Thursday, 21 September 2017
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malaysia - Banking & Finance - News

BNM to provide Guidelines on Cryptocurrency by Year-end

KUALA LUMPUR, Sept 19 (Bernama) - Bank Negara Malaysia (BNM) is planning to issue guidelines on cryptocurrency by year-end, said Governor, Tan Sri Muhammad Ibrahim. He said cryptocurrency, or digital currency, had attracted a lot of attention from central banks around the globe. "We hope that by year-end, BNM will be able to come out with ...
Date: 19 September 2017; Type: Legal News; Source: Bernama

Businessman fined RM350,000 for lending RM10,000 without Permit

MELAKA, Sept 13 (Bernama) - A businessman was fined RM350,000, in default 30 months' jail, by the Sessions Court here today after he was found guilty of engaging in illegal money lending business.
Date: 13 September 2017; Type: Legal News; Source: Bernama

Budget 2018 to address Cost of Living, Housing Issues - Najib

KUALA LUMPUR, Sept 8 (Bernama) - The government will give more emphasis to the cost of living and housing issues in Budget 2018 in an effort to improve the standard of living and well-being of the people while taking into account favourable macro figure growth.
Date: 08 September 2017; Type: Legal News; Source: Bernama

Forex: BNM's Way of interpreting the Law Not Fully accepted by Attorney-General's Chambers

KUALA LUMPUR, Sept 6 (Bernama) - Head of the Advisory Services at the Attorney General's Chambers (AGC), Tan Sri Ainum Mohamed Saaid told the Royal Commission of Inquiry (RCI) to investigate Bank Negara Malaysia's (BNM) foreign exchange (forex) losses in the 1990s that the central bank's way of interpreting the law was not fully accepted by AGC.
Date: 06 September 2017; Type: Legal News; Source: Bernama

Budget 2018 to encompass TN50 Aspirations

KUALA LUMPUR, Sept 4 (Bernama) - Budget 2018 which will be tabled in October will cover the people's aspirations presented at the 2050 National Transformation (TN50) dialogue series, says Prime Minister Datuk Seri Najib Tun Razak. He said the government would not be waiting until 2050 to implement inputs raised in the TN50 dialogue series but ...
Date: 04 September 2017; Type: Legal News; Source: Bernama

SC revokes China's Licence

KUALA LUMPUR, Aug 28 (Bernama) - The Securities Commission Malaysia (SC) has revoked the Capital Markets Services Representative's Licence (CMSRL) of Chin Wai Thoe as he was found to be an undischarged bankrupt.
Date: 28 August 2017; Type: Legal News; Source: Bernama

BNM never Interfere with any Merger and Acquisition Activity

KUALA LUMPUR, Aug 27 (Bernama) - Bank Negara Malaysia (BNM) has reiterated that it does not and will not interfere with the negotiations between any parties in relation to mergers and acquisitions in the banking industry.
Date: 27 August 2017; Type: Legal News; Source: Bernama

KWAP narrows down Foreign Insurers to Three

KUALA LUMPUR, Aug 27 (Bernama) - The Retirement Fund Inc's (KWAP) has narrowed down its investment option to three foreign-owned insurance companies and it is in the midst of appointing an advisor on the matter, said Chief Executive Officer Datuk Wan Kamaruzaman Wan Ahmad.
Date: 27 August 2017; Type: Legal News; Source: Bernama

Bursa Malaysia Securities publicly reprimands Asdion Berhad for Breach of the Ace Market Listing Requirements

Kuala Lumpur, 24 August 2017 - Bursa Malaysia Securities Berhad (635998-W) (Bursa Malaysia Securities) has publicly reprimanded ASDION BERHAD (ASDION) for committing the following breaches of the Bursa Malaysia Securities ACE Market Listing Requirements (ACE LR):-
Date: 24 August 2017; Type: Legal News; Source: Bursa Malaysia

Bursa Malaysia Securities reprimands, fines and Suspends Wong Wing Haur for engaging in Manipulative Dealing Activities

KUALA LUMPUR, 21 AUGUST 2017 - Bursa Malaysia Securities Berhad (635998-W) (Bursa Malaysia Securities) has publicly reprimanded, imposed a fine of RM60,000 and suspended/restricted (as the case may be) Wong Wing Haur (WWH) for 10 months as/from being a Registered Person of Bursa Malaysia Securities, for engaging in manipulative trading activit ...
Date: 21 August 2017; Type: Legal News; Source: Bursa Malaysia

BNM's Bid to exclude Media, Public from Inquiry dismissed

PUTRAJAYA, Aug 21 (Bernama) - The Royal Commission of Inquiry began its investigation today with rejecting Bank Negara Malaysia (BNM)'s application to exclude the media and public from the proceedings when two reports were being disclosed by witnesses.
Date: 21 August 2017; Type: Legal News; Source: Bernama

BNM to issue Framework to address Medical Insurance Inflation

KUALA LUMPUR, Aug 18 (Bernama) - Bank Negara Malaysia (BNM) will come out with a framework as soon as possible to reduce the inflation of medical insurance, which now stands at 12 per cent.
Date: 18 August 2017; Type: Legal News; Source: Bernama

Exposure Draft on Leverage Ratio

This Exposure Draft sets out the Bank’s proposals for the Leverage Ratio (LR) framework for banking institutions, which is part of the Basel III regulatory reforms.
Date: 17 August 2017; Type: Legal News; Source: Bank Negara

Bursa Malaysia seeks Feedback on Review of Main, ACE Markets' Listing Requirements

KUALA LUMPUR, Aug 14 (Bernama) - Bursa Malaysia Securities Bhd has issued a consultation paper on the review of the Main Market and ACE Market Listing Requirements (LR) in relation to corporate governance requirements.
Date: 14 August 2017; Type: Legal News; Source: Bernama

Bursa Malaysia has No Plan to facilitate listing of Dual Class Shares

There have been some misleading reports of late which have caused confusion on Bursa Malaysia’s position on the listing of dual class shares. Bursa Malaysia’s position has been misunderstood and taken out of context. We wish to inform that presently, we have no plan to facilitate the listing of dual class shares. In Bursa Malaysia&rsquo ...
Date: 11 August 2017; Type: Legal News; Source: Bursa Malaysia

BNM, Finance Ministry yes to proposed STMB Revamp

KUALA LUMPUR, Aug 10 (Bernama) - Bank Negara Malaysia (BNM) and the Finance Ministry have granted decisions-in-principle to Syarikat Takaful Malaysia Bhd (STMB) for its proposed reorganisation.
Date: 10 August 2017; Type: Legal News; Source: Bernama

Sabah Assembly passes Supplementary Budget

KOTA KINABALU, Aug 7 (Bernama) - The Sabah State Legislative Assembly today passed the 2017 First Supplementary Supply Bill involving RM698,612,570.
Date: 07 August 2017; Type: Legal News; Source: Bernama

SC reprimands China-based Company, bans Two HK Citizens for Life

Securities Commission Malaysia (SC) has reprimanded a China-based sports equipment company, Telent Outdoor (Hong Kong) Technology Co. Ltd (Telent), and imposed a permanent moratorium on two of its directors for submitting false information.
Date: 31 July 2017; Type: Legal News; Source: Securities Commission

SC reprimands China-based Company for submitting False Info

KUALA LUMPUR, July 31 (Bernama) - Securities Commission Malaysia (SC) has reprimanded Telent Outdoor (Hong Kong) Technology Co Ltd, a China-based sports equipment company and imposed a permanent moratorium on two of its directors for submitting false information.
Date: 31 July 2017; Type: Legal News; Source: Bernama

SC reviewing Due Diligence Guidelines

KUALA LUMPUR, July 18 (Bernama) - The Securities Commission (SC) Malaysia is reviewing its due diligence guidelines to enhance effectiveness in the evaluation of corporate proposals, said Deputy Chief Executive Datuk Ahmad Fairuz Zainol Abidin.
Date: 18 July 2017; Type: Legal News; Source: Bernama

Industry Updates

Budget 2018: 13,837 Ideas, Proposals from the Public received

KUALA LUMPUR, Sept 20 (Bernama) - Datuk Seri Najib Tun Razak said today that 13,837 ideas and proposals were received through the Budget 2018 'crowdsourcing' campaign carried out for 15 days from Sept 4 to 18.

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Malaysia-Thailand to ink MoU on Security Cooperation

BANGKOK, Sept 20 (Bernama) - There will be closer security cooperation between Malaysia and Thailand with the establishment of a Joint Committee on Security Cooperation, according to a cabinet resolution document released by the Thai government.

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EPF to boost Investments in Shariah-Compliant Private Equity Funds

KUALA LUMPUR, Sept 19 (Bernama) - The Employees Provident Fund (EPF) is prepared to increase its investments in shariah-compliant private equity (PE) funds, said its Investment Deputy Chief Executive Officer, Datuk Mohamad Nasir Ab Latif.

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BNM seeks More Focused Delivery of Mandates under Malaysian Development Financial Institutions

KUALA LUMPUR, Sept 19 (Bernama) - Bank Negara Malaysia (BNM) is planning to work with the leadership of local financial institutions and other stakeholders in government to address a more focused delivery of mandates under the Malaysian Development Financial Institutions.

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Renewal Application for Special Scheme expiring 31st March 2018 onwards

Renewal application shall be made six months prior to the expiry date and must be submitted two months before the expiry date​.

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MTUC urges Local Authorities to take Stern Action against Illegal Premises

BUTTERWORTH, Sept 18 (Bernama) - The Malaysian Trades Union Congress (MTUC) has called on local authorities to take strict legal action against illegal buildings or premises, particularly educational institutions.

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ASEAN enhances Coordination to tackle Cyber Threats

SINGAPORE, Sept 18 (Bernama) - ASEAN member states have agreed on the importance of enhancing coordination to ensure that its cybersecurity efforts across various platforms in countering increasingly sophisticated cyber threats are focused, effective and in synergy with one another.

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UPNM Cadet Murder Case transferred to High Court

KUALA LUMPUR, Sept 15 (Bernama) - The case involving six Universiti Pertahanan Nasional Malaysia (UPNM) students who are accused of murdering their fellow Navy cadet officer Zulfarhan Osman Zulkarnain and other related charges has been transferred to the High Court.

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Mega Malaysia-US Trade Deals to be positive in the Medium to Long-term

KUALA LUMPUR, Sept 15 (Bernama) - Mega bilateral trade deals concluded between Malaysia and the United States (US) during Prime Minister Datuk Seri Najib Tun Razak's just-concluded visit to the latter is poised to be very positive for the country's economy in the medium- to-long-term, says an economist.

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Mida approves RM1.3 Bln DISF Grant till July 2017

SUNGAI PETANI, Sept 14 (Bernama) - The Malaysian Investment Development Authority (Mida) has approved grants totalling RM1.3 billion under the Domestic Investment Strategic Fund (DISF) since the fund was established in July 2012 until July this year.

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SC establishes Fintech Cooperation with Three Financial Centres

KUALA LUMPUR, Sept 14 (Bernama) - The Securities Commission Malaysia (SC) has signed a series of innovation cooperation agreements with three regulators in major financial centres, in a move to spur greater cooperation in facilitating and regulating innovations emerging within the digital finance industry.

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CIDB wants Governement to cut Machinery Taxes in Budget 2018

KUALA LUMPUR, Sept 14 (Bernama) - The Construction Industry Development Board (CIDB) has asked the government to reduce taxes for construction machinery for the Industrialised Building System (IBS) projects to between five and zero per cent in Budget 2018.

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