The Malaysia Securities Commission has issued revised Equity Guidelines and a response paper that update the primary market framework, with the main changes aimed at sharpening the distinction between the MAIN Market and the ACE Market. The package is intended to improve access to public listings while positioning the MAIN Market as the venue for larger, more established companies and the ACE Market as a sponsor-driven market for small and mid-sized companies progressing toward the MAIN Market. For the MAIN Market, the revisions raise profit requirements, strengthen financial reporting quality standards, allow greater flexibility in assessing operating cash flow, and broaden eligibility for infrastructure-type listings. For the ACE Market, the changes reinforce the sponsor-driven model by requiring at least a two-financial-year post-listing track record before a transfer to the MAIN Market, removing exemptions from sponsorship and moratorium requirements, and introducing minimum public share allocation requirements. The revisions follow the market segmentation review consultation that closed in December 2025 and incorporate stakeholder feedback. The adopted proposals for the MAIN Market take effect on 3 June 2026.
Malaysia Securities Commission2026-05-28
Malaysia Securities Commission revises Equity Guidelines to tighten MAIN Market standards and reinforce ACE Market segmentation
The Malaysia Securities Commission has issued revised Equity Guidelines and a response paper updating the primary market framework to sharpen the distinction between the MAIN Market and the ACE Market. The reforms raise profit and financial reporting requirements and broaden eligibility for infrastructure-type listings on the MAIN Market, while reinforcing the ACE Market’s sponsor-driven model through stricter transfer, sponsorship, moratorium and public allocation requirements.