong compliance culture will promote transparency, aid informed investment decisions and will ensure fair and orderly trading in the listed securities of the company.

    LEARNING LEVEL

    Foundation

    PROGRAMME FEE

    AICB MEMBER

    MYR

    2,000*

    / PAX

    NON-MEMBER

    MYR

    2,300*

    / PAX

    *Subject to 6% Service Tax

  • Objectives & Outline
    LEARNING OBJECTIVES
    By the end of this programme, participants will be able to:

    • Explain objectives of Bursa Malaysia’s corporate disclosure framework and various modes of corporate disclosure (including use of social media).
    • Describe the financial reporting framework imposed by Bursa Malaysia and the implications of late/inaccurate submission of financial reports.
    • Describe the various thresholds (percentage ratios) for announcements of transactions (non-RPT and RPT).
    • Explain the guiding principles in evaluating materiality of an event (e.g. entering into MOU etc.) to determine whether an announcement is required.
    • Explain the meaning of “immediate” announcement and advise on the importance of timeliness in making material announcements.
    • Identify trigger points for immediate announcement of certain material transactions/events.
    • Explain implication of a trading halt imposed by Bursa.
    • Advise on ensuring of thorough dissemination of material information and avoid divulging undisclosed material information to analyst and media (selective disclosure).
    • Explain the restricted circumstances for withholding material information and key obligations thereof.
    • Describe and advise on Bursa’s expectations in replies to media and UMA queries.
    • Explain the importance of an exit clause when entering into non-disclosure agreements with transacting parties.
    • Avoid unwarranted promotional disclosures.
    • Understand and advise on the importance of establishing an Internal Corporate Disclosure Policy & Procedures.
    • Avoid common pitfalls and advise on the following areas:
      • Modified opinions and MUGC by external auditors; and link to PN17.
      • Materiality assessment of litigations and winding-up petitions; and link to PN17.
      • Materiality assessment of default in payments and link to PN17.
      • Handle material MOUs and link to withholding of immediate announcement.
    PROGRAMME OUTLINE

    • Objectives of corporate disclosure requirements
    • Financial reporting framework
      • Quarterly results
      • Annual reports
      • Late submissions
      • Deviation between audited financial results & 4th quarter unaudited results
    • Transaction based disclosures
      • Various thresholds & obligations for Non-RPT and RPT
    • Prescribed material events
      • Paragraph 9.19 events
    • Non-prescribed material events
      • Paragraph 9.04 events
    • Materiality test
      • Paragraph 9.03 materiality test
    • Timeliness of disclosure
      • Immediate announcement requirements
    • Thorough dissemination
      • Bursa LINK
      • Trading halt
      • Request for suspension
    • Withholding material information
      • Permitted exceptional circumstances
      • Obligations when withholding material information
    • Response to queries
      • Media reports
      • Unusual market activity (UMA)
      • Beyond UMA
      • Avoiding selective disclosure (to media/analyst)
      • Non-disclosure agreements
    • Unwarranted promotional disclosure
    • Internal corporate disclosure policy & procedures
    • Case Studies
      • Handling modified opinion or material uncertainty related to going concern (MUGC) by external auditors, key audit matters and link to PN17
      • Handling letters of demand, litigations, winding-up petitions and link to PN17
      • Handling defaults in payment, withholding of immediate announcement and link to PN17
      • Handling MOUs and link to withholding of immediate announcement

  • Methodology

    Presentations and discussions with easy-to-understand illustrations using PowerPoint slides, coupled with selected real-life case studies to reinforce the understanding of the guiding principles behind the Listing Requirements.

    The trainer will also share his experiences from relevant cases that he has encountered in his capacities as a Bursa Officer and an advisor-in-practice.

  • Participant Profile

    Corporate finance personnel of investment banks with some knowledge in the subject matter, CMSRL and ERP holders

  • Trainer

    Chee Kai Mun

    Chee Kai Mun is the Director cum Principal Trainer of CKM Advisory Sdn Bhd, a company that focuses on providing specialized training relating to Bursa Malaysia’s Main and ACE Markets Listing Requirements (Listing Requirements).

    Prior to the formation of CKM Advisory Sdn Bhd, he was the Vice President of Listing Advisory & Development at Bursa Malaysia. He was instrumental in setting up and subsequently spearheading the Listing Advisory division, which is a specialized team in Bursa Malaysia that provides guidance and advice to listed companies and their advisors (namely, investment banks, legal firms, audit firms and secretarial firms) in interpretation and application of the Listing Requirements.

    Chee was also Director, Compliance & Advisory of Tricor Corporate Services Sdn Bhd, a corporate advisory firm in Kuala Lumpur. He was responsible for providing advisory services in compliance with Listing Requirements to their corporate secretarial and share registrar teams, as well as clients listed on the official list of Bursa Malaysia.

    He has accumulated more than 20 years of extensive experience in corporate advisory work relating to Listing Requirements. Chee has hands-on experience in this field from 3 perspectives – as a regulator with Bursa Malaysia, an advisor-in-practice with Tricor and as a team member of the corporate finance division in a listed company. He has also conducted training in Listing Requirements for Directors, CEOs, CFOs and Company Secretaries of listed companies.


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