malaysia - Banking & Finance

World Bank describes Digital Asset Law as pragmatic

KUALA LUMPUR, Jan 15 (Bernama) - The Capital Markets and Services (Prescription of Securities) (Digital Currency and Digital Token) Order 2019, which comes into force today, is a pragmatic approach by the authorities to regulate digital currencies and assets, says the World Bank. World Bank Group’s Macroeconomics, Trade and Investment le ...
Date: 15 January 2019; Type: Legal News; Source: Bernama

MoF implementing New Operational Hours at UTCs from January 22

KUALA LUMPUR, Jan 12 (Bernama) - The Ministry of Finance (MoF) will be implementing new operational hours at the Urban Transformation Centres (UTCs) starting Jan 22 as a measure to save public expenditure.
Date: 12 January 2019; Type: Industry Updates; Source: Bernama

Legality of Cryptocurrency still under Consideration - Khalid Samad

KUALA LUMPUR, Jan 12 (Bernama) - The government has yet to make a final decision whether to legalise the use of cryptocurrency and digital currency in the country.
Date: 12 January 2019; Type: Legal News; Source: Bernama

Implementation of the New Format for the Registration Number of Business Entities Registered with the Suruhanjaya Syarikat Malaysia

This is to notify that Suruhanjaya Syarikat Malaysia (SSM) will use a new format for the registration number of business entities registered with SSM starting January 2019. The new format will replace the registration numbers for business entities registered with SSM such as companies, sole proprietors, limited liability partnerships and audit ...
Date: 03 January 2019; Type: Circular; Source: Malaysian Institute of Accountants

EPF reduces Minimum Contribution for Employees above Age 60 to Four per cent

KUALA LUMPUR, Jan 7 (Bernama) - The Employees Provident Fund (EPF) today announced that employers will, from now, make a minimum statutory contribution of four per cent for employees above 60 years old against the present practice of contributing 6.0 and 6.5 per cent. Employees' share contribution, on the other hand, will now be at zero per ce ...
Date: 07 January 2019; Type: Legal News; Source: Bernama

BNM issues Policy Document on Outsourcing

KUALA LUMPUR, Dec 28 (Bernama) - Bank Negara Malaysia (BNM) today issued a policy document on outsourcing aimed at strengthening governance and risk management standards in managing outsourcing risk. In a statement today, BNM said the policy document is effective from Jan 1, 2019 and will be applicable to licensed banks, investment banks, Isla ...
Date: 28 December 2018; Type: Legal News; Source: Bernama

Policy Document on Outsourcing

This policy document sets out the scope of arrangements relevant to the outsourcing policy, and the requirements and expectations on financial institutions to maintain appropriate internal governance and outsourcing risk frameworks, including those relevant to the protection of data confidentiality. The requirements also serve to ensure the Bank&rs ...
Date: 28 December 2018; Type: Guideline; Source: Bank Negara

Finance Act 2018

An Act to amend the Income Tax Act 1967, Promotion of Investments Act 1986, Stamp Act 1949, Real Property Gains Tax Act 1976, Labuan Business Activity Tax Act 1990, Service Tax Act 2018 and Sales Tax Act 2018.
Date: 27 December 2018; Type: Federal Act; Citation: Act 812 of 2018; Source: AGC Federal Gazette

Banks can no longer hide behind Exclusion Clauses

PUTRAJAYA, Dec 18 (Bernama) - The Federal Court here ruled that banks cannot rely on exclusion clauses in loan agreement to absolve any liability against them, describing the patent as unfairness and injustice as there is an absolute restriction to customers’ right to damages. Federal Court Judge Datuk Seri Balia Yusof Wahi in his 37-pag ...
Date: 18 December 2018; Type: Legal News; Source: Bernama

Cabinet decides to place Tabung Haji under Bank Negara Malaysia

KUALA LUMPUR, Dec 17 (Bernama) - The Cabinet has decided that the Tabung Haji (TH) will be placed under the supervision of the Bank Negara Malaysia (BNM), says Deputy Minister in the Prime Minister's Department Fuziah Salleh.
Date: 17 December 2018; Type: Legal News; Source: Bernama

SC introduces Revised Prospectus, Equity Guidelines

KUALA LUMPUR, Dec 14 (Bernama) - The Securities Commission Malaysia (SC) has released the revised Prospectus Guidelines and Equity Guidelines, which will come into effect on March 13, 2019.
Date: 14 December 2018; Type: Legal News; Source: Bernama

Equity Guidelines

The Equity Guidelines are issued under section 377 of the Capital Markets Services Act and applied by the SC in considering the following proposals under section 212 of the CMSA: (a) Issues and offerings of equity securities; (b) Listings of corporations and quotations of securities on the Main Market; and (c) Proposals which result in a significan ...
Date: 14 December 2018; Type: Guideline; Source: Securities Commission

Prospectus Guidelines

The Prospectus Guidelines issued by the Securities Commission under Section 377 of the Capital Markets and Services Act 2007 (CMSA) sets out the additional disclosure requirements to be disclosed in a prospectus pursuant to Section 235(1)(f) of the CMSA, and information to be disclosed in an abridged prospectus pursuant to Section 237(2) of the CMS ...
Date: 14 December 2018; Type: Guideline; Source: Securities Commission

SC revokes Licence, imposes Penalty against Individual

KUALA LUMPUR, Dec 12 (Bernama) - The Securities Commission (SC) has revoked the Capital Markets Services Representative’s Licence (CMSRL) of Shaiful Nazren Kassim for improper business practices, effective Dec 7, 2018.
Date: 12 December 2018; Type: Legal News; Source: Bernama

BNM to supervise TH starting January Next Year

KUALA LUMPUR, Dec 10 (Bernama) - Lembaga Tabung Haji (TH) will be placed under Bank Negara Malaysia’s (BNM) supervision starting January next year to improve the organisation’s governance, said Minister in the Prime Minister’s Department, Datuk Seri Dr Mujahid Yusof.
Date: 10 December 2018; Type: Legal News; Source: Bernama

Memorandum of Understanding between Bank Negara Malaysia and Dubai Financial Services Authority

On 28 November 2018, Bank Negara Malaysia (BNM) and Dubai Financial Services Authority (DFSA) had signed a Memorandum of Understanding (MoU) on supervisory cooperation for effective supervision of banking and insurance/ takaful/ reinsurance institutions operating in both countries.
Date: 05 December 2018; Type: Industry Updates; Source: Bank Negara

SC, BNM working on Regulations for Digital Assets

KUALA LUMPUR, Dec 6 (Bernama) - Regulations are currently being put in place to bring digital assets within the remit of securities laws to promote fair and orderly trading and ensure investor protection, the Securities Commission (SC) and Bank Negara Malaysia (BNM) said today. Digital assets refer to digital currencies and digital tokens.&nbs ...
Date: 06 December 2018; Type: Legal News; Source: Bernama

Consultation Paper on the Proposed Amendments to the Rules of Bursa Malaysia Securities Berhad and the Rules of Bursa Malaysia Securities Clearing Sdn Bhd in Relation to the Proposed T+2 Settlement Cycle

This Consultation Paper seeks to consult the public on the proposed migration to a T+2 settlement cycle and the proposed rule amendments to reflect this change, where relevant. Consultation Paper No. 5/2018
Date: 03 December 2018; Type: Consultation Paper; Source: Bursa Malaysia

Reissuance of Guidance Note on Combined Financial Statements

This Circular notifies all accountants that the revised Guidance Note on Combined Financial Statements approved by the Capital Market Advisory Committee and the Council is made available for members' reference. The Guidance Note was issued to promote best practices aimed at achieving the highest standards in reporting. Circular No. 95/2018
Date: 28 November 2018; Type: Circular; Source: Malaysian Institute of Accountants

Recognitions of Foreign Audit Firm and its Partner Withdrawn by AOB

KUALA LUMPUR, Nov 29 - The Securities Commission Malaysia’s (SC) Audit Oversight Board (AOB), has withdrawn the recognition of Singapore-based audit firm RT LLP and Su Chun Keat, who is a partner in the firm.
Date: 29 November 2018; Type: Industry Updates; Source: Securities Commission

INDUSTRY UPDATES

White Paper on Defence to be tabled in Parliament this Year

KOTA KINABALU, Jan 17 (BERNAMA) - The Ministry of Defence will table a White Paper on Defence which will detail the tasks and roles of the Malaysian Armed Forces, said Defence Deputy Minister Senator Liew Chin Tong.

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INDUSTRY UPDATES

Chief Justice calls for Government Audit on Rights of Indigenous People

KOTA KINABALU, Jan 17 (Bernama) - Chief Justice Tan Sri Richard Malanjum today proposed that the government conduct an audit on the rights of the indigenous people to ensure that they are in line with the United Nations declaration.

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INDUSTRY UPDATES

Complaint Boxes for Iskandar Puteri Schools to tackle Crimes

ISKANDAR PUTERI, Jan 14 (Bernama) - The Iskandar Puteri District police have suggested for the district’s schools to provide boxes for information or complaints to tackle various crimes involving students.

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INDUSTRY UPDATES

Tax Amnesty Programme aims to reduce People's Burden, says IRB

KUALA LUMPUR, Jan 14 (Bernama) - The Special Voluntary Disclosure Programme (SVDP) is a clear indication of the government's desire to reduce the burden of the people through taxation, Inland Revenue Board (IRB) chief executive officer Datuk Seri Sabin Samitah said.

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INDUSTRY UPDATES

Tengku Abdullah to be proclaimed as New Sultan of Pahang on January 15

PEKAN, Jan 12 (Bernama) - The Regent of Pahang Tengku Abdullah Sultan Ahmad Shah will be proclaimed as the sixth Sultan of Pahang, succeeding Sultan Ahmad Shah, on Jan 15.

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INDUSTRY UPDATES

Judges, Judicial Officers receive DoJ Training not due to High Profile Cases - CJ

PUTRAJAYA, Jan 11 (Bernama) - Chief Justice Tan Sri Richard Malanjum explained that the training of Malaysian judges and judicial officers by the United States Department of Justice (DOJ) was not due to the high profile money laundering cases, such as the ones involving former Prime Minister Datuk Seri Najib Tun Razak.

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INDUSTRY UPDATES

Adapt Technology and Work from anywhere, CJ tells Lawyers

PUTRAJAYA, Jan 11 (Bernama) - With the tagline ‘Now Anywhere Can Work’, lawyers can now deal with their cases from anywhere through the use of technology introduced by the judiciary in order to have an efficient court system, said Chief Justice Tan Sri Richard Malanjum today.

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INDUSTRY UPDATES

Malaysian Bar will continue to voice Concerns over use of Oppressive Laws - President

PUTRAJAYA, Jan 11 (Bernama) - The Malaysian Bar will continue to voice its concerns on the continued use of oppressive laws, said its president George Varughese.

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INDUSTRY UPDATES

Full Force of the Law to be applied to Wrongdoers, says AG

PUTRAJAYA, Jan 11 (Bernama) - Attorney-General Tommy Thomas said today the full force of the law would be applied to wrongdoers.

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INDUSTRY UPDATES

Matrade appoints Halim Mohamad as Chairman

KUALA LUMPUR, Jan 11 (Bernama) - Malaysia External Trade Development Corporation (Matrade) has appointed Tan Sri Halim Mohammad as its seventh chairman, effective Jan 1, 2019.

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INDUSTRY UPDATES

Rizal granted Permission to transfer Corruption Case to High Court

KUALA LUMPUR, Jan 9 (Bernama) - The case of former special officer to the former Prime Minister, Datuk Rizal Mansor, who faces four corruption charges involving a solar hybrid system project for rural schools in Sarawak will be heard in the High Court.

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INDUSTRY UPDATES

Kamis Samin is new Chief Administrator of Parliament

KUALA LUMPUR, Jan 7 (Bernama) - Prime Minister’s Department Ceremonial and International Conference Secretariat Division secretary Datuk Kamis Samin has been appointed as the new Chief Administrator of Parliament, effective today.

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INDUSTRY UPDATES

Ku Nan's Case to be tried in High Court

KUALA LUMPUR, Jan 7 (Bernama) - The case of former Federal Territories Minister Datuk Seri Tengku Adnan Tengku Mansor, who is facing two charges of receiving bribes totalling RM3 million, over the approval of an application by a company to raise the development related ratio in Jalan Semarak Kuala Lumpur, will be tried in the High Court.

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INDUSTRY UPDATES

No Bail for former Goldman Sachs Banker Roger Ng

KUALA LUMPUR, Jan 7 (Bernama) - Former Goldman Sachs banker Roger Ng will remain in prison after the Sessions Court here today dismissed his application to be released on bail pending his extradition proceedings to the United States to face three criminal charges relating to 1Malaysia Development Berhad (1MDB).

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INDUSTRY UPDATES

SC appoints Ong as Executive Director effective January 4

KUALA LUMPUR, Jan 7 (Bernama) - The Securities Commission Malaysia (SC) has appointed Ong Liang Heng as executive director in the chairman's office, effective Jan 4.

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