The Securities Commission (SC) Malaysia has revised the Guidelines on Unlisted Capital Market Products under the Lodge and Launch Framework (LOLA) with effect from 28 November 2022. The LOLA guidelines were revised to reflect changes consequent upon issuance of the Guidelines on Islamic Capital Market Products and Services (ICMPS). The amendments remove certain Shariah requirements, as these are now provided under the ICMPS guidelines.

The key amendments to the revised LOLA guidelines include:

  • the removal of the following definitions, pursuant to their incorporation into the ICMPS guidelines:
    • "Islamic Structured Product";
    • "SAC";
    • "sukuk bai' bithaman ajil";
    • "sukuk ijarah";
    • "sukuk istisna";
    • "sukuk mudharabah";
    • "sukuk murabahah";
    • "sukuk musharakah"; and
    • "sukuk wakalah bi alistithmar";
  • the insertion of a new definition of "Shariah Adviser"; and
  • the deletion of section C (Additional Requirements for Shariah-Compliant Unlisted Capital Market Products under the Lodge and Launch Framework) pursuant to its incorporation into the ICMPS guidelines.

For further information on this topic please contact Pamela Kung at Shearn Delamore & Co by telephone (+60 3 2027 2911) or email ([email protected]). The Shearn Delamore & Co website can be accessed at