 Aon UK Limited

  1

Chair of Trustees Governance Statement

MCB University Press Retirement & Death Benefit Scheme ('the

Scheme')

The Occupational Pension Schemes (Scheme Administration) Regulations 1996 (“the
Administration Regulations”) require the Trustees to prepare an annual statement regarding
governance, which should be included in the annual report.

This statement issued by the Trustees covers the period from 1 January 2019 to 31 December
2019 and is signed on behalf of the Corporate Trustees by the Chair.

This statement covers governance and charge disclosures in relation to the following:

1. The Default Arrangement,

2. Processing of core financial transactions,

3. Member borne charges and transaction costs,

4. Value for Members assessment, and

5. Trustee knowledge and understanding.

1. The Default Arrangement

The Corporate Trustee are responsible for investment governance, this includes the Corporate
Trustee reviewing the default arrangement remains in the best interests of the members.

When the Scheme was originally established the Corporate Trustee took professional advice and
selected a pension scheme where the With-Profits Fund was the only available investment fund
option available to members. This was originally with Friends Life, who were acquired by Aviva Life
& Pensions UK Limited (Aviva) in 2015, all policies, assets and liabilities of Friends Life were
transferred and completed by 1 October 2017.

The fund is now called the Aviva Life & Pensions UK Limited With-Profits Sub-fund. There are two
main types of With-Profit policies in the Sub-Fund, of which for this scheme, it is invested in the
Conventional With-Profits fund.

It is the responsibility of the Aviva Board to ensure that Aviva manages the Sub-Fund in line with
the Principles and Practices set out in the Principles and Practices of Financial Management
(PPFM). Full details of the Aviva With-Profits Sub-Fund are recorded in the Aviva PPFM which can
be found on the following link: aviva.co.uk/ppfm/#fp-with-profits

 In summary the key points to note in relation to the Conventional With-Profits Fund are as follows:

i. Aviva rate the With-Profits Sub-Fund as a low to medium volatility fund.
ii. The Sub-Fund aims for longer-term growth by investing in a broad range of assets.
iii. The value of the Sub-Fund can go up as well as down depending on the returns of the

underlying mix of assets within the Sub-Fund.
iv. Aviva share out the profits and losses of the Sub-Fund through a system of bonuses, with

the aim of smoothing the returns of the With-Profits investment over the long term.
v. Smoothing helps to reduce some of the significant ups and downs of investing in the stock

market. The fund aims to smooth the rises and falls in value by holding back some of the
investment returns in good years, these investment returns are then used to top up bonuses
in poor investment years.

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https://www.aviva.co.uk/investments/investment-products/select-investment/fund-guides/

 Aon UK Limited

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vi. Aviva may add regular bonuses, if any, once a year to the guaranteed amount.
Conventional With-Profits policies can receive two types of regular bonus, which are added
on top of the initial guaranteed amount.  This is calculated as:

• A proportion of the initial guaranteed amount; and

• A proportion of any bonuses Aviva have added previously.

Once the above regular bonus has been added, Aviva guarantee that the regular bonus
will be paid at the policyholders chosen retirement date, the policy's maturity date or on
death.

The Corporate Trustee consider the Conventional With-Profits Fund to be appropriate for the
Scheme based on the investment strategy review which has been undertaken by the Corporate
Trustee advisers, Aon UK Limited (Aon). However, there are no alternative investment strategies
that the Corporate Trustee could utilise. The main concern is that there is no ‘de-risking’ element;
however, as the Conventional With-Profit Fund uses a ‘smoothing’ feature the risk profile remains
appropriate for the membership profile, as the majority of members have guaranteed annuity rates
and also the fund has an underlying guarantee of 3% annually.

The latest Statement of Investment Principles (SIP) which governs decisions about the default
arrangement is included in the appendix of this statement.  This is based on data as at 31 December
2018.  The Trustees must review the default arrangement again within the next three years.

2. Processing of Core Financial Transactions

The Corporate Trustee has a duty to ensure that core financial transactions are processed promptly
and accurately. The law specifies that these include the following:

▪ Investment of contributions to the Scheme;
▪ Transfer of member assets into and out of the Scheme;
▪ Payments from the Scheme to, or in respect of, members/beneficiaries; and
▪ Transfers between different investments within the Scheme

The Corporate Trustee must ensure that these important financial transactions are processed
promptly and accurately. In practice the Corporate Trustees delegate responsibility for this to the
Scheme administrator, Aviva.  The Scheme renewal is 1 January, where both salary and
contributions are updated by the Corporate Trustee Limited with Aviva. The Scheme is set up on a
Level Direct Debit which means that the monthly payment is automatically collected on the 1st of
each month.

The Scheme administrator, Aviva will provide annual audit information on request from the
Corporate Trustee.  Aviva have confirmed for the Scheme year all contributions were correct and
invested on the date of receipt.

Aviva have stated that they do not have any specific timescales for resolving or processing member
requests, as they deal with each enquiry on an individual basis.  However, Aviva have stated that
they endeavour to provide members with accurate information promptly and in full.

There are no material administration service issues or complaints received in the last Scheme year,
which need to be reported here by the Corporate Trustee. The Corporate Trustee is confident that
the processes and controls in place with the administrator are robust and will ensure that the
financial transactions are dealt with properly.

Based on the above, the Corporate Trustee consider that the requirements for processing core
financial transactions have been met.

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 Aon UK Limited

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3. Member Borne Charges and Transaction costs

The Corporate Trustee monitors the level of charges borne by members through the Conventional

With-Profits Fund. The charges comprise of:

▪ explicit charges, such as an Annual Management Charge (AMC) and additional expenses that

are disclosed by the fund managers as part of the Total Expense Ratio (TER);

▪ transaction costs borne with the fund for activities such as buying and selling of particular

securities within the fund's portfolio.

Aviva have confirmed that the following charges apply to the Scheme:

▪ 0.55% Fund Administration Cost

▪ 0.039% Total Transaction Cost (This is the total of the 'Buying and Selling' costs and

'Lending and Borrowing' costs*)

*Where it is an internal fund, which is a fund managed to an investment mandate set by Aviva UK

Insurance, these are the costs incurred in buying and selling units in the Aviva insured fund and the

costs incurred by this fund in buying and selling its holdings. Where the Aviva insured fund invests

in an external fund these are the annual costs incurred in buying and selling units in the underlying

external fund and the annual costs incurred by the underlying fund in buying and selling its holdings.

From 6 April 2018, the Corporate Trustee is also required to produce an illustration of the cumulative

effect of the costs and charges on members’ retirement fund values.

Illustrations – Impact of charges:

The below sets out transactional costs and charges which apply to selected funds together with

illustrative examples of the cumulative effect of these costs and charges incurred by members.

Active Membership – Impact of Charges Illustration only:

Projected pension pots are in today’s money:

(Source: Aviva)

Notes

1. The benefit values are shown in today’s money which means they take inflation into account by reducing values
at 2.5% a year.

2. The starting pot size is assumed to be £10,000 or £50,000.
3. The starting gross contribution is assumed to be £10 for the starting pot of £10,000 or £50 per month for the

starting pot of £50,000 for active members.
4. The assumed projected growth rate for the FP With-Profits Sub-Fund in which you are invested is 3.1% per

annum

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 Aon UK Limited

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Deferred Membership – Impact of Charges Illustration only:

Projected pension pot are in today's money:

(Source: Aviva)

Notes

1. The benefit values are shown in today’s money which means they take inflation into account by reducing values
at 2.5% a year.

2. The starting pot size is assumed to be £10,000 or £50,000.
3. No contributions are assumed.
4. The assumed projected growth rate for the FP With-Profits Sub-Fund in which you are invested is 3.1% per

annum.

4. Value for Members assessment

When assessing the charges and transaction costs which are payable by members, the Corporate
Trustee is required to consider the extent to which the investment options and the benefits offered
by the Scheme represent good Value for Members.

There is no legal definition of 'good value' and so the process of determining good value for
members is a subjective one. We have received advice on how to assess good value from our
advisers and considered regulatory guidance.

Together with its advisers Aon, the Corporate Trustee has established an assessment framework

in order to assess the benefits of membership of the Scheme. The framework considers the

following areas, where benefits can be financial or non-financial in nature:

Member communications

A review of member data has been carried out by the Corporate Trustee in 2019 and a tracing

exercise was completed to ensure that the Corporate Trustee holds as accurate member data as

possible.

The Scheme administrators Aviva, provide effective communications that are accurate, clear,

informative and timely.  The main communication is the annual statement provided to members,

which are produced by Aviva at the end of April and issued to the trustees (via Aon) after this date.

Members have access to a number of Retirement Planning Tools, which provide online tools and

information on all Pension Freedoms and retirement planning, such as Aviva's retirement planner:

https://www.aviva.co.uk/retirement/tools/my-retirement-planner/  and Aon Retirement Service:

https://www.aonannuityfinder.co.uk. Members can also access help to support them in their

decision making by contacting Pension Wise: https://www.pensionwise.gov.uk

DocuSign Envelope ID: 5EE539C8-46B2-456E-8BF2-1B2D2573F6D4

https://www.aviva.co.uk/retirement/tools/my-retirement-planner/

https://www.aonannuityfinder.co.uk/

https://www.pensionwise.gov.uk/

 Aon UK Limited

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Investments

The Conventional With-Profits Fund is the only available investment option available to members.
However, the risk profile remains appropriate for the members in light of the overall objective of this
fund.

- The Conventional With-Profits Fund differs from a unit linked policy in that it is not totally

reliant on the current value of the underlying assets. This type of fund offers an underlying
guarantee that provides a cushion against falling investment markets in certain
circumstances.  However, the value of the Sub-Fund can go up as well as down depending
on the returns of the underlying mix of assets within the Sub-Fund.

- The underlying guarantee is 3% annually applied to the members accumulated fund.

- Aviva have confirmed via the end 2019 end of year bonus update that the regular bonus
rate for 2019, applied in 2020 is 2.25% before management charges.

- As a result of demutualisation an additional value, known as the demutualisation terminal

bonus (DTB) was added to members benefits, there is a guaranteed value of the DTB at
normal retirement date or on death.  The value of the DTB increases in line with a separate
rate of regular bonus Aviva declare, which can go up or down at any time, this year the rate
was 3%.  Aviva may also add a final bonus to the DTB, which depends on the DTB final
bonus rates applying at that time.

- Guaranteed Annuity Rates (GAR) apply for members contributions prior to 6 April 1997 for

a male or female aged 65. For contributions after the 6 April 1997 Aviva's current annuity
rates would apply, therefore no GAR after this date.  If benefits are taken at any other time
than the members normal retirement date, the rate of the GAR would be different. For
deferred members the rate of the GAR would also be different. The GAR is based on a
single life, level pension guaranteed for five years, payable monthly in advance. The GAR
would be lost if a member transferred to another pension provider.

- Tax-Free cash entitlement – if a member joined the scheme prior to 6 April 2006, the
member may be entitled to take a higher tax-free cash sum. If a member would like to check
their entitlement they can request a A-Day lump sum form from the Corporate Trustee or
Aon.

The Corporate Trustee will be reviewing the membership profile as part of the Scheme Review to
ensure that this fund continues to be suitable for the membership.

Sound administration

The Corporate Trustee has appointed Aviva to provide administration services to the Scheme and

is satisfied that Aviva has sufficient checks in place to monitor and report on the standard of the

administration service and to ensure that when administrative errors do occur, members are not

disadvantaged as a result.

This scheme is qualifying for auto enrolment.

Scheme governance

Scheme governance covers the time spent by the Corporate Trustee to ensure the Scheme is run

in compliance with the law and regulation, including taking account of the interests of its members.

The Corporate Trustee believes that good governance is key to ensuing that a framework exists

and is actively in use to help deliver better member outcomes. The Corporate Trustee review and

updates its governance processes and procedures, at least annually, to make sure that these meet

industry best standards.

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A separate statement setting out the Value for Members assessment is available on request from

the Corporate Trustee’s advisers, Aon.

5. Trustees' Knowledge and Understanding

Sections 247 and 248 of the Pensions Act 2004 set out the requirement that the individuals which
represent the Corporate Trustee to have appropriate knowledge and understanding of the law
relating to pensions and trusts, the funding of Occupational Pension Schemes, investment of
scheme assets and other matters to enable them to exercise their functions as trustees properly.
This requirement is underpinned by guidance in the Pension Regulator’s Code of Practice 7.

The Corporate Trustee have met the Pension Regulator's TKU requirements (as set out under Code

of Practice No 7) during the Plan year through the following measures:

• The individuals who make up the Corporate Trustee are conversant with the Trust Deed

and Rules and the Statement of Investment Principles for the Plan. The Corporate Trustee

reverts to the legal advisor for any clarification, if required.

• The individuals who make up the Corporate Trustee have completed the Pension

Regulator’s trustee toolkit, including the modules relating to running a DC occupational

arrangement.

• Assessing training needs and considering whether any gaps exist in the individual's

knowledge and understanding.

• A training log is maintained for each individual who makes up the Corporate Trustee.

• In addition to the knowledge and understanding of the Corporate Trustee, the Corporate

Trustee has engaged with their appointed professional advisers to ensure that they run the

DC Section and exercise their functions properly, including the following:

o Reviewing the default arrangement against its overall aim and objectives with

advice from its adviser Aon;

o Initiating a review of the Scheme to ensure the current Scheme remains

appropriate in the long term for the membership.

Signed on behalf of the Corporate Trustee of the MCB University Press Retirement & Death Benefit
Scheme.

Signed ----------------------------------------------------------

Name ------------------------------------/Chair of Trustee

Date of signing_______________________

DocuSign Envelope ID: 5EE539C8-46B2-456E-8BF2-1B2D2573F6D4

04 August 2020

Simon Cox

 Aon UK Limited

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Appendix 1

MCB University Press Retirement & Death Benefits Scheme

(the "Scheme") Statement of Investment Principles (the

“Statement”)

Scheme Details and Scope of Statement

This Statement has been prepared in accordance with section 35 of the Pensions Act 1995 (as
amended by the Pensions Act 2004) and the Occupational Pension Schemes (Investment)
Regulations 2005 (the “Investment Regulations”).

The Scheme operates for the exclusive purpose of providing retirement benefits to eligible
participants and beneficiaries (“Members”). The Scheme is a Defined Contribution (“DC”)
pension arrangement.

The Corporate Trustee investment responsibilities are governed by the Scheme's Trust Deed
and the Statement takes full regard of its provisions. A copy of the Scheme's Trust Deed is
available, upon request.

The effective date of this Statement is July 2019, which includes the latest investment fund
information from Aviva dated 31 December 2018.

The Corporate Trustee will review this Statement at least every three years and after any
significant change in investment policy, without delay.

Consultations Made

The Corporate Trustee are responsible for the investment options made available to members
of the Scheme. When the Scheme was originally established the Corporate Trustee took
professional advice and selected a pension scheme where the Conventional With-Profits Fund
was the only investment fund option available to members.

Therefore, the Corporate Trustee are unable to make investment decisions or change the
investment funds, as the Aviva With-Profits Sub-Fund is the only investment fund available to
the Scheme.

The Corporate Trustee are also responsible for the preparation of this Statement. The
Corporate Trustee have asked their current financial adviser, Aon UK Limited (Aon), who are
authorised and regulated by the Financial Conduct Authority, to draft this Statement on behalf
of the Corporate Trustee.

The Corporate Trustee consults with the employer and takes into consideration, where
appropriate, the employers comments.

The Corporate Trustee has established the following structure:

Corporate Trustee:
▪ Sets structures and processes for carrying out their role;
▪ Define and monitor investment strategy and structure;

Aon:

▪ Advises on all aspects of the investment of the Scheme assets, where required;
▪ Advises on this Statement;

Aviva, the scheme provider:

▪ Operates with the terms of this Statement and the written contract;
▪ Provides information in respect of transactions in units in the underlying funds and

valuations of the units.

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Investment Principles

Corporate Trustees' aims and objectives for investment options

As mentioned earlier, when the Scheme was originally established the Corporate Trustee took
professional advice and selected a pension scheme where the Conventional With-Profits Fund
was the only available investment fund option available to members.

The key aim is to ensure that this fund remains suitable for meeting both members’ long and
short-term investment objectives. The Corporate Trustee must take into account members’
circumstances, in particular the range of members’ attitudes to risk and term to retirement.

The Corporate Trustee have reviewed the appropriateness of the Aviva With-Profits Sub-Fund;
though, the Corporate Trustee are unable to make changes to the fund or select an alternative
investment fund within the current Scheme.

Aviva have a With-Profits Committee which is a group of independent experts who help to look
after the interests of the members. The committee meets about 8 times a year and works closely
with Aviva's With-Profits Actuary and Chief Actuary and also have an independent actuarial
adviser who provides extra expertise. The Committee have 5 key objectives, which are:

1. To challenge Aviva to show that Aviva's decisions are fair to all With-Profit members,
particularly where one group is treated differently from another.

2. To check Aviva are doing what they said they would. This means keeping to Aviva's
Principles and Practices of Financial Management (PPFM), the document which sets
out Aviva's approach to managing With-Profits Funds.

3. To ensure Aviva are being fair to both new and existing With-Profits members and not
favour one group over another.

4. To help make sure Aviva send clear and complete communications to With-Profits
Members.

5. To require Aviva respond to any recommendations raised by the committee.  If the
committee think Aviva have not responded properly, the committee can inform the
Financial Conduct Authority so they can follow this up.

The committee sends the minutes of its meetings to the Board.  The Chair of the committee
also attends four company board meetings each year to discuss the committee's work and any
areas of concern or advice.

Aviva's PPFM is a document that sets out the principles and practices that Aviva follow when
managing its With-Profits business.  The PPFM for the Aviva With-Profits Sub-Fund has been
approved by the Board of Directors of Aviva Life & Pensions UK Limited ('the Board').  The
Board will report each year on whether the Aviva With-Profits Sub Fund has been managed in
accordance with the PPFM. If Aviva propose to make any material changes to any principle in
the PPFM they will inform members with a With-Profits policy in the Sub-Fund in writing at least
three months in advance, unless they consider that advanced notice is not necessary and the

FCA has agreed. The full PPFM can be found on: aviva.co.uk/ppfm/#fp-with-profits

With-Profits Sub-Fund

The Aviva With-Profits Sub-Fund is rated by Aviva as a low to medium volatility fund, there is
no recommended term of investment, but Aviva state that members should be prepared to
invest for at least 5 to 10 years.

Aviva With-Profits Sub-Fund invests in a broad range of assets and will always hold a mixture
of higher or lower risk assets to achieve its objective. It holds a greater proportion of higher risk
assets, such as shares (equities) and property (commercial).  The remainder is in medium to
lower risk investments, such as gilts (loans to UK Government), corporate bonds (loans to
companies) and cash/money market.

The asset diagram below shows the type and percentage of each asset that the With-Profits
Sub-Fund invests in:

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https://www.aviva.co.uk/investments/investment-products/select-investment/fund-guides/

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 Source: Aviva

The table below shows the mix of assets of the Sub-Fund in recent years:

Source: Aviva

Risk Management

Within the With-Profits Sub-Fund the value of the assets will rise or fall. Members of the scheme
are invested in the Conventional With-Profits fund element of the With-Profits Sub-Fund. This
means that Aviva aim to even out some of the rises and falls in performance, which is known
as smoothing. Smoothing helps to reduce some of the significant ups and downs of investing
in the stock market. The fund aims to smooth the rises and falls in value by holding back some
of the investment returns in good years, these investment returns are then used to top up
bonuses in poor investment years. There may be times in poor market conditions when
smoothing can't fully protect members investments.

Under the Conventional With-Profits policies, bonuses are declared in two forms:

Regular Bonus

Aviva may add regular bonuses, if any, once a year to the guaranteed amount.  Conventional
With-Profits policies can receive two types of regular bonus, which are added on top of the
initial guaranteed amount.  This is calculated as:

• A proportion of the initial guaranteed amount; and

• A proportion of any bonuses Aviva have added previously.

Once the above regular bonus has been added, Aviva guarantee that the regular bonus will be
paid at the policyholders chosen retirement date, the policy's maturity date or on death.

Final Bonus

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The Final Bonus rates aim to pay the balance between the regular bonus already added and
the performance of the Sub-Fund over the whole period of the member's investment. This
should ensure that you get a fair share of the return the Sub-Fund has earned.

The Final Bonus is based on the year it which the member invested and the point in which the
member leaves the Sub-Fund.  It may vary depending on the returns earned over the lifetime
of the member's investment and is not guaranteed.

This bonus would be normally be paid if the pension is transferred or the policy's maturity date
or on death.

Guaranteed Amount

The Conventional With-Profits Fund provides a guaranteed amount (sometimes referred to as
the 'sum assured') at maturity or on death.

Guaranteed Annuity Rates (GAR)

Some policies may have GARs, the GAR applies if benefits are taken in line with the terms of
the individual's plan conditions. This usually means that the GAR available to members at
normal retirement date will be more favourable than the rates members would get from another
pension provider at retirement. The GAR would be lost if a member transferred to another
pension provider.

Other area of risk

The other main areas of risk with this type of arrangement that the Corporate Trustee must
consider are:

▪ Volatility risk– smoothing will not protect the Conventional With-Profits Fund fully from
stock market steep or long-term falls in the value of investments.  Aviva constantly
monitor investment conditions and may change levels of final bonus at any time.  Final
bonuses can sometimes move up or down very significantly, even within a few months,
in spite of smoothing.

• Inflation risk – the risk that the level of inflation over members’ working lives reduces
the real level of return on the member's' investment.

• Manager risk - the risk that the chosen investment manager underperforms the
benchmark against which the investment manager is assessed. The Conventional
With-Profits Fund has an underlying guaranteed of 3% per annum.

• Unsuitability – the risk of the Conventional With-Profits Fund being unsuitable for the
requirements of some members.  This is a concern to the Corporate Trustee as the
Conventional With-Profits Fund is the only available fund choice.

• Operational risk - the risk of fraud, poor advice or acts of negligence. The Corporate
Trustee have sought to minimise such risk by ensuring that all advisers and third-party
service providers are suitably qualified and experienced.

• Assets may not be readily realisable – a member may want to take benefits at a time
when a Market Value Reduction may be applied. This is a reduction that Aviva
sometimes have to make so that members who remain invested in the Sub-Fund are
not disadvantaged when other members choose to leave the fund. This could happen
if a member wishes to access their pension funds prior to the retirement date chosen
when the member policy was taken out.

Due to the complex and interrelated nature of these risks, the Corporate Trustee consider these
risks in a qualitative rather than quantitative manner as part of each formal strategy review. The
Corporate Trustee policy is to review the Conventional With-Profits Fund at least every three
years. These risks are considered as part of each normal strategy review.

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Choosing Investments

The Corporate Trustee do not believe that the investment options under the Scheme provide
all members with a reasonable choice in pursuit of their individual investment objectives, as
there is only one investment option available to the members. However, the Corporate Trustee
believe that the Conventional With-Profits Fund does provide an investment option in the best
interests of most members.

Policies contain potentially valuable guarantees which members should consider in the context
of their transfer value and whether their investment remains appropriate.

Compliance

Section 36 of the Pensions Act 1995 requires that the Corporate Trustee will exercise their
powers of investment in a manner which is consistent with their investment objectives. Under
Section 36 regulation, the Corporate Trustee is required to invest the Scheme's assets in the
best interests of the members and beneficiaries. The Corporate Trustee must also ensure that
the Scheme's investments predominantly consist of assets traded on Regulated Markets, and
that they be properly diversified in a prudent manner.  The assets within the Aviva With-Profits
Sub-Fund consist of assets traded on regulated markets and they are properly diversified.

The Trustees are unable to specify the asset allocation of the Aviva With-Profits Sub-Fund.

Investment manager structure

The Trustees appointed Aviva as the provider of administration services and the investment
platform to the Scheme. Aviva allow their investment manager to use derivatives (such as a
future, option or warrant) as part of an investment strategy to help manage risk or to aid efficient
portfolio management.  Aviva use a range of counterparties in order to limit exposure to any
one counterparty.

Aviva manage the assets as separate asset pools by the investment manager. The target asset
allocation of the pools is regularly reviewed by the investment managers, usually every three
years or following a significant change to market conditions or the financial position of the Sub-
Fund.

Manager monitoring

Whilst the Corporate Trustee is not involved in the investment managers' day to day method of
operation and so cannot directly influence attainment of the performance target, they will assess
performance and review appointments.

Fee Structure for Investment Manager

The investment manager is remunerated as a set percentage of the assets under management.
This is in keeping with market practice. Annual investment management charges (including
other annual charges levied by the investment manager and some administration charges) are
met by the members by deduction from the unit price.

Environmental or Ethical Consideration

Unfortunately, the Corporate Trustee is unable to offer a range of funds aimed to address
environmental and ethical considerations under the current Scheme as the only fund available
under the Scheme is the Conventional With-Profits Fund.

Activism and the Exercise of the Rights Attaching to Investments (Social Responsibility)

The Corporate Trustee do not actively engage with investment managers in terms of exercising
ownership rights on socially responsible issues.

The Trustees will review from time to time the investment managers’ principles and how these
have been applied in exercising these rights. Aviva have confirmed that when investing on
behalf of members, they consider their primary objective is to achieve the best investment
return while allowing for an acceptable level of risk. In pursuing this objective, they will consider
a number of factors what will affect performance, including Socially Responsible Investment
issues.

DocuSign Envelope ID: 5EE539C8-46B2-456E-8BF2-1B2D2573F6D4

 Aon UK Limited

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Signed on behalf of the Corporate Trustee

 ...................................................
Name (Print)

 ...................................................
Signature

 ........................
Date

DocuSign Envelope ID: 5EE539C8-46B2-456E-8BF2-1B2D2573F6D4

04 August 2020Simon Cox

2020-08-04T02:16:01-0700

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10 Jun 2007 1

TARIKH : 10 JUN 2007

MASA : 8.30 PG HINGGA 5.00 PTG

DISAMPAIKAN OLEH:

USTAZ ABDULLAAH BIN JALIL

PENSYARAH FAKULTI EKONOMI DAN MUAMALAT

10 Jun 2007 2

Kursus Pengurusan
Ekonomi Masjid

Dibentangkan oleh:
Al-Haqir wa al-Faqir Ila Allah al-Ghaniyy

Abdullaah Jalil
Fakulti Ekonomi dan Muamalat
Universiti Sains Islam Malaysia

Sesi II: Pengurusan Pendapatan/Hasil Masjid (2/3)

3 10 Jun 2007

Isi Kandungan

 Kepentingan Pengurusan Ekonomi Masjid

 Pengurusan Pendapatan  Masjid

 Pendapatan Khusus

 Pendapatan Umum

 Sedikit persoalan fiqh

4 10 Jun 2007

Kepentingan Pengurusan Ekonomi Masjid

 Peruntukan yang diberikan oleh Baitul
Mal Negeri adalah terhad.

 Kekuatan ekonomi masjid mampu
menjadikan masjid sebagai pusat
tumpuan masyarakat.

 Mengembalikan peranan masjid yang
bertindak sebagai nadi sesebuah kawasan.

5 10 Jun 2007

Kepentingan Pengurusan Ekonomi Masjid

 Salah satu bentuk program ‘imarah
masjid.

 Masjid sebagai sebuah entiti atau
shakhsiyyah ma’nawiyyah/ qanuniyyah/
i’tibariyyah mendedahkan masjid dan
pihak pengurusannya kepada beberapa
risiko dan tanggungjawab undang-
undang.

 Perubahan zaman.

6 10 Jun 2007

Pengurusan Ekonomi Masjid
Pengurusan

Ekonomi
Masjid

Pendapatan Perbelanjaan

Ijtima’ie Tijari Umum Khusus Idari

7 10 Jun 2007

Pengurusan Ekonomi Masjid (Pendapatan)
Pendapatan

Peruntukan Umum
Baitul Mal

Dana Bertujuan
Khusus

Sumbangan
Berkala

Sumbangan
Tidak Berkala

Keuntungan Aktiviti
Tijari

Potongan Gaji Hasil Sewa

Keuntungan
Jualan

Perkongsian
Untung Rugi

Pulangan
 Pelaburan

Yuran Program

Tabarru’

Wakaf

Hibah

Umum Khusus

Khairat Kematian

Peruntukan Khusus
Baitul Mal

Upah

Perkhidmatan

Program

Masjid Angkat

8 10 Jun 2007

Pendapatan Khusus Masjid

 Dana bagi khairat
kematian

 Dana bagi tujuan
khusus, sebagai
contoh, dana bagi
pembangunan masjid.

 Peruntukan daripada
baitul mal bagi tujuan
tertentu.

 Derma atau
sumbangan oleh
seseorang bagi tujuan
khusus seperti
sumbangan untuk
anak yatim dalam
kariah masjid.

 Dll.

9 10 Jun 2007

Perbincangan

 Dana khusus hanya boleh digunakan bagi tujuan yang telah
dikhususkan itu dan tidak boleh digunakan untuk tujuan lain.

 Pulangan bagi dana khusus tersebut juga digunakan untuk tujuan
yang khusus tersebut.

 Bagi memudahkan pembahagian dana, pembentang mencadangkan
agar 2 jenis tabung disediakan di masjid, iaitu dana khusus dan
dana umum.

 Penamaan tabung masjid amat penting bagi penggunaan
sumbangan yang diterima.

10 10 Jun 2007

Perbincangan

 Penamaan dana umum hendaklah menggunakan nama yang umum
seperti Tabung Kebajikan, Tabung Kebajikan Kariah, Tabung
Tabarru’ Umum, dll.

 Bagi penamaan dana khusus, penggunaan nama khusus digunakan
seperti Tabung Anak Yatim, Tabung Baikpulih Masjid, Tabung
Masjid, dll.

 Mengikut fatwa Brunei, perkataan Masjid yang digunakan bagi
dana mengkhususkan penggunaan dana bagi kebajikan masjid dan
bukan ahli kariah.

 Uruf tempatan juga sangat penting dalam pentafsiran sumbangan
yang diterima daripada orang ramai.

11 10 Jun 2007

Pendapatan Umum Masjid

 Peruntukan umum dari
baitul mal.

 Sumbangan umum
berkala dari orang ramai
seperti potongan gaji.

 Sumbangan tidak berkala
dari orang ramai sepeti
sumbangan hari Jumaat,
hari raya, harian, dll.

 Hibah [bagi harta yang
tidak kekal untuk
dijadikan harta wakaf].

 Sumbangan juga boleh
diterima dalam bentuk
bukan wang. Contohnya,
seseorang mewakafkan
khemah kepada masjid
dan hasilnya adalah
untuk tabung umum
kariah masjid.

 Wakaf seperti perabot,
peralatan elektrik,
komputer, kitab al-
Quran, sejadah, telekong
solat wanita, rehal, dll.

12 10 Jun 2007

Pendapatan Umum Masjid

 Pendapatan dari
keuntungan aktiviti tijari
masjid.
 Hasil Sewa

 Hasil Perkhidmatan

 Hasil Perkongsian Untung
Rugi

 Hasil Pelaburan

 Yuran Program

 Upah Perkhidmatan

 Dll.

 Pihak masjid boleh
mempelbagaikan
pendapatan masjid
dengan mempelbagaikan
aktiviti tijari masjid yang
dapat memenuhi
keperluan ahli kariah
masjid khasnya.

13 10 Jun 2007

Sedikit persoalan fiqh berkaitan
pendapatan masjid

 Adakah zakat wajib ke atas harta yang telah diperolehi
pihak masjid?

 Apakah perbezaan di antara wakaf am dan khas?

 Aset-aset masjid yang telah dirosakkan oleh seseorang,
apakah hukumnya?

 Bolehkah ahli kariah atau jawatankuasa masjid
mengambil barang wakaf keluar dari masjid bagi tujuan
peribadi?

 Bolehkah harta wakaf/sumbangan sesebuah masjid
dipindahkan ke tempat lain?

10 Jun 2007 14

Sekian, terima kasih.

Sesi Soal Jawab

Allah Maha Mengetahui


Information Services Guidelines

Bursa Malaysia Information Services Guidelines  2
Version 1.1 - 29 October 2019

Contents
1 Introduction ..................................................................................................................... 3

2 Information Services Licence Agreement (“ISLA”) and Index Licence Agreement .......... 3

2.1 Information Services Licence Agreement (“ISLA”) .................................................... 3

2.2 Index Licence Agreement ......................................................................................... 4

3 Technical Specifications ................................................................................................. 4

4 Type of Information Products .......................................................................................... 5

5 Website Ticker Service ................................................................................................... 8

6 Trial Period ..................................................................................................................... 9

7 Educational Use ............................................................................................................. 9

8 Media ............................................................................................................................. 9

9 Use of Information .......................................................................................................... 9

10 Types of Recipients .......................................................................................................14

11 Affiliates .........................................................................................................................15

12 Service Facilitators ........................................................................................................15

13 Unit of Count..................................................................................................................16

14 Variable Fees ................................................................................................................17

15 Reporting Obligations ....................................................................................................18

16 Operational Controls ......................................................................................................20

17 Unauthorised Usage of Information ...............................................................................20

18 Billings and Payments ...................................................................................................20

19 Publicity .........................................................................................................................21

GLOSSARY...........................................................................................................................22

Bursa Malaysia Information Services Guidelines  3
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1 Introduction

The Information Services Guidelines (“Guidelines”) explains the purpose and procedure of
usage of the data of Bursa Malaysia Group of Company and Source Information Provider
(where applicable) and the types of data usage agreements or documentation that a
Licensee needs to execute with Bursa.

The Guidelines explains the definitions, terms, conditions and requirements related to the
Use and Distribution of Information. The Guidelines may be amended from time to time and
the updated version will be posted on the website. Please refer to Bursa Malaysia’s website
for the complete and most current version at
https://www.bursamalaysia.com/market_information/market_data/information_services_lic
ense.

Any definitions used in these Guidelines and the General Terms and Conditions hold the
same meaning as in the Glossary attached herein, unless the context indicates otherwise,
or it is stated otherwise herein.

For any enquiries, kindly contact infoservices@bursamalaysia.com.

2 Information Services Licence Agreement (“ISLA”) and Index Licence Agreement

2.1 Information Services Licence Agreement (“ISLA”)

2.1.1. Bursa Malaysia Information Products are owned by Bursa Malaysia Group
and managed by Bursa Malaysia Information Sdn Bhd. The following parties
are required to execute the Information Services Licence Agreement (“ISLA”)
with Bursa Malaysia Information in the following circumstances, unless
stated otherwise:

i) Any party or an Information Vendor that intends to obtain Information

Products from Bursa Malaysia Information; or
ii) Any party that intends to distribute Information Products;
iii) Any party that uses the Information Products for Non Display Usage

(NDU) purposes; or
iv) Any party that uses the Information Products for Original Created

Works.

2.1.2. A Licensee may request in writing for its related companies to be approved
as Affiliates under the Agreement. An Affiliate will have the same rights of
Usage as the Licensee, subject to the terms herein. Further details on
Affiliates can be referred to in Section 11 page 15 below.

2.1.3. Where parties’ Usage of Information does not fall within item (i), (ii), (iii) and

(iv) above, such Usage must be declared in Form 1 and shall be subject to
Bursa’s written approval, in which case, Bursa reserves the right to require
the user of the Information to sign the ISLA for the aforementioned usage.

https://www.bursamalaysia.com/market_information/market_data/information_services_license

https://www.bursamalaysia.com/market_information/market_data/information_services_license

mailto:infoservices@bursamalaysia.com

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2.1.4. The ISLA consists of the following:
i) Cover Agreement
ii) Information Services Licence Agreement - Form 1
iii) General Terms and Conditions
iv) Information Services Guidelines
v) Fee Schedule and Appendices

2.2 Index Licence Agreement

2.2.1 Where the Licensee wishes to appoint Bursa to create and maintain an index
or indices, the Licensee shall be required to sign an Index Licence
Agreement.

2.2.2 The Index Licence Agreement consists of the following:
i) Cover Agreement
ii) Index Licence Form
iii) Index Licence General Terms and Conditions
iv) Index Licence Guidelines
v) Fee Schedule and Appendices

3 Technical Specifications

The technical specifications below are required in order to access the following Information
Products:

TYPE OF
INFORMATION

TECHNICAL SPECIFICATION

Direct Access from Bursa
Direct Access

from CME
Globex

Access from
Authorised IV*/ Source
Information Provider

i) Equity/Bond
(Realtime)

Refer to technical
specification provided at
http://www.bursamalaysia.c
om/market/products-
services/trading-technology-
marketplace/bts2-on-
boarding/documents-and-
guides/

N/A Refer to the relevant
Authorised IV/ Source
Information Provider.

ii) Derivatives
(Realtime)

N/A

Chicago
Mercantile
Exchange (CME)
website at
http://www.cmegr
oup.com/confluen
ce/display/EPICS
ANDBOX/CME+
Market+Data

Refer to the relevant
Authorised IV/ Source
Information Provider

https://www.bursamalaysia.com/trade/our_products_services/bts2_on_boarding/documents_and_guides

https://www.bursamalaysia.com/trade/our_products_services/bts2_on_boarding/documents_and_guides

https://www.bursamalaysia.com/trade/our_products_services/bts2_on_boarding/documents_and_guides

https://www.bursamalaysia.com/trade/our_products_services/bts2_on_boarding/documents_and_guides

https://www.bursamalaysia.com/trade/our_products_services/bts2_on_boarding/documents_and_guides

https://www.bursamalaysia.com/trade/our_products_services/bts2_on_boarding/documents_and_guides

http://www.cmegroup.com/confluence/display/EPICSANDBOX/CME+Market+Data

http://www.cmegroup.com/confluence/display/EPICSANDBOX/CME+Market+Data

http://www.cmegroup.com/confluence/display/EPICSANDBOX/CME+Market+Data

http://www.cmegroup.com/confluence/display/EPICSANDBOX/CME+Market+Data

http://www.cmegroup.com/confluence/display/EPICSANDBOX/CME+Market+Data

Bursa Malaysia Information Services Guidelines  5
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TYPE OF
INFORMATION

TECHNICAL SPECIFICATION

Direct Access from Bursa
Direct Access

from CME
Globex

Access from
Authorised IV*/ Source
Information Provider

iii) Equity/Bond/
Derivatives
(Realtime,
Delayed and/or
End of Day)

N/A N/A

Refer to the relevant
Authorised IV/ Source
Information Provider

 Authorised IV means an Information Vendor which has been licensed by Bursa Malaysia to
Distribute Information.

4 Type of Information Products

4.1 Bursa offers Equities, Sectorial Index, Derivatives and Bond Information in Real
Time, Delayed, End of Day and Historical time qualities.

4.1.1 Equities

i) Bursa Malaysia Equities Information
Bursa Malaysia Equities Information comprises data of all products
listed and traded on Bursa Malaysia Securities Berhad, securitized
instruments, and any other security derived from an underlying
instrument.

4.1.2 Indices
i) Bursa Malaysia Sectorial Index Series

Bursa Malaysia Sectorial Index Series is a series of indices calculated
by Bursa Malaysia.

ii) FTSE Bursa Malaysia (FBM) Index Series

The FBM Index series requires Licensees to enter into a direct
licensing agreement with FTSE. Any enquiries on the licensing of
FBM Index series can be sent to info@ftserussell.com.

4.1.3 Derivatives

Bursa Malaysia Derivatives (BMD) Information comprises information on
commodity derivatives, equity derivatives and financial derivatives and
such other derivatives as listed on BMD.

4.1.4 Bond

Bond Information comprises all information on fixed income securities and
sukuk which is available on Bursa’s bond data feed.

4.1.5 Bursa Malaysia Market Statistics and Historical Data Packages

i) Market Statistics are summary of key indicator and reports for:
a) Bursa Malaysia Equities Information at

http://www.bursamalaysia.com/market/securities/equities/market
-statistics/;  and

mailto:info@ftserussell.com

http://www.bursamalaysia.com/market/securities/equities/market-statistics/

http://www.bursamalaysia.com/market/securities/equities/market-statistics/

Bursa Malaysia Information Services Guidelines  6
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b) Derivatives Information at
http://www.bursamalaysia.com/market/derivatives/market-
statistics/historical-data

Written permission must be obtained from Bursa for distribution of the
data under (a) and (b) above. Execution of the ISLA may be required
where deemed necessary by Bursa.

ii) Historical Data Packages is a compilation of Information Products

comprising equities, derivatives and bond market data which is
archived and maintained by Bursa. Details of Historical Data
Packages via Bursa Malaysia website link:
http://www.bursamalaysia.com/market/products-
services/information-products/historical-data-packages/.

Enquiries and subscription for any of the Information Products mentioned
above can be directed to infoservices@bursamalaysia.com.

4.1.6 Company Announcements

Company Announcements are published in the Company
Announcements section on Bursa Malaysia website at
http://www.bursamalaysia.com/market/listed-companies/company-
announcements/

The following are options available for subscription to Company
Announcements:

No. Options Access Point Agreement

i) Link to
announcements of
one (1) Public
Listed Company
(PLC)

URL provided by
Bursa

Website Linking
Licence Agreement
(WLLA)

ii) Link to Prospectus
of new IPO

URL provided by
Bursa

Website Linking
Licence Agreement
(WLLA)

iii) Company
Announcements of
all PLCs

a) Bursa Malaysia’s
Company
Announcement
Gateway (CAG);
or

b) URL provided by
Bursa; or

c) Authorised
Information
Vendors

ISLA

Licensee who subscribes to Company Announcements shall comply with
the following:

http://www.bursamalaysia.com/market/derivatives/market-statistics/historical-data

http://www.bursamalaysia.com/market/derivatives/market-statistics/historical-data

http://www.bursamalaysia.com/market/products-services/information-products/historical-data-packages/

http://www.bursamalaysia.com/market/products-services/information-products/historical-data-packages/

http://www.bursamalaysia.com/market/listed-companies/company-announcements/

http://www.bursamalaysia.com/market/listed-companies/company-announcements/

Bursa Malaysia Information Services Guidelines  7
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i) The Licensee shall state that the Company Announcements are
sourced from Bursa Malaysia.

ii) The content of Company Announcements is not edited, modified or
translated in any way, other than to accommodate the layout of
Licensee’s services and where applicable, to extract appropriate
headlines.

iii) Licensee may not use Company Announcements or the contents
therein to create any real-time database, make any non-display use
of Company Announcement or contents therein or allow any
recipient of Licensee’s services to do so without the prior written
permission of Bursa Malaysia.

4.2 Subscription Options

4.2.1 Equities, Derivatives, Bonds and Bursa Malaysia Sectorial Index
Series - Subscription by Market Depth
Licensees and recipients of Equities, Derivatives, Bonds and Bursa
Malaysia Sectorial Index Series Information are able to view the
aforementioned by the following market depth by price:

Information Product (Real Time) 5 Market
Depth

10 Market
Depth

Equities  ✓ ✓

Bond ✓ N/A

Bursa Malaysia Sectorial Index Series ✓ N/A

Derivatives ✓ N/A

4.2.2 Historical Data Packages

Licensee may subscribe to Historical Data Packages under the following
circumstances:

i) Fixed term with automatic renewal

This subscription is automatically renewed on a yearly basis without
the Licensee having to re-submit Form 1 or Historical Data Package
Subscription Form. Billings will be processed on a continuous basis
and Licensee is obliged to pay the amount due to Bursa.

For automatic renewals, Licensee may terminate the subscription for
historical data by giving at least three (3) months written notice to
Bursa.

Bursa Malaysia Information Services Guidelines  8
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ii) Fixed term only (without automatic renewal)
Subscription to HDP (fixed term, without automatic renewal) means
subscription to a period of the data, usually for twelve (12) months,
and this is not automatically renewed in the following year.

Payment for subscription of Historical Data shall be made in advance
upon submission of Form 1. In the event of cancellation prior to expiry
of the subscription period, no refund will be allowed. Data files will only
be delivered to Licensee when payment is duly received.

iii) Reference or static data

Licensee and users should obtain written permission from Bursa on
the usage of Bursa Malaysia’s reference or static data. The
aforementioned may be subject to a fee.

iv) Tick Data

Tick Data refers to:
a) Equities Data: which shows selected historical order details of

Bursa’s equities prices up to millisecond timestamp.

b) Derivatives Data: Please refer to Definition provided on CME’s
website at
https://datamine.cmegroup.com/#t=p&p=cme.marketdepth

Distribution of Historical Data Package is limited to the subscription period only
and shall be subject to royalty fees set by Bursa. After the expiry of the subscription
period, any Distribution of the Historical Data Package received during the
subscription period shall be subject to written approval of Bursa and may be
subject to a fee.

5 Website Ticker Service

5.1 “Website Ticker Service” means the service allowing the Licensee to distribute
Website Ticker Information relating to the equities, derivatives, bond and/or Bursa
Malaysia Sectorial Index Series to Licensee’s recipients for use on the recipient’s
nominated website(s), in accordance with the Licensee’s subscription.

5.2 Website Ticker Information is limited to the following:

i) Types of Website Ticker Information:
a) Last done price;
b) Bid and ask price (5 or 10 market depth);
c) Volume done;
d) High/low price; and

ii) Frequency of Website Ticker Information:

a) Real time
b) Delayed (15 minutes); and
c) End of Day

https://datamine.cmegroup.com/#t=p&p=cme.marketdepth

Bursa Malaysia Information Services Guidelines  9
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5.3 The Licensee shall ensure that the Website Ticker Information is used solely to
provide a website ticker at the website(s) disclosed by the Licensee to Bursa in the
Bursa Malaysia Information Monthly Website Ticker Service Fee Form as attached in
Appendix 2 of the Guidelines. Any distribution to a website that has not been
disclosed to Bursa shall be deemed as an unlicensed distribution.

5.4 Only Licensees which have entered into an ISLA are eligible to provide the Website
Ticker Service.

5.5 Website Ticker Service Fee varies and will be charged based on the Bursa Malaysia
Information Monthly Website Ticker Service Fee Form (Appendix 2 of the Guidelines)
in accordance with the fees stipulated in the Price List and Fee Schedule.

6 Trial Period

Licensee may request for a fee waiver in writing, for purposes of testing its connectivity in
order to access Information.

Bursa may consider such request taking into account the amount of fee waiver and duration
of the waiver. Bursa may also impose conditions on the use of Information during the trial
period.

7 Educational Use

Bursa Malaysia may extend a fee concession to students and/or academia for educational
purposes subject to justification provided by the intended user in writing.

Subscription of Information for educational use at a discounted rate may be provided subject
always to the discretion of and terms and conditions imposed by Bursa Malaysia.

8 Media

Media distribution refers to display of Information to the public, through media approved by
Bursa.  Bursa may authorise Licensees to Distribute extract of Information in publications
approved by Bursa, with a fee waiver at Bursa’s sole discretion.  However, obligations by
the Licensee to execute the Information Services Licence Agreement, institute Operational
Controls and report Use and Distribution will apply.

Regular displays of Information or parts thereof on the Internet or via on-line news or
information services do not qualify as Media Distribution and will be subject to Website
Linking and/or Website Ticker Fees and/or the fees applicable for Distribution.

9 Use of Information

This section contains requirements in relation to the following Uses of Information:
i) Storage

Bursa Malaysia Information Services Guidelines  10
Version 1.1 - 29 October 2019

ii) Processing
iii) Distribution for internal purposes
iv) Distribution to third parties
v) Non Display Usage (NDU)

In addition to the terms and conditions in the General Terms and Conditions, the following
usage rights, obligations and restrictions apply to all Licensees and Affiliates unless
otherwise specified.

9.1 Storage and processing Information

9.1.1 The employees and representatives of Licensee, Affiliates and Service
Facilitators may receive, store and process Information prior to the
distribution of the Information. Processing Information includes extracting,
verifying, rearranging, adapting or packaging Information.

9.1.2 In processing Bursa Sectorial Index, the Licensee shall not modify, reverse-
engineer, disassemble or decompile index values.

9.2 Distribution and Display

A Licensee which has executed an ISLA will have the Licence to Use and Distribute
Information as selected by the Licensee in Form 1.

Distribution shall be charged:
i) Per Licensee
ii) Per Licensee Group
iii) Per connectivity/per access

Pursuant to the above, access of Information from multiple data sources is subject to
fees per data source and the fee is payable according to the number of data sources
from which data is accessed for Distribution purposes. Please refer to the Price List
for details.

9.2.1 Distribution for internal purpose
Distribution for internal purposes is limited to the Distribution of Information
to employees, representatives and/or Service Facilitators of the Licensee
and Affiliates for the purpose of receiving, storing and processing the
Information. Distribution for internal purposes does not include Distribution
of Information to third parties and end users/recipients.

Distribution to employees, representatives and/or Service Facilitators for
any purpose other than above, shall be construed as Distribution to a third
party and shall be subject to reporting and payment of Variable Fees.

9.2.2 Distribution to third parties
Distribution to third parties includes:

i) distribution by Licensee to their recipients pursuant to the Licensee’s
Service; and

Bursa Malaysia Information Services Guidelines  11
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ii) circumstances where the recipients access a Licensee’s facility to
retrieve Information or where the Information is made available by the
Licensee, to the recipients.

Distribution includes but is not limited to following circumstances:
i) Public display of Information

Licensees may display information in a publicly available website,
monitor, electronic screens, boards (e.g. electronic board, ticker
board, wall board, electronic billboard), or any other mode of publicly
displaying Information subject to the guidelines herein.

a) Websites

Licensee is only permitted to display the following type of
Information on public websites:

• Delayed Information; and/or

• End of Day Information.

The display of Real Time Information is not permitted on public
websites/domain.

Where the Licensee displays Delayed Information and End of Day
Information on its website, it shall ensure the following:

• all websites on which Delayed Information and End of Day
Information are displayed incorporates enforceable terms in the
website’s terms of use that prohibits the recipient/user from
storing, reproducing, displaying, modifying, transmitting and
distributing the Information without prior written permission of
the Licensee or Bursa.

• all websites on which Delayed Information and End of Day
Information are displayed shall include in its terms and
conditions of use, that Bursa and if applicable, Source
Information Providers accept no liability for any claim, loss or
damages arising from the Information displayed or use of the
Information displayed on the website.

b) Public Display Board

Licensee may display Bursa Information on public display boards
subject to Public Display Board Variable Fee stipulated in the Price
List.

This will include electronic display boards, TV walls or standalone
monitors located within the Licensee and/or recipient’s receiving
point where the number of Licensee’s recipients is unidentifiable
for the purpose of Variable Fee reporting. These displays must not
be interactive in nature.

ii) Limited Extracts of Information

A Licensee is only allowed to Distribute limited extracts of Bursa
Information with Bursa’s written approval.

Bursa Malaysia Information Services Guidelines  12
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All such extracts must contain disclaimer(s) as required by Bursa, and
must be attributed as sourced from Bursa.

iii) Apps and Widgets
Any access provided to Information via apps or widgets or other similar
application, must be disclosed by the Licensee in Form 1. Distribution
of Real Time Information via apps and widgets is subject to reporting
obligations and applicable fees.

iv) Access through any devices, applications and/or widgets. The
aforementioned includes order management systems (OMS) and
execution management systems (EMS).

v) Distribution through digital platform and public digital ledger/distribution
ledger.

vi) Access through password, user identification or other protected access.

vii) Print publications.

9.3 Non Display Usage (NDU)

9.3.1 Non Display Usage is defined as accessing, or consumption of Information
for a purpose other than in support of its display or distribution. It includes
but is not limited to:

i) Automated Trading Application (ATA)

“Automated Trading Application” is regarded as any application that
accesses or uses Bursa’s Information for automatic calculation,
processing and analysis for the purpose of generating orders and/or
quotes and/or executing transactions, including algorithmic/programme
trading application, market making application, basket trading
application, order routing application etc. It also includes any usage for
price referential, robotic price, artificial intelligent and algorithmic pricing
for any orders or transactions involving a trading related platform and/or
automated monitoring of trading activities.

ii) Risk Management, Portfolio Valuation and Administrative
purposes
Any other non-display data usage of Information that does not fall under
category (i) above, shall be subject to prior written approval from Bursa
and where required by Bursa, an agreement may need to be executed
with Bursa. Examples of usage include but not limited to risk
management, portfolio valuation, price referencing, operations and
control programs, investment analysis, order verification, surveillance
programs and compliance.

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9.3.2 Licensee should disclose to Bursa any Usage of the Information for non-
display purposes in Form 1 and sign the ISLA for permission to use the
Information for NDU purposes. For the avoidance of doubt, the
aforementioned includes Usage of Real Time Information, Delayed
Information and/or End of Day Information.

9.3.3 Licensee should inform their recipients of Bursa’s non-display data usage
policy and advise recipients to disclose their usage of the Information for
non-display purposes to Bursa. Upon entering into an agreement with
Bursa for non-display usage, the payment of the relevant non-display
usage fees shall be made directly to Bursa Malaysia.

9.3.4 The fees shall be charged based on:
i) Per Licensee per data source
ii) Per Licensee Group per data source

Pursuant to the above, the non-display usage involving multiple data
sources are subject to fees per data source and the fee is payable
according to the number of data sources from which data is accessed or
received, for non-display purposes. Please refer to the price list for further
details.

9.3.5 In the situation where one Licensee utilises the Information for more than
one NDU category above, the Licensee will only be charged one NDU
Licence Fee whichever is the highest.

9.3.6 If for any reason, Information is displayed through the usage of Information
for non-display purposes, users are required to enter into the Information
Services Licence Agreement and pay the relevant fees to Bursa.

9.4 Original Created Works (OCW)

9.4.1 Licensee should disclose to Bursa any Usage of the Information for the
creation of Original Created Works in Form 1. For the avoidance of doubt,
the aforementioned includes Usage of Real Time Information, Delayed
Information and/or End of Day Information.

Licensee must sign ISLA for permission to use the Information for Original
Created Works purposes. Monthly reporting of Usage must be declared.

Where the Licensee’s only purpose is to appoint Bursa to create and
maintain an index/index, then the Licensee shall only be required to sign
an Index Licence Agreement.

9.4.2 Original Created Works means any work or product from validly licensed
Information at the time it was created and for the duration the Agreement
is ongoing:

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i) which is created by electronic systems and/or from Use of Information;
and upon the display of which, the Information processed can no longer
be identified; and

ii) where the Information processed cannot be reverse engineered by an
automated process.

Original Created Works includes but is not limited to index creation and
financial products, tradeable and non-tradeable indices and pricing of
financial products, which have been calculated using Information as the
underlying.  It includes any creation of original works, of which the end
product cannot be reverse engineered in any way back to the underlying
Information.

9.4.3 Licensee should inform their recipients of Bursa’s Usage policy and advise
recipients to disclose their Usage of the Information for Original Created
Works purposes, to Bursa. Upon entering into an agreement with Bursa for
the usage of Information for Original Created Works, the payment of fees
for Use of Information for the relevant Original Created Works shall be
made directly to Bursa Malaysia.

9.4.4 The fees shall be charged based on:
i) Per Licensee per data source
ii) Per Licensee Group per data source

Pursuant to the above, the Original Created Works involving Use of multiple
data sources are subject to fees per data source and the fee is payable
according to the number of data sources used for Original Created Works
purposes. Please refer to the Price List for further details.

9.4.5 A Licensee may process Information for the purpose of creating Original
Created Works. In such circumstances, Licensee may Licence its
recipients to do the same, except that Licensee has no right to:

i) Create new Original Created Works based on an index or Licence its

recipients to do the same; or
ii) Use Information to create any index, create reference prices for any

financial product or Licence or allow any of its recipients to do so;

without the prior written permission of, or a separate Licence or agreement
for that purpose from Bursa or the relevant Source Information Provider.

10 Types of Recipients

Prior to the Distribution of any Information, the Licensee shall ensure that each recipient has
executed the subscriber agreement with the Licensee. Recipients can be categorised as
either Institutional Recipients or Retail Recipients.

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10.1 Institutional Recipient (IR)

An Institutional Recipient (IR) or professional user is a recipient who meets the
following criterion:

i) Registered with a Licensee and paying under a corporate name, association
or any legal entity; or

ii) An individual who uses the Licensee’s Service in his capacity as an investment
adviser or fund manager of funds which do not belong to him; and

iii) Does not Distribute or provide Information from the Licensee’s Service to any
party in any manner; and

iv) Does not Distribute or provide Information to any third party in any manner.

10.2 Retail Recipient (RR)

A retail recipient or non-professional user is an authorised recipient who meets the
following criterion:

i) An individual who is registered with a Licensee and paying in his personal
name or capacity;

ii) An individual who uses the Licensee’s Service for the purpose of managing his
personal funds;

iii) An individual who receives access to the Information through a portal from a
Licensee; and

iv) does not Distribute or provide Information to any third party in any manner.

If an IR or RR decides to distribute the Information to any party, the said IR or RR will
have to enter into an Information Services Licence Agreement with Bursa.

11 Affiliates

A Licensee shall complete Form 1, stating the Licensee’s related companies that are
authorised by the Licensee to distribute Information as part of the Licensee’s Service to be
recognised as Affiliates under the Agreement. The Licensee shall disclose its ownership of
the related companies, whether direct or indirect, for Bursa’s consideration. A related
company of the Licensee may be recognised as an Affiliate and included in the list of
Affiliates under the Agreement upon written approval by Bursa. There is a limit to the number
of Affiliates that can be approved at no additional fee. Licensee are required to produce
supporting documents (organisational chart, ownership record, etc.) for the proposed
affiliates for Bursa’s review.

12 Service Facilitators

A Licensee shall complete Form 1, stating the agents of the Licensee, owners or operators
of websites displaying Licensee’s Service(s), technology providers or providers of other
support services, that facilitate the provision of the Licensee’s Service to be recognised as
a Service Facilitator under the Agreement. The aforementioned request must be
accompanied, in Form 1, with a disclosure of the specific service or function that the Service
Facilitator has been engaged to provide (“Service Function”).

The Licensee shall procure an undertaking from the Service Facilitator to Bursa prescribed
in Appendix 4.

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13 Unit of Count

A Licensee is the entity entering into a contractual relationship with Bursa, whereas an end
user for Unit of Count purposes shall be a single, unique user identification (user ID) and
password that controls access to the information. A single user ID may not simultaneously
access the information on more than one device at a time.

13.1 End user
For billing and reporting purposes, the unit of count, per end user, in relation to Devices
may be one or more of, and not limited to, fixed and/or portable, a device, i.e. a public
display monitor, terminal, a unique user ID or any other unit of count as specified by
Bursa Malaysia from time to time and specified in Form 1 that receives, accesses or
displays Information supplied directly or indirectly via the service in visible, audible or
other comprehensible form. Bursa reserves the sole right to determine whether any
item of equipment constitutes a Device.

The unit of count for the purpose of variable fee declaration shall be the unique user
ID or other similar identifier, device, terminal, connection or data source.

Where Licensee controls access to Information by unique user ID, reports should be
based on the number of user IDs authorised or allowed to access Information at any
time during the reporting period. Sharing of user IDs is prohibited. Any additional users
must be allocated a unique user ID.

In the event that simultaneous access by unique user ID via more than one device is
allowed by the Licensee, the number of devices accessing the Information using the
same user ID shall be counted separately in the Bursa Malaysia Information Monthly
Usage Reporting Form (Appendix 1).

Example:

User ID 123 who is able to access the Information via 3 separate Licensee’s Devices
simultaneously will be liable for 3 charges of Variable Fee.

In the event a Licensee provides data feed to an Information recipient’s computer
system or network which subsequently allows access by multiple users at the
recipient’s location, the number of multiple users shall be the same as the number of
recipients declared for the purpose of charging Variable Fees.

Licensee –

declares 3 IRs to

Bursa

Recipient

Network

Bursa

Information

IR 1
IR 2
IR 3

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14 Variable Fees

14.1 Calculation of Variable Fees

14.1.1 The calculation of Variable Fees will be based on the complete and
accurate reports for each period submitted by Licensee as required in 15.1
and must include the following:

i) the Unit of Count(s) that have, or had during the month, access or

display Real Time Information via the Licensee’s Services; and

ii) any other Licensee’s Services where Licensee’s recipients submit
periodic reports or honesty statements to the Licensee on their access
and use of the Real Time Information.

14.1.2 The Variable Fee and method of calculation for Licensee’s recipients is as
follows:

i) For 5 market depth: RM2 per Retail Recipient (RR); RM75 per

Institutional Recipient (IR).

E.g. In January 2016, Licensee A reported to have 100 RR and 50 IR.
As such, the amount of Variable Fee chargeable for the month is:
(100 RR X RM2) + (50 IR X RM75) = RM200 + RM3,750 = RM3,950.00

ii) For 10 market depth: RM5 per RR; RM100 per IR.

E.g. In January 2016, Licensee A reported to have 100 RR and 50 IR.
As such, the amount of Variable Fee chargeable for the month is:
(100 RR X RM5) + (50 IR X RM100) = RM500 + RM5,000 =
RM5,500.00

14.1.3 The Variable Fees and method of calculation based on Devices

i) Public Display Board: An example of Variable Fee calculation:

In January 2016, Licensee A reported to have received data feed from
Bursa Malaysia (data source) with 5 Public Display Boards at its
various branches. As such, the amount of Variable

Fee chargeable for the month is RM100 X 5 public display boards =
RM500.00.

ii) Website Ticker Service

E.g. In January 2016, Licensee A reported to have, 10 Real-Time
Information user, 20 Delayed Information users and 10 End of Day
Information users. As such, the total amount of Variable Fee
chargeable for the month is:

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(10 Real Time X RM150) + (20 Delayed X RM100) + (10 EOD X RM50)
= RM4,000.00

iii) Broadcasting

Distribution of Information transmitted by broadcasting devices such
as television and/or radio.

iv) Disaster Recovery Sites/Business Continuity Sites

Additional Variable Fee is not applicable for disaster recovery sites
provided the following criterion are met:
a) The Information recipient must be paying Variable Fees at the

main site.
b) The Information recipient cannot access the Information

concurrently with the main site.

14.2 The method of calculation of Variable Fee may be updated by Bursa from time to time.

14.3 Variable Fees are provided in the Price List and may be updated by Bursa from time
to time.

14.4 Bursa shall provide a minimum notice period of three (3) months for changes relating
to the Variable Fee calculation, fees and reporting period.

15 Reporting Obligations

15.1 Licensee shall be required to declare the initial unit of count via Bursa Malaysia

Information Monthly Usage Reporting Form (Appendix 1). Licensee must report to
Bursa every month the number of unit of count that accessed Information during the
relevant reporting period. The Licensee shall submit the completed Bursa Malaysia
Information Monthly Usage Reporting Form to Bursa to declare the number of users
and Variable Fee for the previous month, on or before the 15th day of the current
month. For example, current month is February 2019. Reporting month is January
2019. Licensee to submit January 2019 report by 15th of February 2019.

Licensee must report to Bursa on a monthly basis all Non Display Usage during the
relevant reporting period. The Licensee shall submit the completed Monthly Usage
Reporting Form to Bursa to declare the location and sources for the previous month,
on or before the 15th day of the current month. For example, current month is February
2019. Reporting month is January 2019. Licensee to submit January 2019 report by
15th of February 2019.

Licensee must report to Bursa on a monthly basis all Use of Information for Original
Created Works during the relevant reporting period. The Licensee shall submit the
completed Monthly Usage Reporting Form to Bursa to declare the location and
sources for the previous month, on or before the 15th day of the current month, together
with the corresponding payment of the fees for the aforementioned Usage payable to

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Bursa. For example, current month is February 2019. Reporting month is January
2019. Licensee to submit January 2019 report by 15th of February 2019.

All Licensees shall provide complete and accurate monthly reports of all Usage of
Information.

15.2 The submission of the above said monthly report is a material obligation and it is
necessary to be submitted notwithstanding that the Information subscribed for is not
being received or used by end users or recipients.

15.3 In the event Licensee fails to submit the completed Monthly Usage Reporting Form
within the time stipulated herein, Bursa shall reserve the right to charge the Variable
Fees based on the declared initial unit of count or the latest Monthly Usage Reporting
Form submitted, whichever is higher.

If and when the Licensee submits the Monthly Usage Reporting Form, the Variable
Fees paid shall be verified against the Monthly Usage Reporting Form submitted by
the Licensee. Bursa will not refund if excess was charged, however Bursa will require
payment if the Monthly Usage Reporting Form submitted by the Licensee shows that
payment made was less than that due to Bursa for that month.

15.4 Any access to or usage of Information by any end user or recipient at any time during
the applicable month shall regarded as a Unit of Count and must be reported in the
Monthly Usage Reporting Form for that month.

15.5 Licensees of both Real Time Information and Delayed Information are required to
submit the Monthly Usage Reporting Form (Appendix 1) to Bursa, for their Distribution
of Real Time Information and Delayed Information.

15.6 Licensee’s recipients may communicate limited extracts (i.e. purely ad-hoc and
insubstantial extracts) of Information to their customers in order to support their
primary business without incurring any reporting or payment obligation, provided that
such communications shall comply with all of the following:

i) does not constitute updating of Information in real time;
ii) is made on either an infrequent or irregular basis;
iii) is incidental to the recipients’ principal business;
iv) cannot be used as a substitute for the subscription to the Information;
v) has no independent commercial value;
vi) is not separately charged for and;
vii) is not made in connection with commercial information broking, information

vending, publishing or credit rating, nor for substantial reproduction through the
press or media.

Licensees must seek Bursa’s approval in order to carry out the above. Bursa reserves
the right to determine whether communications which include Information qualify as
limited extracts for the above purposes, to limit or withdraw rights to distribute limited
extracts of Information and to regard any communication of Information to be a
distribution that in Bursa’s view does not qualify as limited extracts.

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16 Operational Controls

Licensee’s Operational Controls must have the capabilities as below to electronically verify,
control, monitor and report the usage, enablement and disablement of the distribution of
Information to each, and every, recipient. Operational Controls must capture the following
data:

i) Details of each, and every, Licensee’s recipients;
ii) Date/period each recipient is capable of accessing the Information including for e.g.

passwords;
iii) Each, and every, type of Information distributed or accessed. This includes, but is not

limited to, for the purposes of an End User, Non Display Usage, and Original Created
Works.

Bursa may require Licensee to provide documentation, details and diagrams, of its
Entitlements or Permissioning Systems, their functionality and specifications.

17 Unauthorised Usage of Information

The Licensee shall provide all information required by Bursa in respect of all usage and
distribution of Information for the purposes of computation of any fees.

The computation of any fees for any unauthorised use of Information shall be calculated
from the first access to the Information based on the applicable unit of count.

In any case where an unauthorised recipient is disclosed on time to Bursa, Bursa will provide
the Licensee with a reasonable time within which to discontinue the provision of data and
Variable Fee will not be charged.

18 Billings and Payments

18.1 Monthly Licence Fee

i) Bursa Information will invoice the monthly Licence Fee quarterly in advance and
Licensee will pay the monthly Licence Fee quarterly in advance and the Licence
Fee is payable within 30 days from date of invoice.

ii) In the event the subscription does not commence on the first month of the
quarter, Licensee will be billed for the remaining months of the quarter.

iii) In the event the Effective Date of the subscription of Information Products does

not fall on the first day of the month, Bursa in its discretion will decide the usage
be charged from the first day of the following month.

iv) Licensees have the option to request for the Licence Fee to be invoiced

annually, in advance, on written request to Bursa. In the aforementioned
circumstances, the Licensee shall pay the annual Licence Fee, upon receiving
the invoice.

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v) Upon termination of the subscription to an Information Product, the monthly
Licence Fee shall be paid in full irrespective of the termination date of the
Agreement in that particular month.

18.2 Late Payment

In the event of late payment, Bursa will charge a late payment interest of 8% per
annum. Such interest shall be calculated on a daily basis commencing from the
date the Fees become due and payable up until (and including) the day upon which
the Fees are paid in full.

An example of calculation as follows:
Invoice amounts RM7,500.00 are due for 20 days. RM7,500.00 x 8% / 365 days x
20 days = RM32.80 (interest on late payment).

19 Publicity

19.1 Bursa publishes on its website a list of Licensees that are authorised to distribute
Information. Licensees who would like to be listed/included in this list may request in
writing for their organization’s name to be included.

Upon termination of the Agreement, Bursa will remove the Licensee from the published
list.

19.2 Bursa Malaysia Name and Logo

Licensee must obtain written approval from Bursa for usage of Bursa Malaysia name
and logo. Bursa may grant approval subject to Bursa’s terms and conditions.

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GLOSSARY

“Access Point” means the location at which the Licensee accesses the Information, as
described in Form 1 of the Agreement;

“Affiliates” means entities approved by Bursa and listed in Form 1 as affiliates of the Licensee
for the purposes of this Agreement and which fulfils the criteria in Section 11 of the Guidelines;

“Agreement” means the Information Services Licence Agreement which comprises the Cover
Agreement, Form 1, General Terms and Conditions, Information Services Guidelines and Fee
Schedule;

“Company Announcements” means any announcement from an issuer listed on a market
operated by Bursa Group of Companies that is released by Bursa Group of Companies;

“Bursa” means Bursa Malaysia Information Sdn Bhd;

“Bursa Sectorial Index” means the series of indices calculated by Bursa Malaysia;

“Bursa Group of Companies” means Bursa Malaysia Berhad and all or any of its subsidiaries;

“Business Day” means days on which the Exchange is open for trading;

“Business Hours” means those hours during which the markets operated by the Exchange
are open for trading;

“Commencement Date” means the date referred to as the Commencement Date stated in
Form 1, from which the Agreement takes effect;

“Confidential Information” means any information that is not in the public domain, including
without limitation, any information required to be kept confidential in accordance with legal
requirements and any other information designated as confidential expressly or which, by the
circumstances in which it is provided, the recipient knows or ought to know is confidential;

“Cover Agreement” means the cover page of the Agreement containing the date of Agreement
and summary of the applicable terms and conditions and requirements applicable to the
Licensee.

“Delayed Information” means Information in respect of which more than fifteen (15) minutes
(or any other time period prescribed by Bursa from time to time) have elapsed from the time the
Information was first transmitted to the market;

“Device” means any equipment, fixed or portable, or any facility used to receive, process, store
or access, or display Information.  Notwithstanding any provision to the contrary, the term
“Device” shall also include any means of access to Information through a unique password,
user identification or other similar identifier. Bursa reserves the right to determine whether any
equipment or facility or means of access constitutes a Device;

“Distribute” means the act of distribution or dissemination of Information regardless of
provision method, whether via display or Non-Display format and includes situations where any
person(s) is able to access a Licensee’s facilities to retrieve Information or the display or Non-

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Display of Information.  The term “Distribution” and “Distributing” shall have a corresponding
meaning.  Bursa reserves the right to determine whether any act constitutes Distribution and its
decision shall be final;

“Effective Date” means the date specified in Form 1 of the Agreement as the “Effective Date”
on which the Licensee has access to, receives or Uses or Distributes the respective Information
Product, which is the earlier.

“End of Day Information” means any Information related to the then closing position on a
given trading day, but prior to midnight of the same day in Malaysia;

“Exchange” means Bursa Malaysia Berhad, which operates securities, derivatives, offshore
and/or other relevant markets either by itself or via its relevant subsidiaries, its successors in
title and lawful assigns;

“Exchange Rules” means in relation to the securities, derivatives, offshore and/or other
relevant markets operated by the Exchange, rules, by whatever name called, regulating the
activities and conduct of the securities, derivatives, offshore and/or other relevant markets;

“Fees” means any and all fees described in the Fee Schedule to the Agreement which is
payable by the Licensee to Bursa;

“Fee Schedule” means the schedule that indicates Information Products, usages and
distribution that the Licensee is subscribing for and the corresponding Fees that the Licensee
has to pay to Bursa.  The Fee Schedule forms part of the Agreement;

“Form 1” means the form containing the Licensee’s profile and details relating to their
subscription, in accordance with the Agreement;

“General Terms and Conditions” means these terms and conditions as modified, varied or
amended from time to time;

“Guidelines” means this Information Services Guidelines comprising Bursa market data
guidelines and policies issued and updated by Bursa from time to time;

“Information” means the collection or database of information listed in Form 1, as may be
amended from time to time, and shall include the format in which the information is presented,
data, symbols, information, statistics and other information in letter or numeral form (or both)
disclosing, describing, summarising or otherwise commenting on or dealing with the trading of
all instrument, products, securities and derivatives contracts on the markets operated by Bursa
Group of Companies or other markets or any part thereof. Any item of processed Information
remains Information subject to this Agreement if the Information originally disseminated can be
identified, re-calculated or re-engineered from the processed Information;

“Information Product(s)” means the Information products and services offered by Bursa as
modified, varied or amended from time to time that is described in the Price List;

“Intellectual Property Rights” means patents, trade marks, service marks, trade and service
names, copyrights, database rights and design rights and all other rights, whether or not any of
them are registered including applications for any of them, trade secrets and rights of

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confidence, all rights or forms of protection of a similar nature or having similar or equivalent
effect to any of them which may subsist anywhere in the world;

“Licensee Group” means the Licensee and Affiliates approved by Bursa Information and listed
in Form 1;

“Licensee” means a person or organisation who is licensed by Bursa Information to Use in its
Services whether in whole or in part, for a fee or charge, commercial gain, profit or advantage
with or without a fee or charge and has signed the relevant documents required by Bursa
Information;

“Licensee’s Service” means any service provided by the Licensee from time to time in any
form by way of distribution of Information or any parts thereof, regardless of the means of
distribution.

“Non Display Usage” means the usage (including accessing, processing or consuming) of
Information, delivered by Bursa and/or via a Licensee for purposes other than in support of
display or distribution as detailed in the Guidelines.

“Non Display Usage Fee” means the fee stipulated in the Price List, payable by the Licensee
or recipients of Information, utilising Information, for Non Display Usage.

“Original Created Works” means any work or product from validly licensed Information at the
time it was created and for the duration the Agreement is ongoing:

i) which is created by electronic systems from or Use Information; and upon the display of

which, the Information processed can no longer be identified; and
ii) where the Information processed cannot be re-engineered by an automated process.

“Operational Controls” consist of systems, rules, procedures, authorisations and disciplines
of the Licensee or Licensee Group which are taken together to the satisfaction of Bursa:

i) record and identify all authorised access to Information, where applicable by Units of Count,
ii) prevent or restrict unauthorised access to or dissemination of Information;
iii) identify, record unauthorised access, report to Bursa Information and facilitate appropriate

action. Such records to be retained by the Licensee and be made available to Bursa
pursuant to the Guidelines.

“Party” means either Bursa or the Licensee;

“Price List” means the general price list describing all applicable fees chargeable by Bursa for
all Information Products as updated and amended from time to time and published on the Bursa
Malaysia Berhad website.;

“Real Time Information” means Information that does not fall within the definitions of Delayed
Information or End of Day Information;

“Report(s)” means the reports that the Licensee has to provide Bursa in accordance with the
requirements in the Guidelines.

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“Requirements” means the requirements to enable the Licensee to access Information
including technical specifications;

“Services” means any services which includes or provides access to Information or is derived
in whole or in part from, supported or facilitated by Information.

“Service Facilitator” means any third party which is approved by Bursa and provides any
service or facility to the Licensee or to any Affiliate that enables or assists the Licensee or
Affiliate to receive or Use or Distribute any Information.

“Service Facilitator Fee” means the fee stipulated by Bursa payable by a Licensee for the
appointment of a Service Facilitator.

“Source Information Providers” means third parties other than Bursa Group of Companies
which Distributes their information via Bursa and Bursa Malaysia Berhad;

“Standard Terms and Conditions” means these General Terms and Conditions, the
Guidelines, the Price List and any other terms and conditions issued by Bursa in relation to the
Use and Distribution of the Information that are standard and applicable to all Licensees.

“Unit of Count” means the units of count specified in the Guidelines through which access to
Information may be limited, controlled and reported and Fees may be applied, where required
in accordance with this Agreement.

“Use”, “Usage” means to load, store, display, adapt, re-arrange and copy (for the purposes of
loading, storing, displaying, adapting and re-arranging) Information, and includes Distribution of
Information (as applicable and relevant to the Licensee), but does not include any Distribution
outside of the Licensee’s Affiliates of any Information.

“Variable Fees” means the fees calculated based on Unit of Count or such other basis of
calculation as specified by the Bursa.

“Website” is a public internet website determined by Bursa to be a single website for purposes
of reporting or fees payment. A website may be:

i) a homepage and/or pages linked to the homepage, forming all or a part of a single distinct

website;
ii) a URL;
iii) an individual product, mobile application, service or publication of Licensee or having its

own domain name, identity or brand providing access to Information as displayed via any
URL;

iv) any pages linked to the homepage of a single distinct website that incorporate a website-
hosted solution provided by Licensee

v) a Wireless Application Protocol (WAP) page.


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