The Securities Commission Malaysia (‘SC’) issued Public Consultation Paper No. 1/2022 on 1 August 2022 to seek public feedback on its proposed Regulatory Framework on Technology Risk Management(‘the Framework’).
The SC proposes to apply the Framework to the following capital market entities:
- Bursa Malaysia Bhd and its subsidiaries;
- Federation of Investment Managers Malaysia;
- Private Pension Administrator Malaysia;
- Capital Markets Services Licence holders;
- Recognized market operators;
- Registered persons in Part 2 of Schedule 4 Capital Markets and Services Act 2007 (‘CMSA’); and
- Capital market service providers registered under section 76A of the CMSA.
According to the SC, the objective of the Framework is two-pronged – first, for all capital market entities to have a robust and sound technology risk management framework that promotes strong oversight of technology risks in the capital market entity, and second, for the capital market to be cyber resilient. To achieve these objectives, the Framework provides a combination of principle-based and prescriptive requirements.
The Framework is divided into seven main parts, each of which sets out the requirements in…
