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Bursa Depository seeks feedback on proposed amendments to rules

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Bursa Depository seeks feedback on proposed amendments to rules Empty Bursa Depository seeks feedback on proposed amendments to rules

Post by Cals Tue 21 Jan 2014, 22:43

Bursa Depository seeks feedback on proposed amendments to rules
Business & Markets 2014
Written by Bernama   
Tuesday, 21 January 2014 19:46

KUALA LUMPUR (Jan 21): Bursa Malaysia Depository Sdn Bhd has published a consultation paper, seeking public feedback on the proposed amendments to the Rules of Bursa Malaysia Depository.

The proposed amendments refer to the closure of dormant accounts, upon the expiry of the forth year of such accounts being designated as dormant, according to a statement by Bursa Malaysia.

A securities account is designated as dormant, if there is no security in that account and there has not been any debit or credit entry in the securities account, for 36 months from the date of the nil balance.

The securities accounts are proposed to be closed at the end of the seventh year, from the date of the nil balance.

"The closure of dormant accounts is part of Bursa Depository’s efforts to improve the central depository system (CDS)," the statement said.

This proposal will further strengthen the existing controls in the CDS, as it will help mitigate the risk of misuse by persons other than the depositors concerned, arising from such accounts, it added.

The consultation paper and the text of the proposed amendments can be downloaded on [You must be registered and logged in to see this link.].
Cals
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