malaysia - Banking & Finance

DFIs need to ensure Long Term Financial Sustainability - BNM

KUALA LUMPUR, Aug 9 (Bernama) - Development financial institutions (DFIs) need to diversify sources of funding to be sustainable in the long run and not be dependent on fiscal support to deliver their mandates, said Bank Negara Malaysia (BNM) Governor, Datuk Nor Shamsiah Yunus.
Date: 09 August 2018; Type: Industry Updates; Source: Bernama

EPF Incentive for Housewives starts Next Week

KUALA LUMPUR, Aug 8 (Bernama) - The SURI Incentive Programme which enables housewives to gain access to quality social security and enhanced income security will be implemented in three phases, Deputy Prime Minister Datuk Seri Dr Wan Azizah Wan Ismail said today.
Date: 08 August 2018; Type: Legal News; Source: Bernama

Bursa Malaysia Securities reprimands, fines and orders to strike off Chan Ling Ern for Misconducts and Violation of Rules

KUALA LUMPUR, Aug 1 - Bursa Malaysia Securities Berhad (635998-W) (Bursa Malaysia Securities) has publicly reprimanded, imposed a fine of RM20,000 and ordered to strike off Chan Ling Ern (CLE) from the Register if she was still a Registered Person of Bursa Securities for misconducts/ breaches relating to personal/ unauthorised trades in the account ...
Date: 01 August 2018; Type: Legal News; Source: Bursa Malaysia

SC Issues cease Order to Lendingstar

KUALA LUMPUR, Aug 2 (Bernama) - The Securities Commission Malaysia (SC) has directed Lendingstar Malaysia Sdn Bhd (Lendingstar) to cease all activities with immediate effect.
Date: 02 August 2018; Type: Legal News; Source: Bernama

Businessman wins Appeal to get back Money seized under AMLATFA

PUTRAJAYA, July 31 (Bernama) - Law enforcement agencies can freeze properties of persons investigated under the Anti-Money Laundering and Anti-Terrorism Financing Act 2001 (AMLATFA) for only up to 90 days, the Court of Appeal held.
Date: 31 July 2018; Type: Legal News; Source: Bernama

Housewives' EPF: implementation of Salary Deduction for Polygamous Husbands to be fine-tuned

KUALA LUMPUR, July 30 (Bernama) - The implementation of the Employees Provident Fund (EPF) salary deduction for a husband who has more than one wife is currently being fine-tuned by the EPF and Social Security Organisation (Socso), said Deputy Prime Minister Datuk Seri Dr Wan Azizah Wan Ismail.
Date: 30 July 2018; Type: Legal News; Source: Bernama

Bursa Malaysia announces Highest Half Year Operating Revenue since 2005 Listing

Kuala Lumpur, 30 July 2018 – Bursa Malaysia Berhad registered a Profit After Tax and Minority Interest (“PATAMI”) of RM122.0 million for the first half ended 30 June 2018 (“1H2018”), an increase of 5.0% from RM116.2 million reported in the previous first half ended 30 June 2017 (“1H2017”). The growth in PAT ...
Date: 30 July 2018; Type: Industry Updates; Source: Bursa Malaysia

Unfair to blacklist PTPTN Loan Defaulters - Teo

KUALA LUMPUR, July 23 (Bernama) - The move to blacklist National Higher Education Fund Corporation (PTPTN) loan defaulters from leaving the country by the previous government is unfair, said Deputy Education Minister Teo Nie Ching.
Date: 23 July 2018; Type: Industry Updates; Source: Bernama

MIA launches CFO Competency Framework

KUALA LUMPUR, July 20 (Bernama) -  The Malaysian Institute of Accountants (MIA) launched a CFO Competency Framework for Public Interest Entities to enhance Chief Financial Officer (CFO) roles. The framework sets five key principles guiding the roles and expectations of a CFO and the six roles that represent the breadth of the CFO's remit. ...
Date: 20 July 2018; Type: Legal News; Source: Bernama

Finance Ministry to consider Review of Laws over Grants to States - Guan Eng

KUALA LUMPUR, July 18 (Bernama) - The Finance Ministry is willing to consider proposals to review laws no longer relevant pertaining to the grants to state governments, the Dewan Rakyat was told today. Finance Minister Lim Guan Eng said it was indeed the policy of the new government to ensure that all state governments were accorded fair treat ...
Date: 18 July 2018; Type: Legal News; Source: Bernama

MIA releases updated 'Illustrative Mpers Financial Statements' Guide

KUALA LUMPUR, July 17 (Bernama) - The Malaysian Institute of Accountants (MIA) has released the second edition of the 'Illustrative MPERS Financial Statements, with Commentaries and Guidance Notes' (Illustrative MPERS Financial Statements).
Date: 17 July 2018; Type: Industry Updates; Source: Bernama

BNM updates the List of Unauthorised Companies and Websites

BNM updates the List of Unauthorised Companies and Websites
Bank Negara Malaysia (BNM) has updated its Financial Consumer Alert list. The list consists of companies and websites which are neither authorised nor approved under the relevant laws and regulations administered by BNM.
Date: 31 May 2018; Type: Legal News; Source: Bank Negara

Wan Zubaidah Bt Wan Mahmood and Another v CIMB Bank Berhad

Banking & finance – Loan facility made available by a bank – Landed property as security for the loan – Default in the repayment of the loan – Recovery of debt – Enforcement of the charge over the landed property

Litigation & court procedure – Limitation – When does a cause of action accr ...

Date: 11 June 2018; Court: Court of Appeal; Citation: [2018] MYCA 198; Source: Federal Court Registry

Bank Negara Malaysia maintains OPR at 3.25 per cent

KUALA LUMPUR, July 11 (Bernama) - Bank Negara Malaysia (BNM) has maintained the Overnight Policy Rate (OPR) at 3.25 per cent after the two-day Monetary Policy Committee (MPC) meeting which ended today.
Date: 11 July 2018; Type: Industry Updates; Source: Bernama

Guidelines on Implementation of Targeted Financial Sanctions relating to Proliferation Financing for Capital Market Intermediaries

These Guidelines are applicable to a relevant capital market intermediaries and their branches in Malaysia. These Guidelines provide requirements for relevant capital market intermediaries regulated under the CMSA to comply with the obligations imposed under the relevant laws.
Date: 06 April 2018; Type: Guideline; Source: Securities Commission

Consultation Paper on Proposed Review of the Main Market Listing Requirements and Rules and Directives of Bursa Malaysia Securities Berhad in Relation to Exchange-Traded Funds

This Consultation Paper seeks to consult the public on the proposed amendments to the rules that reflect various enhancements to the framework for Exchange-Traded Funds (ETF) aimed at spurring innovation and growth of our ETF industry. The written comments on the issues set out in this Consultation Paper relating to the Main Market Listing Requirem ...
Date: 09 July 2018; Type: Consultation Paper; Source: Bursa Malaysia

Bursa Malaysia seeks Public Feedback on Proposed Enhancements To ETF Framework

Kuala Lumpur, 9 July 2018 – Bursa Malaysia Berhad has issued a consultation paper to seek public feedback on the proposed review of the Main Market Listing Requirements and Rules and Directives of Bursa Malaysia Securities Berhad in relation to Exchange-Traded Funds (“ETFs”). The public consultation period will run from 9 July 201 ...
Date: 09 July 2018; Type: Legal News; Source: Bursa Malaysia

Exploring Future World of Finance at ACCA Conference 2018

KUALA LUMPUR, July 5 (Bernama) - Over 500 leading members of Malaysia's accounting profession gathered at St Regis Kuala Lumpur on July 3 to look at navigating the future world of finance and how to develop the required professional skillset to successfully lead business in the 21st century.
Date: 05 July 2018; Type: Industry Updates; Source: Bernama

SC invites Applications for Registration as Equity Crowdfunding and Peer-to-Peer Financing Operators

The Securities Commission Malaysia (SC) has announced that it is inviting parties interested to operate equity crowdfunding (ECF) or peer-to-peer (P2P) financing platforms to submit applications for registration with the SC. Applications must be submitted to the SC latest by 7 September 2018.
Date: 05 July 2018; Type: Legal News; Source: Asean LIP Reporter

EPF allows Flexible Voluntary Contribution effective July 1

KUALA LUMPUR, June 29 (Bernama) - The Employees Provident Fund (EPF) is abolishing the RM50 minimum requirement for members who voluntarily contribute to their accounts effective July 1.
Date: 29 June 2018; Type: Legal News; Source: Bernama

INDUSTRY UPDATES

Exercise of Freedom must be in accordance to Federal Constitution - Eddin Syazlee

JOHOR BAHRU, Aug 14 (Bernama) - The exercise of individual’s right to freedom, be it freedom of religion or speech, must be done in accordance to the provisions in the Federal Constitution, says Deputy Communications and Multimedia Minister Eddin Syazlee Shith.

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INDUSTRY UPDATES

International Malaysia Law Conference 2018

The 4-day International Malaysia Law Conference (“IMLC”) 2018, the flagship biennial event of the Malaysian Bar themed “Raising the Bar: Innovate. Integrate. Emulate.” is underway.

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INDUSTRY UPDATES

IMLC 2018: Change of Government an impetus for strengthening the Rule of Law, says Sultan Nazrin Shah

KUALA LUMPUR, Aug 14 (Bernama) - The recent change of government in Malaysia has given a fresh impetus to strengthen the rule of law in the country, the Sultan of Perak, Sultan Nazrin Shah said today.

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INDUSTRY UPDATES

1Mine urges Government to postpone SST

KUALA LUMPUR, Aug 14 (Bernama) - The government has been urged to postpone implementation of the Sales and Services Tax (SST) come Sept 1 until a directive on the newly passed tax law is clearly outlined.

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INDUSTRY UPDATES

Seizure of Equanimity made according to Legal Procedures - Liew Vui Keong

KUALA LUMPUR, Aug 14 (Bernama) - Minister in the Prime Minister’s Department Datuk Liew Vui Keong told the Dewan Rakat today that the seizure of the superyatch Equanimity was made according to Malaysian procedures and laws.

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INDUSTRY UPDATES

Petronas, Sabah, Negeri Sembilan receive Global Innovation Award

KUALA LUMPUR, Aug 14 (Bernama) - Petroliam Nasional Berhad (Petronas), Sabah Land and Survey Department, and the Negeri Sembilan government have been selected ahead of more than 100,000 companies worldwide to win a global technology award.

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INDUSTRY UPDATES

Call to improve Healthcare System instead of Introducing Health Insurance Scheme

KUALA LUMPUR, Aug 13 (Bernama) - A healthcare advocate had urged the government to reconsider the proposal to introduce national health insurance scheme for the people by taking into considerations it's adverse financial impact in the long term.

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INDUSTRY UPDATES

Najib files Appeal against Gag Order Refusal

KUALA LUMPUR, Aug 13 (Bernama) - Lawyers of former prime minister Datuk Seri Najib Tun Razak today filed an appeal against a High Court refusal to issue an order restraining the media and public from publishing statements on the merits of his case pending its disposal.

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INDUSTRY UPDATES

Johor to consider implementing Open Tender System

ISKANDAR PUTERI, Aug 12 (Bernama) - The state government will consider implementing the open tender system for all projects in Johor to prevent monopolies, said Menteri Besar Datuk Osman Sapian.

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INDUSTRY UPDATES

SMEs need to collaborate with IPTS to embrace Technologies

KUANTAN, Aug 13 (Bernama) - Small and medium enterprises (SMEs) need to collaborate with local institutions of higher learning (IPTs) to enable them to brace technologies in order to be more competitive in the face of the fourth industrial revolution (Industry 4.0).

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INDUSTRY UPDATES

Mixed Reaction in Construction-Related Stocks following SST Announcement

KUALA LUMPUR, Aug 13 (Bernama) - The prices of construction-related stocks saw a mixed performance today following the Finance Ministry’s announcement on the tax exemption of some construction materials.

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INDUSTRY UPDATES

GST Refunds should be settled before SST kicks in

KUALA LUMPUR, Aug 11 (Bernama) - The Finance Ministry has been urged to find a swift solution regarding the Goods and Goods and Services Tax (GST) refunds before the implementation of Sales and Services Tax (SST) this September.

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INDUSTRY UPDATES

740 Violations detected in Food Premises under Sarawak Labour Ordinance

KUCHING, Aug 9 (Bernama) - The Sarawak Labour Department today conducted simultaneous operations throughout the state on 140 employees’ workplaces in food premises in which 740 violations were detected under the Labour Ordinance.

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INDUSTRY UPDATES

Marriage Age Amendment, Stakeholders' views crucial

KOTA KINABALU, Aug 9 (Bernama) - The government will take into consideration the views of all stakeholders in the discussions to raise the marriage age limit in the country from 16 to 18 years before any decision is made, said Minister in the Prime Minister's Department Datuk V.K Liew.

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INDUSTRY UPDATES

EPF and Grab sign MoU to promote i-Saraan among Ride-hailing Drivers

KUALA LUMPUR, Aug 9 (Bernama) - The Employees Provident Fund (EPF) and ride-hailing service provider, Grab Malaysia, signed a memorandum of understanding (MoU) to encourage the ride-hailing driver-partners community to participate in EPF’s voluntary retirement savings programme, Caruman Sukarela Insentif Persaraan (i-Saraan).

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