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Article contributed by Chiam Ter Ping, Officer, with photos by Nabilatul Husna, Administrative Assistant, Bar Council


One of the objectives of the Corporate and Commercial Law Committee (“CCLC”) for the 2010-2011 term is to organise seminars on topics of interest to lawyers in the area of corporate and commercial law.

During the revamp of the Malaysian Stock Exchange in August 2009, the ACE Market replaced the Malaysian Exchange of Securities Dealing and Automated Quotation (“MESDAQ”) Market and the Main and Second Boards unified to become the Main Market.

The aim of the revamp is to allow efficient access to capital and investments as well as making Bursa Malaysia a more attractive platform for Malaysian and foreign companies.  While the Main Market consists of established companies with strong track records, the ACE Market facilitates the listing of emerging companies.

The first seminar organised by CCLC for the term focused on the ACE Market.  The seminar, entitled “An Overview of the ACE Market and ACE Market Listing Requirements”, started at 4:35 pm with 40 participants.  The moderator for the event was Cheong Kee Fong, Deputy Chairperson of CCLC.  The seminar was held on 24 Sept 2010 at the premises of Bursa Malaysia. 

The speaker, Tan Ai Chia, has dealt with a wide range of work relating to capital markets and been involved in various capital market initiatives, which included the merger of the Main and Second Boards and the incorporation of the MESDAQ Market into the ACE Market.  As Head of the Issuers Regulatory Policy & Advisory Department of Bursa Malaysia, she is in charge of both the Main, as well as ACE, Market Listing Requirements. 


Tan Ai Chia began the seminar by briefing the participants on why and how the ACE Market came into being.  She also explained that unlike the MESDAQ Market, the ACE Market allows listing of eligible companies from all sectors instead of only high-growth or technology-based companies.  There is no minimum requirement on the operating history, size and track record of a company, nor on issue price.

She then went on to clarify the roles and responsibilities of the Securities Commission and Bursa Malaysia in regulating the ACE Market.  An explanation on the fundraising framework of the ACE Market was also rendered.

Other areas touched on by Tan Ai Chia were company sponsorships, corporate disclosure and transactions with ACE Market-listed companies.

After completing her presentation, a lively discussion of Q&A session followed, with numerous questions and answers being fielded back and forth between the speaker and the participants.  At the end of the evening, a token of appreciation was presented to Tan Ai Chia. Thereafter, the participants adjourned for tea.  The event concluded at around 7:00 pm.

Next on CCLC’s agenda is a seminar in collaboration with the Malaysian Institute of Accountants.