Webinar Agenda (Part 1)

FREE Session (10am - 11:30am)

1 Objectives of Amendments

1.1 Improve corporate governance framework

1.2 Strengthening corporate rehabilitation framework

1.2.1 Support economic recovery and competitiveness rehabilitation framework

1.2.2 Facilitate companies facing financial difficulties

1.3 Enhanced corporate transparency

1.3.1 Enhancing transparency on beneficial ownership reporting

1.3.2 Supporting enforcement activities against money laundering, terrorist financing, corruption and other serious crimes

1.3.3 To support FATF/OECD evaluations in 2024/2025

1.3.3.1 FATF Website
FATF Malaysia

1.3.3.1.1 FATF Technical Compliance Rating & Mutual Evaluation Follow Ups (Malaysia v Singapore)

1.3.3.2 DNFBP - Designated Non-Financial Businesses and Professions

1.3.3.3 OECD Website
OECD Malaysia

1.4 In Summary: The objectives of the amendments are to strengthen the corporate rehabilitation framework and to enhance corporate transparency in the Companies Act 2016 [Act 777] in line with international practices

1.4.1 Visual Aid: Eco sytem - Global - Malaysia

2 Consultation Process and Recent Status

2.1Parliamentary Democracy System in Malaysia

2.1.1Visual Aid: Eco sytem - Pillars of Democracy

2.2Judicial -

Portal eKehakiman
Peninsular Malaysia
Sabah & Sarawak
eJudgment Management System

CA2016 enforced on 31 Jan 2017
Covid-19, Ministry of Domestic Trade and Cost of Living through SSM launched various initiatives to help corporate sector to deal with negative impact of Covid-19.

Amendment required

2.3Executive

2.3.1 June– July 2020 First Stage Consultation
Circulation of draft Bill to regulatory bodies and professional bodies

2.3.2 July-August 2020 Public Consultation
Issuance of consultative document to public, Discussion with stakeholders

2.3.3 Sept 2020 – Apr 2023 - Policy approvals; Drafting Process

2.4 Legislature (Law Making) - Recent Status

2.4.1 Hansard & the Interpretation of Statutes

2.4.1.1 Search for keyword "Hansard" or "Parliamen" in

2.4.1.2 KL High Court (Commercial Division) -
WA-28JM-6-09/2019 Goldpage Assets Sdn Bhd v Unique Mix Sdn Bhd

2.4.1.3Examples:

KL High Court (Commercial Division) 22NCC-103-01/2013 Securites Commmission v RBTR Asset Management & Ors

Mahkamah Persekutuan Malaysia (Bidang Kuasa Rayuan) Tan Kah Fah & Ors v Tan Ying 02(f)-82-10/2019(B) -

2.4.210 Oct 2023 - 1st Reading in Parliament Dewan Rakyat

2.4.2.1 Parliament Bill (Dewan Rakyat):

2.4.2.2 27 Aug 2023 FMT

2.4.2.3 Youtube Live (2:03:02 onwards)

2.4.2.4 Hansard (Mesyuarat Ketiga (10 Oct 2023) - page 47)

2.4.2.5 13 Oct 2023 - SSM Announcement

2.4.328 Nov 2023 - 2nd and 3rd reading in Parliament Dewan Rakyat

2.4.3.1 Youtube (2:02:18 - 4:34:48)

2.4.3.2 Hansard (Parliament ke-15, Penggal Kedua, Mesyuarat Ketiga (28 Nov 2023) - page 98)

2.4.3.2.1Page 109

Senarai Pembahas Dewan Rakyat:
1. YB Rasah,
2. YB Mersing,
3. YB Pasir Gudang,
4. YB Sabak Bernam,
5. YB Tebrau,
6. YB Padang Terap,
7. YB Balik Pulau,
8. YB Padang Besar,
9. YB Bangi,
10. YB Kepala batas,
11. YB Pulai,
12. YB Besut
13. YB Arau

2.4.3.2.2Page 134

Reply by Deputy Minister

2.4.413 December 2023 - Dewan Negara

2.4.4.1 Parliament Bill (Dewan Rakyat):

2.4.4.2 Youtube Live (3:43:12)

2.4.4.3 Hansard (Parliament ke-15, Penggal Kedua, Mesyuarat Ketiga (13 Dec 2023) - page 72) Page 82 - 103

Senarai Pembahas Dewan Negara:
1. Dato’ Kesavadas a/l A Achyuthan Nair
2. Tuan Abun Sui Anyit
3. Puan Susan Chemerai Anding
4. Datuk Haji Aziz bin Ariffin
5. Datuk Seri Hajah Zurainah binti Musa
6. Dato’ Ahmad bin Dato’ Sri Haji Ibrahim
7. Puan Rita Sarimah anak Patrick InsolPage 97:

Reply by Deputy Minister

2.4.4.4 SSM Announcement

2.4.4.5 Media Announcement

2.4.4.5.1 The Edge

2.4.4.5.2 KL Screener

2.4.4.5.3 MalayMail 2.4.4.5.4 Bernama

2.4.5 24 Jan 2024 - Royal Assent

2.4.6 2 Feb 2024 - Date of Publication in Gazette

2.4.7 ??? - Date of Enforcement

3 Four Policy Clusters -

Statistics Liquidation Statistic 2023

3.1 Policy 1: Widening the application of corporate rescue mechanism [Corporate Voluntary Arrangement (CVA) and Judicial Management (JM)]

3.2 Policy 2: Strengthening the corporate rehabilitation frameworks through:

3.2.1 Enhancement of provisions relating to scheme of arrangement or compromise (SOAC); and

3.2.2 Enhancement of provisions on CVA/JM and SOAC

3.3 Policy 3: Strengthening the beneficial ownership reporting framework; and

3.3.1 Current Policy: CA 2016 before amendment

3.3.1.1 S56 CA2016 - BO framework: companies are required to obtain beneficial owner information record and report that information to the Registrar

3.3.1.2 legal gaps, need to improve in order to be in line with best practices and international standards as advocated by international agencies such as FATF and OECD.

3.3.2 Proposed improvement to

3.3.2.1 increase the transparency of BO info lodged with SSM

3.3.2.2 will assist enforcement and regulatory agencies including the Royal Malaysian Police, BNM and the Malaysian Anti-Corruption Commission to facilitate investigations

3.3.2.3 combat serious crimes that conduct behind business entities such as money laundering. , terrorism financing, corruption, and tax evasion.

3.3.3 New Policy

3.3.3.1 New definition of BO - a natural person who ultimately owns or controls a company and includes a person who exercises ultimate effective control over a company

3.3.3.1.1 provide clarity on ownership and other means of control

3.3.3.1.2 no longer need to be read with section 8 of CA 2016

3.3.3.2 Registrar is empowered to issue guidelines for the purposes of identifying a beneficial owner

3.3.3.3 Requirement to keep and maintain register of beneficial owner

3.3.3.3.1 To be kept at registered office or a place notified to the Registrar

3.3.3.3.2 Update changes and lodged such notification to the Registrar within 14 days from the date the beneficial owner information is recorded

3.3.3.3.3 Beneficial owner information to be kept for 7 years from the date the person ceases to be a beneficial owner

3.3.3.4 Empowering companies with more tools in obtaining and verifying BO Information

3.3.3.4.1 A company is required to request BO information from its members

3.3.3.4.2 If a company knows or has reasonable ground to believe that a person is a BO of the company, the company can request the person for confirmation

3.3.3.4.3 If a company knows or has reasonable ground to believe that a member of a person knows the identity of a BO, the company can request such member or person for confirmation

3.3.3.4.4 If a company knows or has reasonable ground that there is a change in the particulars of the BO, the company can request for confirmation from the BO.

3.3.3.4.5 If a company knows or reasonable ground to believe that the information relating to a BO is incorrect, the company can request for confirmation from the BO

3.3.3.5 New obligations imposed on beneficial owner

3.3.3.5.1 Obligation to notify the company that he is a beneficial owner

3.3.3.5.2 Obligation to notify the company if there is changes to his particulars which is recorded in the register of member

3.3.3.5.3 Obligation to notify the company when he ceases to be a beneficial owner

3.4 Policy 4: Enhancement of corporate governance & practices

3.4.1 the SSM official website can facilitate and be used to publish information and gazettes

3.4.2 the Registrar is empowered to issue guidelines to ensure that the principle of auditors' independence is maintained in relation to the appointment of auditors who have spouses working in the company or group of companies to be audited by the auditor's firm

3.4.3 require liquidators to report their details to Registrar once licenced has been approved

4 Due Diligence & Data Analysis based on Primary & Authoritative Data Sources

4.1 Court case

4.1.1 Check status of court case and purchase court documents - Portal eKehakiman

4.1.1.1 Peninsular Malaysia

4.1.1.1.1 Tutorial

4.1.1.2 Sabah & Sarawak

4.1.2 Download Ground of Judgment for FREE
eJudgment Management System

4.1.3 Misc - Social Media page

4.2 Law Making - Parliament

4.2.1 Written format:

4.2.2 Audio Visual format:

4.3 SSM

4.3.1 Purchase SSM Documents -

4.3.2 Purchase Directorship and Shareholdership information
EzBiz, MyCoID, MBRS, MyLLP, XCESS and DCTC -

4.3.3 SSM homepage -

4.3.4 SSM facebook page -

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