malaysia - Banking & Finance - Notices & Directives

Enforcement of Section 241 of Companies Act 2016

This is to notify that Suruhanjaya Syarikat Malaysia (SSM) has announced the enforcement of Section 241 of the Companies Act 2016 from 15 March 2019. All qualified persons who wish to act as a secretary must register with the Registrar irrespective of their professional background. Circular No. 34/2019
Date: 21 March 2019; Type: Circular; Source: Malaysian Institute of Accountants

Proposed Amendments to the Money Services Business Act 2011

This consultation paper outlines the proposed amendments to the Money Services Business Act 2011 (MSBA), with a view to enable more effective enforcement to stamp out illegal Money Services Business (MSB) by unlicensed operators and provide appropriate deterrents against non-compliances by licensed MSB. Bank Negara Malaysia (the Bank) invites ...
Date: 19 March 2019; Type: Consultation Paper; Source: Bank Negara

The Malaysian Institute of Accountants Invites Comments on the MIA Competency Framework Exposure Draft

This is to notify that the Malaysian Institute of Accountants (MIA) has approved the release of the MIA Competency Framework Exposure Draft on 21 February 2019 for distribution to members and other interested parties for comments by 10 May 2019. Circular No. MF4/2019  
Date: 13 March 2019; Type: Circular; Source: Malaysian Institute of Accountants

The Malaysian Institute of Accountants Invites Comments on the MIA Competency Framework Exposure Draft

This is to notify that the Malaysian Institute of Accountants (MIA) has approved the release of the MIA Competency Framework Exposure Draft on 21 February 2019 for distribution to members and other interested parties for comments by 10 May 2019. Circular No. 29/2019
Date: 13 March 2019; Type: Circular; Source: Malaysian Institute of Accountants

Dissolution of the Financial Reporting Standards Implementation Committee

This is to notify the establishment of the Malaysian Financial Reporting Standards (MFRS) Application and Implementation Committee (MAIC), a committee under the purview of the Malaysian Accounting Standards Board (MASB) and the dissolution of the Financial Reporting Standards Implementation Committee (FRSIC). Circular No. 26/2019
Date: 08 March 2019; Type: Circular; Source: Malaysian Institute of Accountants

Securities Commission Introduces Framework to Facilitate Trading of Digital Assets in Malaysia

The Securities Commission Malaysia (SC) has amended Guidelines on Recognized Markets in order to follow the coming into force of the Capital Markets and Services (Prescription of Securities) (Digital Currency and Digital Token) Order 2019 on 15 January 2019. Circular No. 14/2019
Date: 13 February 2019; Type: Circular; Source: Malaysian Institute of Accountants

MASB Expands its Role in MFRS Application and Implementation

This is to notify the establishment of the Malaysian Financial Reporting Standards (MFRS) Application and Implementation Committee (MAIC) and that the Financial Reporting Standards Implementation Committee (FRSIC) of the Malaysian Institute of Accountants (MIA) will no longer be issuing any further FRSIC consensus. Circular No. 11/20 ...
Date: 28 January 2019; Type: Circular; Source: Malaysian Institute of Accountants

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

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

Guidelines for Corporate Rescue Mechanism under Division 8 Part III of the Companies Act 2016

This is to inform all accountants that the Companies Commission of Malaysia (SSM) had issued Guidelines for Corporate Rescue Mechanism under Division 8 Part III of the Companies Act 2016 pursuant to Section 20C of the Companies Commission of Malaysia 2001 on 5 December 2018. Circular No. 102/2018
Date: 26 December 2018; Type: Circular; Source: Malaysian Institute of Accountants

The Securities Commission Introduces Enhanced Disclosure Requirements for Abridged Prospectuses and Circulars

This is to inform all accountants that the Securities Commission Malaysia released the revised Prospectus Guidelines and Equity Guidelines on 14 December 2018. The amendments are effective from 13 March 2019 onwards. Circular No. 100/2018
Date: 26 December 2018; Type: Circular; Source: Malaysian Institute of Accountants

Guidelines for Corporate Rescue Mechanism under Division 8 Part III of the Companies Act 2016

This is to inform all member firms that the Companies Commission of Malaysia (SSM) had issued Guidelines for Corporate Rescue Mechanism under Division 8 Part III of the Companies Act 2016 pursuant to Section 20C of the Companies Commission of Malaysia 2001 on 5 December 2018. Circular No. MF24/2018
Date: 21 December 2018; Type: Circular; Source: Malaysian Institute of Accountants

Amendments to the Main Market Listing Requirements and Rules and Directives of Bursa Malaysia Securities Berhad in Relation to Exchange-Traded Funds

This is to notify that Bursa Malaysia Securities Berhad seeks to amend the Main Market Listing Requirements and the Rules and Directives of Bursa Malaysia Securities Berhad in relation to Exchange-Traded Funds on 7 December 2018 in order to enhance the regulatory framework governing exchange-traded funds. The amendments are effective from ...
Date: 19 December 2018; Type: Circular; Source: Malaysian Institute of Accountants

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

Bursa Malaysia Seeks Feedback on Shortening the Securities Settlement Cycle to T+2

This is to notify that Bursa Malaysia Berhad issued a consultation paper seeking public feedback on the proposed move to a shorter securities settlement cycle to two days from the current three-day cycle in order to improve operational efficiency, reducing systemic risks and aligning the clearing and settlement processes of the Malaysian capital ma ...
Date: 03 December 2018; Type: Press Release; Source: Bursa Malaysia

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

Invitation for Submission of Issues relating to 2019 Budget Proposals and other Technical and Operational Matters (Extension of Deadline)

This Circular by the Malaysian Institute of Accountants is to invite the members to submit their issues relating to the 2019 Budget Proposals, as well as other technical and operational issues along with specific detailed background to the Institute by 19 November 2018. Circular No. 90/2018
Date: 14 November 2018; Type: Circular; Source: Malaysian Institute of Accountants

Public Response Paper on Proposed Regulatory Framework for Trustees and Custodians under Section 76A of CMSA 2007

This is to notify that the Securities Commission Malaysia (SC) had published a Public Consultation Paper (CP) seeking feedback on the SC’s proposed regulatory framework for Trustees and Custodians from 12 October to 28 November 2016. The valuable and constructive feedback and suggestions from the 24 respondents have been duly considered in th ...
Date: 19 October 2018; Type: Feedback; Source: Securities Commission

INDUSTRY UPDATES

Chief Justice heads Penang Honours List

GEORGE TOWN, Jul 12 (Bernama) - Chief Justice Datuk Tengku Maimun Tuan Mat heads the list of 877 recipients of state honours and honorary medals in conjunction with the 81st birthday of the Yang Dipertua Negeri of Penang Tun Abdul Rahman Abbas.

Read More

INDUSTRY UPDATES

Prosecution failed to serve Summons on Shahrizat's Children, Court sets new Mention Date

KUALA LUMPUR, Jul 12 (Bernama) - The Sessions Court here today set Aug 5 for mention of a lawsuit filed by the Companies Commission of Malaysia (CCM) against two children of former Women, Family and Community Development Minister Tan Sri Shahrizat Abdul Jalil in connection with several offences allegedly committed by their company.

Read More

INDUSTRY UPDATES

Bill to increase Sabah State Seats to be tabled on July 17

KOTA KINABALU, Jul 11 (Bernama) - Sabah Chief Minister Datuk Seri Mohd Shafie Apdal is confident the Bill for the additional 13 seats, to increase the number of state seats from 60 to 73, will be approved when it is tabled in Parliament on July 17.

Read More

INDUSTRY UPDATES

IRB records 486,360 Cases of Voluntary Tax Declaration

KUALA LUMPUR, Jul 8 (Bernama) - The Inland Revenue Board of Malaysia (IRB) has recorded 486,360 cases of voluntary tax declaration under the special voluntary declaration programme (PKPS) as of June 23.

Read More

INDUSTRY UPDATES

Sugar Tax: SME Traders can file Postponement Appeal

PARIT BUNTAR, Jul 7 (Bernama) - Small and Medium Enterprise (SME) traders affected by the sugar tax on sweetened drinks which came into effect this month, can file a postponement appeal to the relevant authorities.

Read More

INDUSTRY UPDATES

Sarawak Government has not Officially responded on the RM1 Loan Offer - MOF

KUALA LUMPUR, Jul 6 (Bernama) - The Sarawak state government has yet to provide any official feedback to the Federal government on the proposed loan offer, amounting to RM1 billion, which will be allocated for repairs of dilapidated schools in the state.

Read More

INDUSTRY UPDATES

Government offers Tax Incentives, grants to boost Participation in Expo 2020 Dubai

PUTRAJAYA, Jul 5 (Bernama) - The government has approved tax incentives and grants to encourage potential participating and contributing companies in the upcoming Expo 2020 Dubai.

Read More

INDUSTRY UPDATES

Airbnb wants clearer Guideline on Tourism Tax

KUALA LUMPUR, Jul 2 (Bernama) -- Online hospitality service brokerage company, Airbnb Inc urged the government to provide a clearer guideline on tourism tax for its type of business.

Read More

INDUSTRY UPDATES

CUEPAC urges Government to review Minimum Wage

KUALA TERENGGANU, Jun 30 (Bernama) - The Congress of Unions of Employees in the Public and Civil Services (CUEPACS) has urged the government to review the minimum wage in an effort to reduce the people’s cost of living.

Read More

INDUSTRY UPDATES

MITI calls SMEs to sign up for IR4.0 Assessment

GEORGE TOWN, Jun 28 (Bernama) - The Ministry of International Trade and Industry (MITI) is encouraging small and medium-sized enterprises (SMEs) in the manufacturing sector to sign up for the National Policy on Industry 4.0 Readiness Assessment (Industry4WRD-RA).

Read More

INDUSTRY UPDATES

Lawyer Shafee's Money-Laundering trial moved to March Next Year

KUALA LUMPUR, Jun 27 (Bernama) - The trial of prominent lawyer Tan Sri Muhammad Shafee Abdullah, who is facing two counts of money laundering charges involving RM9.5 million he allegedly received from former prime minister Datuk Seri Najib Tun Razak, and two charges of making false statements to the Inland Revenue Board (IRB), has been moved to March next year.

Read More

INDUSTRY UPDATES

Government plans to build New Shah Alam Court Complex - Liew

SHAH ALAM, Jun 24 (Bernama) - The government plans to build a new Court Complex in Shah Alam to replace the existing building, said Minister in the Prime Minister’s Department Datuk Liew Vui Keong.

Read More

INDUSTRY UPDATES

Niosh offers free needs Analyses for Sabah and Labuan Workplaces

KOTA KINABALU, Jun 24 (Bernama) - The National Institute of Occupational Safety and Health (NIOSH) stands ready to conduct free needs analyses of workplace safety for organisations in Sabah and the Federal Territory of Labuan, with the aim of identifying appropriate training required.

Read More

INDUSTRY UPDATES

Ministry launches Sexual Predation Awareness Campaign

PUTRAJAYA, Jun 24 (Bernama) - The Women, Family and Community Development Ministry today launched a sexual predation awareness campaign via digital medium Youtube.

Read More

INDUSTRY UPDATES

MyCC to focus Efforts on Monitoring Cement Industry

KUALA LUMPUR, Jun 19 (Bernama) - The Malaysia Competition Commission (MyCC) says it will focus its efforts on consistently monitoring the cement industry in order to complement the government’s initiative in protecting the welfare of consumers.

Read More