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Bursa Malaysia Fines RHB Investment Bank for Listing Requirements Violations

Due DiligenceBursa Malaysia Fines RHB Investment Bank for Listing Requirements Violations

Bursa Malaysia, the Malaysian stock exchange, has publicly reprimanded and fined RHB Investment Bank Bhd (RHB IB) RM350,000 due to violations of listing requirements. The violations relate to RHB IB’s failure to conduct thorough due diligence in connection with the proposed listing of a company on the ACE Market, where RHB IB served as the sponsor and principal adviser.

As part of the penalty, RHB IB is required to present Bursa Malaysia’s decision to its board of directors and conduct a comprehensive review and assessment of the adequacy and effectiveness of its internal policies, processes, and procedures related to its role as an adviser and sponsor for submissions to the exchange.

The decision to reprimand and fine RHB IB was made in accordance with Rule 16.19 of the ACE listing requirements. The determination took into account various factors, including the significance of the breaches, RHB IB’s responsibilities as a sponsor and principal adviser, and previous breaches of listing requirements by the bank.

This action by Bursa Malaysia highlights the importance of adherence to listing requirements and due diligence processes in maintaining the integrity and transparency of the financial markets.

By FCCT Editorial Team

Disclaimer: The views expressed in this article are independent views solely of the author(s) expressed in their private capacity.

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