Securities Commission Malaysia and Bursa Malaysia have issued a public consultation on proposed LEAP Market 2.0 enhancements for Bursa Malaysia’s LEAP Market, the main platform for early-stage and emerging companies. The package is designed to expand capital market access for micro, small and medium enterprises and mid-tier companies by creating a new admission route for certain equity crowdfunding issuers, simplifying disclosure, allowing retail participation within set limits, and making transfers to the ACE Market more efficient. An alternative disclosure document would use a more structured and simplified format while retaining information needed for investment decisions. Eligible equity crowdfunding issuers that have raised at least RM5 million over the past seven years on equity crowdfunding registered market operator (ECF-RMO) platforms and from venture capital or private equity (VC/PE) firms, where applicable, could apply for LEAP admission without an approved adviser, with ECF-RMOs or VC/PE firms acting as listing agents. Companies admitted through this route would still need a continuing adviser after listing. Retail investors would be subject to a total LEAP Market investment limit of RM250,000 at any point in time, including RM100,000 per issuer in the primary market and RM100,000 per broker in the secondary market. Advisers could receive up to 50% of their fees in ordinary shares, subject to a 2% cap per adviser, a 5% aggregate cap and a six-month moratorium, while LEAP companies that have been listed for at least two years could transfer to the ACE Market without the current withdrawal of listing and exit offer requirement. The consultation covers proposed amendments to the LEAP Market and ACE Market Listing Requirements and closes on 15 June 2026.
Malaysia Securities Commission2026-05-18
Securities Commission Malaysia and Bursa Malaysia launch consultation on LEAP Market 2.0 reforms to widen fundraising access for micro, small and medium enterprises and mid-tier companies
The Securities Commission Malaysia and Bursa Malaysia have issued a public consultation on proposed LEAP Market 2.0 enhancements to expand capital market access for micro, small and medium enterprises and mid-tier companies. Proposals include a new admission route for eligible equity crowdfunding issuers with simplified disclosure, calibrated retail investor limits, greater fee flexibility for advisers, and a more efficient transfer process from the LEAP Market to the ACE Market.