Listing Requirements Update: SC Equity Guidelines 2026 Revision
The Securities Commission revised its Equity Guidelines on 28 May 2026, with the changes taking effect on 3 June 2026 alongside consequential amendments to Bursa Malaysia's listing requirements. The MAIN Market profit test rose to an aggregate after-tax profit of at least RM30 million over the most recent three full financial years, with at least RM15 million in the latest year, up from RM20 million and RM6 million. The requirement for uninterrupted profit was disapplied, audited statements must carry no modified opinion and no material uncertainty on going concern, and entities using the profit test for chain listings and transfers must have no accumulated losses. ACE companies must now spend at least two full financial years on ACE before transferring, and the SC's look-back for unusual market activity and trading restrictions grew from one year to three.
This one-day course is for directors, company secretaries, corporate finance and advisory teams, principal advisers and compliance at listed companies and IPO candidates. It works through each change, what it means for a listing or transfer timetable, and the judgement calls that remain, such as how the SC assesses a healthy financial position now that operating cash flow is one factor rather than a test. Companies planning a move from ACE to MAIN can go further in ACE to MAIN Market Transfer Readiness.
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Programme Agenda
9:00 AM - 9:15 AM
Welcome and Programme Overview
Introduction to the session, objectives, and housekeeping.
9:15 AM - 10:15 AM
What Changed on 3 June 2026 and Why
The public consultation and response paper behind the revision, the SC's objectives, the parallel Bursa amendments, and how the changes reshape the MAIN and ACE markets.
10:15 AM - 10:30 AM
Break
10:30 AM - 11:30 AM
The New MAIN Market Profit Test
RM30 million aggregate over three full financial years and RM15 million in the latest year, the end of the uninterrupted profit requirement, and what that means for cyclical businesses. Alternative listing routes and the revised infrastructure criteria, including aggregation of renewable energy projects of at least RM100 million each to a total of RM500 million.
11:30 AM - 12:30 PM
Financial Quality: Audit Opinions, Going Concern and Losses
No modified audit opinion and no material uncertainty on going concern, the no accumulated losses condition for chain listings and profit-test transfers, and the SC's broader view of a healthy financial position, where operating cash flow is now one factor among several.
12:30 PM - 1:30 PM
Lunch
1:30 PM - 2:20 PM
ACE to MAIN Transfers and Back-Door Listings
The two full financial year minimum on ACE, full application of the profit or market capitalisation tests, working capital and management continuity, and the tightened back-door listing rules where acquired assets must not be loss-making.
2:20 PM - 3:15 PM
Directors, Secondary Listings and the Longer Look-Back
The two resident director requirement for secondary listing applicants, the extended three-year look-back on unusual market activity and trading restrictions, and the SC's power to appoint an independent expert at the applicant's cost.
3:15 PM - 3:30 PM
Break
3:30 PM - 4:45 PM
Workshop: Testing a Candidate Against the New Rules
Teams test a case company's financial history against the revised MAIN Market requirements, identify disqualifiers, and set out the earliest realistic listing or transfer date.
4:45 PM - 5:00 PM
Wrap-Up and Q&A
Key takeaways, next steps, and close.
Key Outcomes
- Explain every material change in the SC Equity Guidelines effective 3 June 2026
- Apply the revised MAIN Market profit test and financial quality requirements
- Advise on ACE to MAIN transfers and back-door listing risk under the new rules
- Identify the resident director and look-back requirements that apply
- Assess a candidate's readiness and realistic listing timetable
- Brief a board on what the revision means for its capital-raising plans
Training Mode Physical / Online / Hybrid / e-learning
HRD Corp SBL-Khas Claimable
Level Foundation. For directors, company secretaries, corporate finance, principal advisers, investor relations and compliance at listed companies and IPO candidates.
Duration 1 Day (8 Hours) | 9:00 AM to 5:00 PM
Venue In-house at the client's premises, or delivered via the client's preferred platform (Microsoft Teams, Zoom, or equivalent)
Assessment A case company readiness test completed in the workshop, plus a written knowledge check
Certificate Certificate of Completion issued to all participants upon full attendance