BURSA Malaysia Bhd today announced amendments to its business rules and listing requirements to facilitate the continued operations of Bursa Malaysia and its subsidiaries on days declared as surprise holidays. 

A “surprise holiday” refers to a public holiday declared in the Federal Territory of Kuala Lumpur that has not been gazetted as a public holiday at the start of the calendar year. 

The amendments were made in response to instances of unplanned or unanticipated holidays that took place in Kuala Lumpur in recent times, the bourse operator said in a statement. 

Among the surprise holidays declared last year were on Nov 18 and 19 to allow electors to exercise their right to vote in the 15th General Election. 

By remaining open on a surprise holiday, Bursa Malaysia said it will ensure that all transactions that occurred prior to the surprise holiday can and will be delivered and settled as scheduled. 

This would accord greater certainty to the capital markets and mitigate any potential market or investment risk that investors may face as a result of the surprise holiday, it said in the statement. 

Before this, if Bursa Malaysia operates on a surprise holiday, a regulated person must comply with, and give effect, to the rules or any requirements it imposed on such day, or within the stipulated time frame that falls on or includes the surprise holiday. 

Bursa Malaysia said it will be prudent and exercise due care in deciding whether to remain open on a surprise holiday, after consulting the relevant authorities. 

It said the exchange will only remain open subject to the Real-Time Electronic Transfer of Funds and Securities System, which is the financial market infrastructure, being operational on the surprise holiday, in order to facilitate the clearing and settlement service.

In the event Bursa Malaysia decides to operate on a surprise holiday, it said market participants and the general public will be informed in a timely manner via a media release, circulars or electronic notification. 

The amendments, which incorporate feedback and comments received from the industry, will become effective on Jan 10, 2023. — TMR / pic TMR File