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The Capital Markets and Services Act 2007 (Act 671) came into force on 28 September 2007 (all provisions except Division 2 of Part VI, vide PU (B) 342/2007). 1 April 2010 as the date on which the provisions in Division 2 of Part VI of the Act comes into operation, vide PU (B) 143/2010 with the aim, inter alia, to consolidate the Securities Industry Act 1983 (Act 280) (since repealed) which was previously the principal Malaysian statute regulating the secondary securities market, and the Futures Industry Act 1993 (Act 499) (since repealed).

Comparative differences between the Capital Markets and Services Act 2007 (Act 671); Futures Industry Act 1993 (Act 499) (since repealed); Securities Commission Act 1993 (Act 498) (4 Securities' Regulation); and the Securities Industry Act 1983 (Act 280) (since repealed) can be found at www.sc.com.my/sub.asp?pageid=&menuid=200&newsid=&linkid=&type=.

The Capital Markets and Services Act 2007 was also introduced for the purposes of: (1) rationalisation of the securities market to further facilitate electronic commerce; (2) the disapplication of the insolvency provisions for purposes of ensuring the integrity of clearance and settlement of transactions that are effected on the exchange; and (3) the introduction of a single licensing framework for various players in the securities industry to ensure efficiency and effectiveness.

With respect to key statutes governing the securities industry, the Securities Commission Act 1993 (Act 498) which established the Securities Commission ('SC') as the regulatory body for the capital market in Malaysia, was amended by the Securities Commission (Amendment) Act 2007 which deleted certain provisions of the Securities Commission Act 1993. Some of those deleted provisions were however incorporated into the Capital Markets and Services Act 2007.

The Securities Commission's Mission Statement is to 'promote and maintain fair, efficient, secure and transparent securities and futures markets
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