Financial ServicesBNM issues Corporate Strategic Plan policy document for DFIsOn 27 May 2021, Bank Negara Malaysia (“BNM”) issued the Corporate Strategic Plan (“CSP”) policy document, applicable to all development financial institutions (“DFIs”) prescribed under the Development Financial Institutions Act 2002 ...
Dear valued clients, colleagues and friends, We are pleased to bring you the latest legal updates for July 2022. Financial Services Bank Negara Malaysia issues new policy documents for Money Services Business Tax & Revenue Income Tax (Exemption) (No. 5) Order 2022 Income Tax (Exemption) (No. 6) Order 2022 Time Limit for Unabsorbed Adjusted Business Losses Carried Forward (Public Ruling No ...
Financial ServicesRecovery Planning Policy DocumentFollowing feedback on its exposure draft, Bank Negara Malaysia has issued a revised policy document on recovery planning which are applicable to banks and investments banks licensed under the Financial Services Act 2013, Islamic banks licensed under the Islamic Financial Services Act 2013 and financial holding companies of the foregoing mentioned licensed entities (collectively, the “FIs”) ...
Dear valued clients, colleagues and friends,We are pleased to bring you the latest legal updates for January 2022.Corporate/M&AAmendments to the Main and ACE Market Listing Requirements in relation to Directors’ Appointment, Independence and Miscellaneous ChangeTax & RevenueExplanation in relation to the Definition of Factory for the Purpose of Reinvestment Allowance Claim under Schedule 7A, Income Tax Act 1967 (Practice Note No ...
Dear valued clients, colleagues and friends, We are pleased to bring you the latest legal updates for January 2022 ...
Financial Services Climate risk — progress of Joint Committee on Climate Change In a joint statement, Bank Negara Malaysia (“BNM”) and Securities Commission Malaysia announced on 10 December 2021 the following: the Joint Committee on Climate Change (“JC3”) will issue a Reference Guide on Climate Risk Management and Scenario Analysis, which sets out expectations for financial institutions to integrate climate-related risks considerations in finan
Corporate/M&A Amendments to the Main Market Listing Requirements following Enhanced IPO Framework On 11 August 2021, Bursa Malaysia Securities Berhad (“Bursa Securities”) reviewed the Main Market Listing Requirements (“MMLR”) to ensure parity of regulation with the Securities Commission Malaysia’s (“SC”) introduction of an enhanced initial public offering (“IPO”) framework which took effect on 1 January 2021 ...
Financial ServicesBank Negara Malaysia issues Policy Document on Reference Rate FrameworkThe policy document on Reference Rate Framework (“RRF PD”) was issued by Bank Negara Malaysia (“BNM”) on 11 August 2021 and will come into effect on 1 August 2022 ...
Income tax The Income Tax (Deduction for Investment in a Venture Company or Venture Capital Company) Rules 2022 have been gazetted on 15 April 2022 and are deemed to have effect from year of assessment 2018 ...
Dear valued clients, colleagues and friends,We are pleased to bring you the latest legal updates for April 2022 ...
Dear valued clients, colleagues and friends,We are pleased to bring you the latest legal updates for April 2021.Tax & RevenueIncome taxThe technical guideline Garis Panduan Berhubung Permohonan Pengecualian Cukai Pendapatan Kepada Institusi Atau Organisasi Keagamaan Yang Layak Di Bawah Perintah Cukai Pendapatan (Pengecualian) 2020 [P.U.(A) 139/2020] (available in Malay language only) has been published on 25 March 2021 on the Inland Revenue Board of Malaysia’s official website ...
Income Tax The Income tax The Income Tax (Special Treatment for Interest on Loan) Regulations 2020 have been gazetted on 25 August 2020 and shall have effect for the year of assessment 2020 and subsequent years of assessment ...
Income tax The Income Tax (Prescribed Fees under Schedule 5 to the Act) Rules 2020 have been gazetted on 22 September 2020 and have come into operation on 25 September 2020. The following public rulings and guidelines have recently been published on the Inland Revenue Board of Malaysia’s official website:i. Appeal Against an Assessment and Application for Relief (Public Ruling No. 7/2020) issued on 7 October 2020 to replace Public Ruling No. 12/2017 dated 29 December 2017;ii ...
DISPUTE RESOLUTION The National Code (Revised 2020) Act 828 (“the Act”) came into force on 15 November 2020. It replaces its predecessor the National Land Code (Act 56 of 1965) that was in force since 1 January 1966. The Act was revised by the Commissioner of Law Revision under the authority of the Revision of Laws Act 1968 ...
FINANCIAL SERVICESRelaxation of FEP requirements on interest rate swapBank Negara Malaysia has announced that nonresident banks may trade ringgit denominated interest rate swap without any underlying commitment with any participating onshore licensed banks and their appointed overseas offices (“AOOs”) with effect from 15th March 2021 ...
FINANCIAL SERVICESFurther extension on short selling banThe Securities Commission Malaysia and Bursa Malaysia Securities Berhad announced a further extension, until 29 August 2021, of the existing suspension of Intraday Short Selling (IDSS) and Short Selling by Proprietary Day Traders on the stock exchange of Bursa Malaysia Securities Berhad. The scope of the ban remains the same.Pepared by:Christina S. C ...
Tax and Revenue Income tax The following technical guidelines have recently been published on the Inland Revenue Board of Malaysia’s official website: Garis Panduan Mengenai Duti Setem ke atas Suratcara Pindah Milik Saham bagi Saham dalam Syarikat yang Tidak Tersenarai di Bursa Malaysia Berhad (available in Malay language only) — issued on 23 June 2020 to replace Technical Guideline dated 6 November 2019;Garis Panduan Permohonan untuk Kelulusan Ketua Pengarah Hasil Dal
Operation hours of IRB Counters during Movement Control Order (“MCO”), Conditional MCO & Recovery MCO periodThe Inland Revenue Board (“IRB”) has issued a media statement on the operation hours of its counters during the MCO, Conditional MCO and Recovery MCO period. For more information, please click here ...
DISPUTE RESOLUTIONWide order of injunction sought against online marketplace operator refused in the High CourtE-commerce has become an indispensable part of the country’s economy particularly with the Covid-19 pandemic. With its growing demand come legal challenges which are novel to Malaysia.Recently, our Dispute Resolution Partners K ...
FINANCIAL SERVICES BURSA MALAYSIA SECURITIES EXPANDS MARKET MAKING FRAMEWORK Bursa Malaysia Securities Berhad (“Bursa”) has, via Participating Organisations’ Circular No. R/R 13 of 2020 issued on 24 November 2020, made amendments to the rules and directives of Bursa in relation to the expansion of the market making framework ...
Financial ServicesRuling of Shariah Advisory Council of Bank Negara Malaysia on QardAt its 213th meeting of the Shariah Advisory Council (“SAC”) of Bank Negara Malaysia, the SAC ruled that the method under Malaysian Financial Reporting Standard (“MFRS”) 17 Insurance Contracts and MFRS 9 Financial Instruments may be adopted to measure qard (interest free loan) for transactions between shareholders’ fund and takaful fund ...
FINANCIAL SERVICES BNM announces new funds for SMEs On 5 February 2021, Bank Negara Malaysia ("BNM") announced: an additional RM2 billion for the Targeted Relief and Recovery Facility (“TRRF”); the establishment of a RM200 million Disaster Relief Facility (“DRF”) 2021. TRRF The TRRF was a facility announced in the Budget 2021, established to assist eligible SMEs in the services sector ...
2021 has continued to see steady activity with respect to acquisitions and re-structuring of businesses in the Cambodian market. There are a number of factors at the forefront of this activity, not least the pending capital gains tax implementation date of 1 January 2022, bargain hunting of distressed assets, and internal re-structuring of multi-national organizations, to name a few ...
The manufacturer of a product generally has a duty to warn the end-consumer of any serious risks associated with that product. In the context of prescription drugs and medical devices, however, the “learned intermediary” doctrine holds that the manufacturer need not warn the end-consumer (i.e., patient). Instead, the manufacturer discharges its obligations by warning the prescribing physician ...
On May 16, 2023, the U.S. Department of Health and Human Services’ Office for Civil Rights (“OCR”) announced a $350,000 settlement with MedEvolve, Inc., a practice and revenue cycle management and practice analytics software services company, to resolve alleged violations of the Health Insurance Portability and Accountability Act (“HIPAA”) regulations ...
