malaysia - Banking & Finance

Bursa Malaysia seeks Feedback on Proposed Rule Amendments for CDS eServices

KUALA LUMPUR, May 31 (Bernama) - Bursa Malaysia Bhd has issued a consultation paper seeking public feedback on the proposed amendments to the Rules of Bursa Malaysia Depository Sendirian Bhd (Bursa Depository) to facilitate a suite of central depository system (CDS) eServices for individual depositors. The features for the new CDS eServices wi ...
Date: 31 May 2019; Type: Legal News; Source: Bernama

SC revises Guidelines for Property Crowdfunding

KUALA LUMPUR, May 17 (Bernama) - The Securities Commission Malaysia (SC) has revised its Guidelines on Recognised Markets to introduce new requirements to facilitate the new Property Crowdfunding (PCF), said Chairman Datuk Syed Zaid Albar. He also announced the registration of eight new Recognised Market Operators (RMO) comprising three equity ...
Date: 17 May 2019; Type: Legal News; Source: Bernama

BNM opens up Dynamic Hedging Scheme for Trust Banks, Global Custodians

KUALA LUMPUR, May 16 (Bernama) - Bank Negara Malaysia (BNM) is opening up the dynamic hedging programme for trust banks and global custodians on behalf of their clients effective immediately.
Date: 16 May 2019; Type: Legal News; Source: Bernama

MoF sets up Debt Management Office

KUALA LUMPUR, May 15 (Bernama) - The Ministry of Finance has set up the Debt Management Office (DMO) to review and manage the government’s debt and liabilities.
Date: 15 May 2019; Type: Industry Updates; Source: Bernama

BNM appoints Two External Members to Monetary Policy Committee

KUALA LUMPUR, Apr 29 (Bernama) - Bank Negara Malaysia (BNM) has reappointed Professor Dr Yeah Kim Leng and appointed Datuk Dr Gan Wee Beng as external members of its Monetary Policy Committee (MPC) effective April 1, 2019.
Date: 29 April 2019; Type: Industry Updates; Source: Bernama

Proactive Measures for smoother Financial Market, Dewan Negara told

KUALA LUMPUR, Apr 25 (Bernama) - The government has taken several proactive measures to ensure a smoother financial market, the Dewan Negara was told today. Deputy Communications and Multimedia Minister Eddin Syazlee Shith, who was representing the Finance Ministry during Question Time said the measures were to ensure adequate liquidity, resil ...
Date: 25 April 2019; Type: Legal News; Source: Bernama

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

INDUSTRY UPDATES

Ex-CJ speaks out against Lawyers' Tendency to seek Postponements

KUALA LUMPUR, Jun 16 (Bernama) - Former Chief Justice Tun Zaki Azmi has spoken out against the tendency by certain defence lawyers to seek postponements of cases being heard in court.

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INDUSTRY UPDATES

RCI on Judicial Misconduct is what People Want - Dr Mahathir

PUTRAJAYA, Jun 5 (Bernama) - The government agreed to set up a Royal Commission of Inquiry (RCI) on judicial misconduct because this is what the people want, said Prime Minister Tun Dr Mahathir Mohamad.

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INDUSTRY UPDATES

Complaints via Whatsapp: RTD issues More than 200 Notices

KUALA LUMPUR, June 3 (Bernama) - More than 200 notices have been issued by the Road Transport Department (RTD) as result of consumer complaints via the Whatsapp application during the three days enforcement operation, in conjunction with Adilfitri, which began on May 29.

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INDUSTRY UPDATES

Online Trader benefits from Industrial Revolution 4.0

KOTA BHARU, Jun 2 (Bernama) - The Industry Revolution 4.0, which is occurring all over the world, has given huge benefit to online traders in marketing their products to consumers.

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INDUSTRY UPDATES

Mohd Roze Shaari is New Intelligence/Operations Deputy Director

KUALA LUMPUR, June 1 (Bernama) - Bukit Aman's Criminal Investigation Department (CID) has a new Intelligence/Operations deputy director.

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INDUSTRY UPDATES

Give Mandatory Counselling, Community Service Sessions to Road Bullies - MCPF

KUALA LUMPUR, May 31 (Bernama) - The Malaysian Crime Prevention Foundation (MCPF) has suggested that compulsory counselling and community service sessions be meted out to individuals detained for dangerous driving and road rage.

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INDUSTRY UPDATES

Samirah allowed to be released on RM500,000 Bail pending Trial

PUTRAJAYA, May 28 (Bernama) - The Federal Court today allowed Samirah Muzaffar, the wife of the late Cradle Fund chief executive officer Nazrin Hassan to be released on bail of RM500,000 with two sureties pending her murder trial.

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INDUSTRY UPDATES

Adib Inquest: Lawyer withdraws

SHAH ALAM, May 27 (Bernama) - The lawyer who represented the Housing and Local Government Ministry, Fire and Rescue Department and family of firefighter Muhammad Adib Mohd Kassim in the inquest into the latter's death withdrew from the case today.

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INDUSTRY UPDATES

Sabah Syariah Court Complex 45 percent completed, ready by May 2020

KOTA KINABALU, May 27 (Bernama) - The new Kota Kinabalu Syariah Court Complex is 45 percent completed and is expected to be fully operational by May 2020, said Deputy Secretary-General (Senior) in the Prime Minister’s Department, Datuk Hasnol Zam Zam Ahmad.

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INDUSTRY UPDATES

18 Items listed under Festive Season Price Control Scheme for Aidilfitri, Gawai

KUCHING, May 22 (Bernama) - The Ministry of Domestic Trade and Consumer Affairs has listed 18 items under the Festive Season Price Control Scheme (FSPCS) in conjunction with Aidilfitri and 14 items for Gawai Dayak which will be celebrated in June.

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INDUSTRY UPDATES

Phone Call not from Officer or Staff of Penang Courts - Chief Registrar's Office

PUTRAJAYA, May 21 (Bernama) - The Federal Court Chief Registrar’s Office (PKPMP) has denied an individual’s claim about receiving a phone call from an officer or employee of the Penang courts.

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INDUSTRY UPDATES

No Freeze in Intake of Foreign Workers - Ministry

KUALA LUMPUR, May 18 (Bernama) - The Human Resources Ministry has clarified that there is no freeze in the recruitment of foreign workers although many applications to bring in workers have been rejected for non-compliance with the law.

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INDUSTRY UPDATES

Actions against those who tarnish Judiciary's Image, Dignity, says CJ

PUTRAJAYA, May 17 (Bernama) - Actions will be taken against those who tarnish the judiciary's image and dignity, says Chief Justice Datuk Tengku Maimun Tuan Mat.

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INDUSTRY UPDATES

Right Decisions only Way for Judiciary to recover Glory - Attorney General

PUTRAJAYA, May 17 (Bernama) - Attorney-General Tommy Thomas says judges must always endeavour to make the right decisions, without fear or favour, and regardless of the personality of the party or the accused before them.

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INDUSTRY UPDATES

Transport Ministry makes it More Flexible for e-hailing Drivers to obtain PSV Licence

KUALA LUMPUR, May 17 (Bernama) - The Ministry of Transport is willing to make it easier for e-hailing drivers to clock in the six hours of course time to obtain a Public Transport Vehicle (PSV) licence.

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