malaysia - Banking & Finance

Banks advised to Consider All Incomes of Housing Loan Applicants

KUALA LUMPUR, June 16 (Bernama) - The Housing and Local Government Ministry has proposed that banks also take into account all other incomes of housing loan applicants to address the high rate of rejections of applications from people in the middle- and low-income groups.
Date: 16 June 2018; Type: Legal News; Source: Bernama

Put an end to BNM's Non-Core Activities

KUALA LUMPUR, June 12 (Bernama) - Putting an end to Bank Negara Malaysia's (BNM) involvement in non-core activities, should be one of the main reforms that the new government can embark on, said HELP University Professor Dr Geoffrey Williams.
Date: 12 June 2018; Type: Industry Updates; Source: Bernama

Bursa announces Zero-Rated GST effective June 1

KUALA LUMPUR, June 1 (Bernama) - Bursa Malaysia has announced zero-rated Goods and Services Tax (GST) on all fees charged by the stock exchange operator and subsidiaries effective today.
Date: 01 June 2018; Type: Industry Updates; Source: Bernama

Zero-Rated GST for Banking Products, Services starting June 1

KUALA LUMPUR, June 1 (Bernama) - Conventional commercial banks in Malaysia will charge the Goods and Services Tax (GST) at zero per cent for all banking products and services which were previously subject to GST at six per cent.
Date: 01 June 2018; Type: Industry Updates; Source: Bernama

Mini Budget, Supplementary Bill to be tabled

PUTRAJAYA, May 31 (Bernama) - A mini budget and supplementary bill for Federal government expenditure will be tabled in Parliament next month, said Finance Minister Lim Guan Eng. The bill was necessary following the cost-centre revision made in government expenditure, as well as, fiscal adjustment measures undertaken to reduce the country's de ...
Date: 31 May 2018; Type: Legal News; Source: Bernama

Irwan is no longer Member of BNM Board, says BNM

KUALA LUMPUR, May 28 (Bernama) - Bank Negara Malaysia today announced that Tan Sri Dr Mohd Irwan Serigar Abdullah is no longer a member of its board of directors (BNM Board) by virtue of the fact that he has ceased to hold the office of Secretary-General to the Treasury, effective May 14.
Date: 28 May 2018; Type: Industry Updates; Source: Bernama

Enforcement Action against Company suspected to be using the Word "Bank" without Approval

A raiding operation was conducted on Axios Group Sdn Bhd located in Cheras on 24 May 2018. Axios Group Sdn Bhd was suspected to have committed an offence under section 139(1)(a) of the Financial Services Act 2013 (FSA) for using the word “bank” in their office premise signage and websites without written approval by Bank Negara Malaysia ...
Date: 24 May 2018; Type: Legal News; Source: Bank Negara

List of Shariah-Compliant Securities by the Shariah Advisory Council of the Securities Commission Malaysia

The Shariah Advisory Council of the Securities Commission Malaysia has approved an updated list of securities which have been classified as Shariah-compliant securities. This list of Shariah-compliant securities will take effect from 25 May 2018.
Date: 25 May 2018; Type: Statement; Source: Securities Commission

Additional Requirements for the Money Services Business Compliance Officers

This circular entrusts additional responsibilities on Money Services Business Compliance Officers to ensure that they perform their roles and responsibilities effectively in proportion to the size and scope of activities of the licensed entity which appoints them.
Date: 22 May 2018; Type: Circular; Source: Bank Negara

Revision of the Licensing Handbook

This is to notify that handbook issued by the Securities Commission Malaysia under the Capital Markets and Services Act 2007, which introduced a single licensing regime for capital market intermediaries and explained the procedures, obligations, and restrictions attached to a licence is revised as on 6 April 2018. SC-GL/LH- ...
Date: 06 April 2018; Type: Guideline; Source: Securities Commission

List of Licensees under the Money Services Business Act 2011

The licensees' list as on 16 March 2018.
Date: 27 April 2018; Type: Federal Subsidiary Legislation; Citation: P.U. (B) 219 of 2018; Source: AGC Federal Gazette

The AOB Sanctions Auditor for Poor Quality Audit Work

The Securities Commission Malaysia’s (SC) Audit Oversight Board (AOB) reprimanded and fined Tang Boon Hiap of CHI-LLTC a sum of RM225,000 for failure to comply with the International Standards on Auditing when auditing a public-listed company. Compliance with auditing standards when auditing the financial statements of a public-interest entit ...
Date: 25 April 2018; Type: Legal News; Source: Securities Commission

Bank Negara appoints Two New Assistant Governors

KUALA LUMPUR, Apr 26 (Bernama) - Bank Negara Malaysia (BNM) has appointed two new Assistant Governors, Nazrul Hisyam Mohd Noh and Tan Nyat Chuan, effective May 1, 2018.
Date: 26 April 2018; Type: Industry Updates; Source: Bernama

World's First Crypto Currency Guarantee against Theft

KUALA LUMPUR, Apr 18 (Bernama) - In a world's first, GoldCrypto will protect and guarantee its cryptocurrency tokens from any theft through hacking.
Date: 18 April 2018; Type: Industry Updates; Source: Bernama

Issuance of Amendments to Main Market Listing Requirements in Relation to Collective Investment Scheme and Business Trust

This is to notify the amendments made to the Main Market Listing Requirements in relation to the collective investment scheme and business trust. Circular No. 104/2018
Date: 17 April 2018; Type: Circular; Source: Malaysian Bar

Bursa Malaysia launches Intraday Short-Selling for all Investors

KUALA LUMPUR, Apr 16 (Bernama) - Bursa Malaysia Bhd has introduced Intraday Short-Selling (IDSS) for all investors as part of the exchange's strategy to boost market liquidity.
Date: 16 April 2018; Type: Industry Updates; Source: Bursa Malaysia

Foreign Insurers can't choose Alternative Initiatives for Divestment

KUALA LUMPUR, Apr 15 (Bernama) - Foreign insurers, who have repatriated about RM16.5 billion between 2008 and 2017 in the form of dividends but didn't contribute as much as expected for the development of the domestic industry, can't choose alternative initiatives with their promise to divest stake, said Bank Negara Malaysia (BNM).
Date: 15 April 2018; Type: Legal News; Source: Bernama

BNM to introduce Minimum Standards for Mobile Payments

KUALA LUMPUR, Apr 11 (Bernama) - Bank Negara Malaysia (BNM) will introduce minimum standards for the nascent but growing area of mobile payments in the coming months to enhance consumer protection.
Date: 11 April 2018; Type: Legal News; Source: Bernama

Bursa Malaysia Securities publicly reprimands Seacera Group Berhad for Breach of the Main Market Listing Requirements

KUALA LUMPUR, Apr 4  - Bursa Malaysia Securities Berhad (635998-W) (Bursa Malaysia Securities) has publicly reprimanded Seacera Group Berhad (SEACERA) in respect of the company’s fourth quarterly report for the financial year ended 31 December 2016 (QR Dec 2016) announced on 28 February 2017 which was in contravention of paragraph 9.16(1 ...
Date: 04 April 2018; Type: Legal News; Source: Bursa Malaysia

Capital Markets and Services (Fees) (Amendment) Regulations 2018

These Regulations come into operation on 5 April 2018.
Date: 04 April 2018; Type: Federal Subsidiary Legislation; Citation: P.U. (A) 87 of 2018; Source: AGC Federal Gazette

INDUSTRY UPDATES

Special Committee to monitor Prices after Zero GST

KOTA KINABALU, June 20 (Bernama) - An activist on human rights and consumerism in Sabah today suggested the setting up of a special committee to ensure traders and wholesalers in Sabah reduce or maintain the low price of their goods following the abolishment of the Goods and Services Tax (GST) last June 1.

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INDUSTRY UPDATES

London Documents to be used as Evidence against Petronas' Application

KUCHING, June 17 (Bernama) - The Sarawak state government would use Malaysia Agreement 1963-related documents found in London last year as a reference in its fight for rights to oil and gas produced in its territory.

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INDUSTRY UPDATES

CEP gets Seven Immediate Recommendations on Institutional Reform

KUALA LUMPUR, June 19 (Bernama) - The Committee on Institutional Reforms submitted to the Council of Eminent Persons (CEP) today seven immediate recommendations on the reform of key institutions in the country.

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INDUSTRY UPDATES

Government to evaluate Zero GST Effect - Salahuddin

PUTRAJAYA, June 18 (Bernama) - The Agriculture and Agro-based Industry Ministry will make a comprehensive evaluation on the effects of the abolition of the Goods and Services Tax (GST) on the cost of food production and price of food items, said its minister, Salahuddin Ayub.

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INDUSTRY UPDATES

GST: Zeti hopes Retailers will pass on Benefits to Consumers

KUALA LUMPUR, June 18 (Bernama) - Council of Eminent Persons (CEP) member Tan Sri Dr Zeti Akhtar Aziz hoped that consumers will continue to enjoy cheaper products following the move by the government to zero-rate the Goods and Services Tax (GST).

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INDUSTRY UPDATES

AALCO Annual Arbitration Forum

AALCO Annual Arbitration Forum

Kuala Lumpur, June 18 - The 2018 Annual Arbitration Forum of the Asian-African Legal Consultative Organisation (AALCO) will be held from the 21st to 22nd of July 2018 at Bangunan Sulaiman, Asian International Arbitration Centre, Kuala Lumpur. The Forum coincides with the 40th anniversary of the Asian International Arbitration Centre’s (AIAC) establishment under the auspices of the AALCO.

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INDUSTRY UPDATES

Website Glitch due to broken chain of trust between MYNIC, IANA Servers

KUALA LUMPUR, June 16 (Bernama) - MYNIC Bhd, an agency under the Communications and Multimedia Ministry (KKMM), has confirmed there was a broken chain of trust between the servers in MYNIC and Internet Assigned Numbers Authority (IANA).

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INDUSTRY UPDATES

Chief Justice, Court of Appeal President tender Resignations

PUTRAJAYA, June 13 (Bernama) - Chief Justice Tun Raus Sharif and Court of Appeal president Tan Sri Zulkefli Ahmad Makinudin have tendered their resignations which will take effect on July 31, it was announced today.

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INDUSTRY UPDATES

Dr M defends CEP over summoning of Judges

TOKYO, June 12 (Bernama) - Tun Dr Mahathir Mohamad has come to defence of the Council of Eminent Persons (CEP) for reportedly summoning judges recently.

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INDUSTRY UPDATES

Interpol Red Notice can be used to arrest Jho Low - Lawyers

KUALA LUMPUR, June 11 (Bernama) - There are ways to bring Low Taek Jho or Jho Low back to the country over an investigation of the 1Malaysia Development Berhad (1MDB) scandal.

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INDUSTRY UPDATES

Put an end to BNM's Non-Core Activities

KUALA LUMPUR, June 12 (Bernama) - Putting an end to Bank Negara Malaysia's (BNM) involvement in non-core activities, should be one of the main reforms that the new government can embark on, said HELP University Professor Dr Geoffrey Williams.

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INDUSTRY UPDATES

Malaysia and Japan to revive Look East Policy

KUALA LUMPUR, June 12 (Bernama) - Malaysia and Japan will rejuvenate and upgrade the Look East Policy to deepen collaboration and strengthen business competitiveness for both countries.

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INDUSTRY UPDATES

AG to recuse himself Sua Sponte

PUTRAJAYA, June 11 (Bernama) - Attorney-General (AG) Tommy Thomas has given assurance that he will recuse himself from cases involving parties he may know to avoid conflict of interest, according to the Malaysian Bar Council.

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INDUSTRY UPDATES

Tourism Tax should be abolished - MAH

KUALA LUMPUR, June 11 (Bernama) - The Malaysian Association of Hotels today reiterated their call for the tourism tax to be abolished as it is counter productive to the tourism industry.

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INDUSTRY UPDATES

Companies, Traders need to submit GST 03 Tax returns for now

ALOR SETAR, June 9 (Bernama) - The Royal Malaysian Customs Department says traders who have registered under the Goods and Services Tax (GST) system need to submit their GST 03 statements or tax returns even though the GST has been zero rated since June 1.

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