Applying for an SSM Interest Scheme: The Process at a Glance

Registering a new interest scheme with the Companies Commission of Malaysia (SSM) involves eight main steps, from structuring the proposed scheme to obtaining approval and launching it.

The key steps are summarised below, based on the Interest Schemes Act 2016, SSM’s application checklist and our practical experience.

Application Process at a Glance

1. Structure the proposed scheme and engage a legal adviser
   Confirm the scheme’s requirements, any licences needed and whether the company meets the profit test or an exception.
2. Prepare the conceptual paper and supporting information
   Set out the scheme’s business model, fund size, use of funds and returns in a conceptual paper.
3. Present the proposed scheme to SSM for preliminary consultation
   Get SSM’s preliminary feedback on the proposed structure before applying.
4. Appoint the proposed trustee and other relevant parties
   Appoint a trustee (subject to SSM’s approval) and, where required, an independent consultant or marketing agent.
5. Prepare the trust arrangements and scheme documents
   Set up the trust accounts and draft the governing and disclosure documents (see table below).
6. Compile and submit the application
   Submit the Pre-lodgement Form, checklist and draft scheme documents with the fees.
7. Respond to SSM’s review and queries
   Answer SSM’s queries, which may take several rounds, and keep all documents consistent.
8. Obtain approval, complete the lodgements and launch the scheme
   Receive the Certificate of Authorisation, lodge the approved governing document within seven days and register the disclosure document before issue.

At the heart of every application are two scheme documents. The governing document sets out the rights and obligations of the management company, trustee and interest holders, while the disclosure document gives prospective interest holders information about the scheme. Which documents apply depends on the scheme category:

Scheme category	Governing document	Disclosure document
Small Scheme	Contractual Agreement	Product Disclosure Statement
Premium Scheme	Trust Deed	Prospectus
Foreign Scheme	Trust Deed	Prospectus

The governing document must comply with the First Schedule of the Interest Schemes Act 2016, and the disclosure document with the Second Schedule.

An application involves close coordination with SSM, the trustee and other parties. Engaging a legal adviser early can help structure the scheme correctly and keep the application on track.