malaysia - Banking & Finance

Consumer Credit Act Drawn-up to provide Syariah-Compliant Loans

KUALA LUMPUR, Apr 11 (Bernama) - The Housing and Local Government Ministry is drawing up the Consumer Credit Act which would ensure consumers get loans from syariah-compliant loan companies, the Dewan Rakyat was told today. Its minister Zuraida Kamaruddin said a townhall session was held with various government agencies to get their feedback o ...
Date: 11 April 2019; Type: Legal News; Source: Bernama

Federal Court rules Bank Negara SAC Findings Binding on Civil Courts

PUTRAJAYA, Apr 10 (Bernama) - The Federal Court in a 5-4 majority decision held that Bank Negara Malaysia's Shariah Advisory Council’s (SAC) findings on Islamic finance is binding on Civil Courts.
Date: 10 April 2019; Type: Legal News; Source: Bernama

SSER fined RM18 Mln for infringing BNM Conditions over Pipeline Projects

KUALA LUMPUR, Apr 5 (Bernama) - Suria Strategic Energy Resources Sdn Bhd (SSER), a subsidiary of the Ministry of Finance which carried out two petrochemical and gas pipeline projects worth RM9.4 billion was today fined RM18 million by the Sessions Court here today for failing to comply with Bank Negara Malaysia (BNM) conditions.
Date: 05 April 2019; Type: Legal News; Source: Bernama

BNM to ensure SMEs continue to have access to financing

KUALA TERENGGANU, Apr 5 (Bernama) - Bank Negara Malaysia (BNM) will continue to improve cooperation with the finance industry to ensure entrepreneurs who are qualified and in need can obtain financing.
Date: 05 April 2019; Type: Legal News; Source: Bernama

Dewan Rakyat passes RM19.6 Billion Supplementary Budget

KUALA LUMPUR, Apr 4 (Bernama) - The Dewan Rakyat today approved the supplementary budget of RM19.6 billion proposed by Finance Minister Lim Guan Eng. The approval came after the third reading of the Supplementary Supply Bill (2018) and a motion on the First Supplementary Development Expenditure 2018 in front of Speaker Datuk Mohamad Ariff Md Y ...
Date: 04 April 2019; Type: Legal News; Source: Bernama

BNM calls for Comprehensive Reform of Employment Sector

KUALA LUMPUR, Mar 27 (Bernama) - Bank Negara Malaysia (BNM) has called for a comprehensive reform of the country’s employment sector to attract quality investments that can generate more high-skilled jobs and offer better salaries. Governor Datuk Nor Shamsiah Mohd Yunus said currently, workers in Malaysia are not paid equitably despite p ...
Date: 27 March 2019; Type: Legal News; Source: Bernama

Public Bank v New Ace Digital Print Sdn Bhd and Another

Date: 14 March 2019; Court: Federal Court; Citation: Rayuan No. 02(f)-133-11/2017(W); Source: Federal Court Registry

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

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

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

SC reviews Proposals to spur Venture Capital Industry

KUALA LUMPUR, Feb 11 (Bernama) - The Securities Commission (SC) is reviewing eight recommendations to spur the venture capital (VC) industry including making public VCs more commercially driven and liberalising VC tax incentives.
Date: 11 February 2019; Type: Industry Updates

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

INDUSTRY UPDATES

Right to Freedom of Religion guaranteed under Federal Constitution

KOTA BELUD, Apr 21 (Bernama) - The right to freedom of religion of every Malaysian is guaranteed under the Federal Constitution, said Sabah Rural Development Minister Datuk Ewon Benedick.

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INDUSTRY UPDATES

Sabah and Sarawak High Court Registrar's Office to move to Kota Kinabalu

SANDAKAN, Apr 21 (Bernama) -- Minister in the Prime Minister’s Department Datuk Liew Vui Keong today confirmed that the Office of the Registrar of the Sabah and Sarawak High Court will be relocated from Kuching to Kota Kinabalu.

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INDUSTRY UPDATES

Government awaits Approval from Malay Rulers on New Chief Justice - Mahathir

KUALA LUMPUR, Apri 19 (Bernama) - The government is awaiting approval from the Malay Rulers for the appointment of a new Chief Justice, Prime Minister Tun Dr Mahathir Mohamad said today.

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INDUSTRY UPDATES

8,254 Workers Re-employed after getting Assistance from ESO

KUALA LUMPUR, Apr 16 (Bernama) - A total of 8,254 unemployed workers have been re-employed after receiving assistance from the employment service officers (ESOs) since the Re-Employment Placement Programme for Employment Insurance System (EIS) commenced in August 2018.

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INDUSTRY UPDATES

Two Indonesians fined RM100,000 for Possessing Illicit Cigarettes

KLANG, Apr 16 (Bernama) - Two Indonesian retail shop workers were fined RM100,000 by the Magistrate Court here today after pleading guilty to possessing 854 packs of illegal cigarettes of various brands valued at RM1,668.56.

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INDUSTRY UPDATES

"Go to the Mosque, get Closer to God," Judge advises Robber

IPOH, Apr 16 (Bernama) - "Go to the mosque, get closer to God, be a good person and stop taking drugs," Sessions Court judge Azman Abu Hassan told a palm oil fruit collector.

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INDUSTRY UPDATES

200 Lawyers gather in Kuala Lumpur for TerraLex

KUALA LUMPUR, Apr 13 (Bernama) - A total of 200 lawyers from 50 countries have gathered here for the TerraLex Global Meeting to discuss a wide variety of legal and economic issues impacting Malaysia.

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INDUSTRY UPDATES

Chief Justice pens Touching Farewell to Colleagues

PUTRAJAYA, Apr 13 (Bernama) - "All I ask from you is to protect the judiciary no matter what others may say," said Tan Sri Richard Malanjum in his farewell message to the judges, officers and employees of the judiciary upon his retirement yesterday.

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INDUSTRY UPDATES

Chief Justice Richard Malanjum retires

PUTRAJAYA, Apr 12 (Bernama) - Chief Justice Tan Sri Richard Malanjum retires today after serving 27 years in the judiciary.

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INDUSTRY UPDATES

Appointment of Suhakam Commissioner for Children to be announced this Month

KUALA LUMPUR, Apr 11 (Bernama) - The Legal Affairs Division in the Prime Minister's Department is expected to announce the appointment of a Suhakam (Human Rights Commission of Malaysia) commissioner for the portfolio of children this month.

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INDUSTRY UPDATES

Proposed Amendment to Constitution not done in haste - Liew

KUALA LUMPUR, Apr 10 (Bernama) - Minister in the Prime Minister's Department Datuk Liew Vui Keong today brushed off claims that the proposed amendment to Article 1(2) of the Federal Constitution was done in haste, saying the MPs from Sabah and Sarawak were given ample time to deliberate the matter.

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INDUSTRY UPDATES

Re-tabling of Amendment Bill depends on Needs - Dr Mahathir

KUALA LUMPUR, Apr 10 (Bernama) - Prime Minister Tun Dr Mahathir Mohamad said re-tabling of the bill to amend the Federal Constitution to give Sabah and Sarawak equal status with Peninsular Malaysia, which failed to get two-thirds majority support in the Dewan Rakyat yesterday, would depend on needs.

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INDUSTRY UPDATES

Hearing of Najib's Appeal to disqualify Gopal Sri Ram as Prosecutor Rescheduled to April 23

PUTRAJAYA, Apr 10 (Bernama) - The Court of Appeal has rescheduled to April 23 to hear Datuk Seri Najib Tun Razak's appeal against a High Court's dismissal of his application to disqualify former Federal Court judge Datuk Seri Gopal Sri Ram from leading the prosecution team in his 1Malaysia Development Bhd (1MDB) cases.

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INDUSTRY UPDATES

Amendments to NSC Act because PM cannot have unfettered Powers - Dr Mahathir

KUALA LUMPUR, Apr 9 (Bernama) - The proposed amendments to the National Security Council (NSC) Act 2016 tabled in the Dewan Rakyat today is to prevent the prime minister from using his powers in declaring a certain area as a security zone, said Tun Dr Mahathir Mohamad.

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INDUSTRY UPDATES

Maximum Two-Year Probation for Judicial Commissioners, says Chief Justice

PUTRAJAYA, Apr 9 (Bernama) - The probation period for judicial commissioners (JCs) will now be a maximum of two years and there will be no extension, Chief Justice Tan Sri Richard Malanjum said today.

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