When do these new guidelines take effect?

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The New Technology Risk Management Guidelines Will Take Effect in the Third Quarter of 2024

The Securities Commission Malaysia (SC) has announced that its newly issued guidelines on technology risk management are set to be implemented in the third quarter of 2024. This phased approach is designed to allow capital market entities adequate time to understand and comply with the stipulated requirements. The guidelines themselves outline the SC's expectations for how these entities should manage their technology risks, covering critical areas such as framework implementation, project management, service provider oversight, and cybersecurity.
Implementation Timeline for Guidelines

The new guidelines are scheduled to come into effect during the third quarter of 2024. This specific timeframe has been established to provide capital market entities with a sufficient period to thoroughly familiarise themselves with the detailed requirements and to ensure their operational readiness for compliance.
Scope of Application for Capital Market Entities

These guidelines will apply broadly to all entities that are licenced, registered, approved, recognised, or otherwise authorised by the Securities Commission Malaysia. This encompasses a wide range of participants within the capital market ecosystem, ensuring a consistent standard for technology risk management across the sector.
Key Requirements Mandated by the Guidelines

The guidelines detail several key areas that capital market entities must address. These include the establishment and effective implementation of a comprehensive technology risk framework, robust technology project management practices, diligent management of technology service providers, and stringent cybersecurity management protocols.
Background and Development of the Guidelines

The formulation of these guidelines involved a public consultation process, where the SC considered feedback received on a proposed regulatory framework for technology risk management published in the previous year. This consultative approach aimed to incorporate industry perspectives and ensure the practicality of the requirements.

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When do these new guidelines take effect?

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