malaysia - Banking & Finance - News

Banks can no longer hide behind Exclusion Clauses

PUTRAJAYA, Dec 18 (Bernama) - The Federal Court here ruled that banks cannot rely on exclusion clauses in loan agreement to absolve any liability against them, describing the patent as unfairness and injustice as there is an absolute restriction to customers’ right to damages. Federal Court Judge Datuk Seri Balia Yusof Wahi in his 37-pag ...
Date: 18 December 2018; Type: Legal News; Source: Bernama

Cabinet decides to place Tabung Haji under Bank Negara Malaysia

KUALA LUMPUR, Dec 17 (Bernama) - The Cabinet has decided that the Tabung Haji (TH) will be placed under the supervision of the Bank Negara Malaysia (BNM), says Deputy Minister in the Prime Minister's Department Fuziah Salleh.
Date: 17 December 2018; Type: Legal News; Source: Bernama

SC introduces Revised Prospectus, Equity Guidelines

KUALA LUMPUR, Dec 14 (Bernama) - The Securities Commission Malaysia (SC) has released the revised Prospectus Guidelines and Equity Guidelines, which will come into effect on March 13, 2019.
Date: 14 December 2018; Type: Legal News; Source: Bernama

SC revokes Licence, imposes Penalty against Individual

KUALA LUMPUR, Dec 12 (Bernama) - The Securities Commission (SC) has revoked the Capital Markets Services Representative’s Licence (CMSRL) of Shaiful Nazren Kassim for improper business practices, effective Dec 7, 2018.
Date: 12 December 2018; Type: Legal News; Source: Bernama

BNM to supervise TH starting January Next Year

KUALA LUMPUR, Dec 10 (Bernama) - Lembaga Tabung Haji (TH) will be placed under Bank Negara Malaysia’s (BNM) supervision starting January next year to improve the organisation’s governance, said Minister in the Prime Minister’s Department, Datuk Seri Dr Mujahid Yusof.
Date: 10 December 2018; Type: Legal News; Source: Bernama

Memorandum of Understanding between Bank Negara Malaysia and Dubai Financial Services Authority

On 28 November 2018, Bank Negara Malaysia (BNM) and Dubai Financial Services Authority (DFSA) had signed a Memorandum of Understanding (MoU) on supervisory cooperation for effective supervision of banking and insurance/ takaful/ reinsurance institutions operating in both countries.
Date: 05 December 2018; Type: Industry Updates; Source: Bank Negara

SC, BNM working on Regulations for Digital Assets

KUALA LUMPUR, Dec 6 (Bernama) - Regulations are currently being put in place to bring digital assets within the remit of securities laws to promote fair and orderly trading and ensure investor protection, the Securities Commission (SC) and Bank Negara Malaysia (BNM) said today. Digital assets refer to digital currencies and digital tokens.&nbs ...
Date: 06 December 2018; Type: Legal News; Source: Bernama

Recognitions of Foreign Audit Firm and its Partner Withdrawn by AOB

KUALA LUMPUR, Nov 29 - The Securities Commission Malaysia’s (SC) Audit Oversight Board (AOB), has withdrawn the recognition of Singapore-based audit firm RT LLP and Su Chun Keat, who is a partner in the firm.
Date: 29 November 2018; Type: Industry Updates; Source: Securities Commission

Islamic Finance Rendezvous Series 2019

Bank Negara Malaysia, Association of Islamic Banking Institutions Malaysia (AIBIM) and Malaysian Takaful Operator (MTA), in collaboration with various agencies and business associations will be organising a business engagement programme entitled “Islamic Finance Rendezvous Series” on 14 January 2019 at Eastin Hotel, Bayan Lepas, Pulau P ...
Date: 27 November 2018; Type: Industry Updates; Source: Bank Negara

Government to announce Two Financial Frameworks Next Year

KUALA LUMPUR, Nov 28 (Bernama) - The government will announce two key frameworks in the first quarter of 2019 regarding cryptocurrency and property crowdfunding regulations to be meted out by the Securities Commission Malaysia (SC).
Date: 28 November 2018; Type: Legal News; Source: Bernama

Bank Negara Digital Currency Decider

KUALA LUMPUR, Nov 26 (Bernama) - Finance Minister, Lim Guan Eng, says anyone wishing to introduce a new cryptocurrency will have to refer to Bank Negara as they have the final say.
Date: 26 November 2018; Type: Legal News; Source: Bernama

Government mulls Idea of Cryptocurrency - Tun M

KUALA LUMPUR, Nov 15 (Bernama) - The government is mulling with the idea of cryptocurrency, especially on the role it might replace, Prime Minister Tun Dr Mahathir Mohamad said.
Date: 15 November 2018; Type: Legal News; Source: Bernama

Ministers' Pay Cut to remain in Force - Guan Eng

KUALA LUMPUR, Nov 14 (Bernama) - The 10 per cent salary cut for all Cabinet ministers will remain in force, Finance Minister Lim Guan Eng said today.
Date: 14 November 2018; Type: Industry Updates; Source: Bernama

Time for BNM to reimpose Financing Quota - HBA

KUALA LUMPUR, Nov 13 (Bernama) - It is time for Bank Negara Malaysia (BNM) to reimpose financing quota that the banks need to adhere to in order to assist first-time home buyers, said the National House Buyers Association (HBA).
Date: 13 November 2018; Type: Industry Updates; Source: Bernama

EPF extends Mohamad Nasir's term to December 31, 2019

KUALA LUMPUR, Nov 12 (Bernama) - The Employees Provident Fund (EPF), with the approval from the Ministry of Finance, has agreed to extend Datuk Mohamad Nasir Ab Latif’s term as Deputy Chief Executive Officer (Investment) until Dec 31, 2019.
Date: 12 November 2018; Type: Legal News; Source: Bernama

SC committed to strengthening Investors' Trust, Confidence

KUALA LUMPUR, Nov 7 (Bernama) - The Securities Commission (SC) will remain vigilant of any potential breaches of securities law, said Chairman Datuk Syed Zaid Albar.
Date: 07 November 2018; Type: Industry Updates; Source: Bernama

SC to review Structure, Guidelines for Property Crowdfunding Framework

KUALA LUMPUR, Nov 5 (Bernama) - The Securities Commission Malaysia (SC) will be reviewing the details of the proposed structure and Guidelines on Recognised Markets to facilitate the establishment of property crowdfunding platforms as outlined in the 2019 Budget.
Date: 05 November 2018; Type: Legal News; Source: Bernama

IRDA says 2019 Budget in line with its Plans, Focus

JOHOR BAHRU, Nov 3 (Bernama) - The Iskandar Regional Development Authority (IRDA) sees the 2019 Budget as being in line with its own planning and focus to become a sustainable, international-standard metropolis.
Date: 03 November 2018; Type: Industry Updates; Source: Bernama

2019 Budget: Foreign Digital Services Tax ensures Level Playing Field - RinggitPlus

KUALA LUMPUR, Nov 3 (Bernama) - The service tax on foreign digital services announced in the 2019 Budget will ensure a level playing field and foster healthier competition with local digital services players, says financial comparison website RinggitPlus.
Date: 03 November 2018; Type: Industry Updates; Source: Bernama

2019 Budget Carefully Crafted to balance Fiscal Discipline, Growth - Banks

KUALA LUMPUR, Nov 3 (Bernama) - The 2019 Budget is seen to be carefully crafted to balance fiscal discipline and growth, say Malaysian banks.
Date: 03 November 2018; Type: Industry Updates; Source: Bernama

INDUSTRY UPDATES

Najib's Legal Team' fail to get Letter of Appointment of Lead Prosecutor

KUALA LUMPUR, Dec 18 (Bernama) - The defence team in former prime minister Datuk Seri Najib Tun Razak’s SRC International Sdn Bhd case has failed to get the letter of authorisation (fiat) on the appointment of lead prosecutor Datuk Sulaiman Abdullah after the High Court here today ruled that there was no legal requirement for the prosecution to do so.

Read More

INDUSTRY UPDATES

Prosecution to apply to Transfer Case of Businessman who offered Bribe to Tengku Adnan to High Court

KUALA LUMPUR, Dec 17 (Bernama) - The prosecution in the case of a businessman charged with giving bribe of RM1 million to former Federal Territories Minister Datuk Seri Tengku Adnan Tengku Mansor will file an application to transfer the case, which is at the Sessions Court, to the High Court here.

Read More

INDUSTRY UPDATES

Police Officer in Court to answer Charges on Unnatural Sex

KANGAR, Dec 13 (Bernama) - A senior police officer with the rank of Superintendent today was charged in the Sessions Court here for two counts of molestation and two charges of unnatural sex against two women, last year.

Read More

INDUSTRY UPDATES

Pushing SMEs, enhancing Bank's Role, Main Goal of New SME Bank CEO

KUALA LUMPUR, Dec 16 (Bernama) - Pushing small and medium enterprises (SMEs) to strive further and to enhance SME Bank Malaysia Bhd ’s role in providing financial assistance to targeted SMEs is the main goal of its newly-appointed Chief Executive Officer Aria Putera Ismail.

Read More

INDUSTRY UPDATES

SC welcomes Malaysia's Improved Ranking in Corporate Governance

KUALA LUMPUR, Dec 13 (Bernama) - The Securities Commission Malaysia (SC) is encouraged by the recognition of Malaysia's initiatives to improve corporate governance, which was a result of the collective effort by various stakeholders.

Read More

INDUSTRY UPDATES

MyCC to identify Anti-Competitive Elements in Eggs Market

KUALA LUMPUR, Dec 13 (Bernama) - The Malaysia Competition Commission (MyCC) is working closely with the Ministry of Domestic Trade and Consumer Affairs (MDTCA) to identify any anti-competitive elements that may occur in the domestic market for chicken eggs.

Read More

INDUSTRY UPDATES

MITI, MIDA, Intel hold IoT Forum to review Progress

KUALA LUMPUR, Dec 12 (Bernama) - The Ministry of International Trade and Industry (MITI), Malaysian Investment Development Authority (MIDA) and Intel Malaysia conducted the Internet of Things (IoT) Malaysia Forum 2018 yesterday to review IoT’s progress since its introduction five years ago.

Read More

INDUSTRY UPDATES

Dewan Rakyat adjourns, Reform Agenda implemented - Speaker

KUALA LUMPUR, Dec 11 (Bernama) - The reform agenda of the Parliament was implemented at the second meeting of the first term of the 14th Parliament which came to a close today after sitting for 30 days since Oct 15.

Read More

INDUSTRY UPDATES

Court proposes Mediation in Theresa Kok's Suit against Jamal

KUALA LUMPUR, Dec 11 (Bernama) - The High Court today proposed that Primary Industries Minister Teresa Kok who filed a libel suit against Datuk Seri Jamal Md Yunos over alleged misuse of Yayasan Warisan Anak Selangor (Yawas) funds, resolve the case via mediation.

Read More

INDUSTRY UPDATES

Government concerned about Readiness of SMEs to adopt Industry 4.0

KUALA LUMPUR, Dec 10 (Bernama) - The Government is concerned about the readiness of local industries, particularly Small and Medium Enterprises (SMEs), to adopt Industry 4.0.

Read More

INDUSTRY UPDATES

Memorandum of Understanding between Bank Negara Malaysia and Dubai Financial Services Authority

On 28 November 2018, Bank Negara Malaysia (BNM) and Dubai Financial Services Authority (DFSA) had signed a Memorandum of Understanding (MoU) on supervisory cooperation for effective supervision of banking and insurance/ takaful/ reinsurance institutions operating in both countries.

Read More

INDUSTRY UPDATES

Najib, Irwan's trial on RM6.6 Billion CBT Case transferred to High Court

KUALA LUMPUR, Dec 7 (Bernama) - The trial of former prime minister Datuk Seri Najib Tun Razak and former Treasury secretary-general Tan Sri Mohd Irwan Serigar Abdullah, who are facing six counts of Criminal Breach of Trust (CBT) involving RM6.6 billion, has been transferred to the High Court.

Read More

INDUSTRY UPDATES

Malaysia's ePassport recognised as Regional ID Document of the Year

KUALA LUMPUR, 6 Dec (Bernama) - The Malaysian Immigration Department received the 2018 Regional ID Document of the Year Award, an acknowledgement for its innovative and class leading Malaysian ePassport.

Read More

INDUSTRY UPDATES

Malaysia's first Geothermal Power Plant approval Withdrawn

KUALA LUMPUR, Dec 6 (Bernama) - Parliament was informed today that the approval given to Tawau Green Energy Sdn Bhd to build the country’s first geothermal power plant was cancelled on Aug 29 by the government.

Read More

INDUSTRY UPDATES

Defence wants Judge to recuse himself from hearing Shafee's Cases

KUALA LUMPUR, Dec 5 (Bernama) - The defence will submit an appeal to the High Court judge Collin Lawrence Sequerah seeking that he withdraws from hearing cases on two money-laundering charges and another two on incorrect filings made to the Inland Revenue Board (IRB), faced by lawyer Tan Sri Muhammad Shafee Abdullah.

Read More