The banking, insurance, takaful and capital markets sectors will operate at 60 percent capacity during a 2-week lockdown starting 1 June.
Malaysian capital market participants must ensure that their employees working at the office is capped at 60 percent during the nation’s Covid-19 lockdown period, the SC (Securities Commission Malaysia) said in a statement on Monday (31 May).
The two-week lockdown period was announced by the prime minister on Friday (28 May) after the market close as part of efforts to curb rising Covid-19 infections in Malaysia. The lockdown runs from 1-14 June.
Designated as essential service sectors by the government, the banking, insurance, takaful and capital markets sectors will be allowed to operate at 60 percent capacity.
“Under the updated Standard Operating Procedure (SOP) for the capital market issued by [the National Security Council] (MKN), [capital market participants] must ensure that their employees working at the office is capped at 60% during this period,” the SC said.
Capital markets participants are asked to have in place clear criteria and processes to ensure compliance and maintain records of employees’ work arrangements, which must be made available to the SC upon request.
They must also request new verification letters from the SC to enable employees to travel to work during the lockdown period.
In an updated guidance note, the SC says listed issuers may only hold fully virtual general meetings during this period, where all participants join online. Physical meetings or gatherings are prohibited.
The capital market will remain open and operate as usual within normal business hours through the lockdown period.