malaysia - Banking & Finance - News

SC allows 22 Firms to operate Digital Asset Exchange after March 1

KUALA LUMPUR, Mar 6 (Bernama) - The Securities Commission (SC) has permitted 22 companies to continue operating a digital asset exchange after March 1, 2019.
Date: 06 March 2019; Type: Legal News; Source: Bernama

SC imposes Ban on Firm, Partners for breaching Auditing Standards

KUALA LUMPUR, Mar 6 (Bernama) - The Securities Commission Malaysia’s (SC) Audit Oversight Board (AOB) has banned McMillan Woods Mea (AF 001995) and two of its partners, Mea Fatt Leong and Wong Joo Hua, from accepting clients and auditing any public interest entities or schedule funds for 12 months, effective Feb 14, 2019.
Date: 06 March 2019; Type: Legal News; Source: Bernama

BNM to launch Risk Management Policy to tackle Cybercrime

KUALA LUMPUR, Feb 19 (Bernama) - Bank Negara Malaysia (BNM) will be launching its Risk Management in Technology policy in June this year to provide guidelines, especially for financial institutions, to combat the rise in cybercrime. CyberSecurity Malaysia chief executive officer Datuk Amirudin Abdul Wahab said more than 10,000 cases of cybercr ...
Date: 19 February 2019; Type: Legal News; Source: Bernama

New Cryptocurrency for Online Gaming

KUALA LUMPUR, Jan 31 (Bernama) - Five Colors Technologies Ltd has announced that new cryptocurrency, Five Colors Coin (FCC), is to become e-sports money and will be listed on CoinBene with the initial exchange offering (IEO) carried out today.  
Date: 31 January 2019; Type: Industry Updates; Source: Bernama

SC amends Guidelines to require Digital Asset Platform Operators to register

KUALA LUMPUR, Jan 31 (Bernama) - The Securities Commission (SC) has added a new chapter in the Guidelines on Recognised Markets to require digital asset platform operators to be registered as a recognised market operator. In a technical briefing to the media today, the SC said the new framework is part of its efforts to promote innovation whil ...
Date: 31 January 2019; Type: Legal News; Source: Bernama

Bursa appoints Shireen Muhiudeen as Non-Executive Chairman

KUALA LUMPUR, Jan 30 (Bernama) - Bursa Malaysia Bhd has appointed Datuk Shireen Ann Zaharah Muhiudeen as public interest director and non-executive chairman to succeed Tan Sri Amirsham A Aziz, effective March 1, 2019.
Date: 30 January 2019; Type: Industry Updates; Source: Bernama

SC reprimands, fines Deloitte RM2.2 Million on Sukuk Issuance linked to 1MDB

KUALA LUMPUR, Jan 30 (Bernama) - The Securities Commission Malaysia (SC) has reprimanded and imposed penalties on Deloitte PLT (Deloitte) for four breaches related to the RM2.4 billion sukuk murabahah programme issued by Bandar Malaysia Sdn Bhd (BMSB) in 2014.
Date: 30 January 2019; Type: Legal News; Source: Bernama

SC reprimands Three Auditors for Failure to meet Standards

KUALA LUMPUR, Jan 29 (Bernama) - The Securities Commission Malaysia’s (SC) Audit Oversight Board (AOB) has reprimanded three auditors for failure to comply with the International Standards on Auditing when auditing their respective public-listed company clients.
Date: 29 January 2019; Type: Legal News; Source: Bernama

Order to regulate Digital Currencies, Tokens Seen as Positive

KUALA LUMPUR, Jan 27 (Bernama) - The new order to regulate digital currencies and tokens as securities, which came into force on Jan 15 this year, is a shift in regulatory regime from both the Securities Commission (SC) and Bank Negara Malaysia, says an expert.
Date: 27 January 2019; Type: Legal News; Source: Bernama

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

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

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

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

INDUSTRY UPDATES

Malanjum keeping Mum about his Successor

KUALA LUMPUR, Mar 20 (Bernama) - Chief Justice Tan Sri Richard Malanjum, who is due for compulsory retirement in April only smiled broadly and chose to remain secretive when asked about his successor.

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MP Noh Omar expelled from Dewan Rakyat for Three Days

KUALA LUMPUR, Mar 19 (Bernama) - Tanjung Karang MP Tan Sri Noh Omar has been expelled from the Dewan Rakyat for three days from today.

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INDUSTRY UPDATES

Selangor wants tougher Environmental Laws

SHAH ALAM, Mar 17 (Bernama) - The Selangor government wants to enforce more stringent laws to address issues related to environmental pollution in the state, said Menteri Besar Amirudin Shari.

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INDUSTRY UPDATES

Rosmah's Graft Case transferred to High Court

KUALA LUMPUR, Mar 15 (Bernama) - The High Court here today allowed the prosecution's application to transfer from the Sessions Court to the High Court the case involving two graft charges filed against Datin Seri Rosmah Mansor, who is the wife of former Prime Minister Datuk Seri Najib Tun Razak.

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INDUSTRY UPDATES

SC to facilitate Greater Investor Inclusiveness

KUALA LUMPUR, March 14 (Bernama) - Opening local corporate bonds and sukuk to retail investors who meet the requirements set are among the steps taken by the Securities Commission Malaysia (SC) to promote investors inclusiveness in the local market.

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INDUSTRY UPDATES

SC aims Further Expansion of Islamic Capital Market, says Chairman

KUALA LUMPUR, March 14 (Bernama) - The Securities Commission (SC), the regulatory body of the capital market, aim to foster growth that is premised on long-term value creation by intensifying efforts to further expand the Islamic capital market as well as the closely-linked sustainable finance segment.

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INDUSTRY UPDATES

CJ seeks to remove Parts of Hamid Sultan's Affidavit

KUALA LUMPUR, Mar 13 (Bernama) - Chief Justice Tan Sri Richard Malanjum today filed an application to remove parts of the supporting affidavit filed Court of Appeal Judge Datuk Dr Hamid Sultan Abu Backer in the lawsuit by the late Karpal Singh’s daughter, claiming that it was outrageous, insulting and an attack to the Judiciary.

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INDUSTRY UPDATES

Up to PM to shortlist Candidates for CJ's Post - Liew

KUALA LUMPUR, Mar 12 (Bernama) - The Law Minister in the Prime Minister’s Department Datuk Liew Vui Keong today said that he has no information about the candidates shortlisted to be appointed as the new Chief Justice to replace Tan Sri Richard Malanjum who will retire from the post next month.

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INDUSTRY UPDATES

Sabah helps Children without Documents through Legalization Program

KOTA KINABALU, Mar 12 (Bernama) - Children born in Sabah and categorised as foreigners even though one of their parents were local residents, will be given aid through a legalisation programme which will ensure a better future for them.

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INDUSTRY UPDATES

National Income Tax still Competitive

KUALA LUMPUR, March 11(Bernama) - The income tax in this country is still competitive compared to other nations.

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INDUSTRY UPDATES

Najib seeks Court Directive on gag Order against Media, Public

PUTRAJAYA, Mar 11 (Bernama) - Datuk Seri Najib Tun Razak wants a court directive to inform members of the public and media on what can and cannot be discussed and published pertaining to his criminal case involving SRC International Sdn Bhd funds, the Court of Appeal heard.

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INDUSTRY UPDATES

King's Inaugural Speech at First Meeting of Second Term of 14th Parliament draws Attention

KUALA LUMPUR, Mar 11 (Bernama) - The first meeting of the second term of Parliament begins today which will be aired live via television and live stream.

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INDUSTRY UPDATES

Dewan Rakyat : Proposal to restore Sabah, Sarawak's Status to be Main Focus

KUALA LUMPUR, Mar 9 (Bernama) - The proposal to restore the original status of Sabah and Sarawak as enshrined in the Malaysia Agreement 1963 (MA63) is expected to be the focus of the first meeting of the second session of the 14th Parliament which opens Monday.

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INDUSTRY UPDATES

Appeals Court to wait for Federal Court Decision to hear Puncak Niaga's Appeal

PUTRAJAYA, Mar 8 (Bernama) - The Court of Appeal today postponed hearing of an appeal by Puncak Niaga Holdings Bhd to reinstate its RM13.5 billion lawsuit against two former Selangor menteris besar and the Selangor government over the restructuring of the state water industry.

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INDUSTRY UPDATES

Nik Azman Nik Abdul Majid New Auditor-General

PUTRAJAYA, Mar 8 (Bernama) - Datuk Nik Azman Nik Abdul Majid, the Economic Affairs Ministry secretary-general, is the new auditor-general.

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