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 ...
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 ...
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 ...
SC and Bursa extend temporary margin financing flexibilitiesOn 28 September 2020, the Securities Commission Malaysia (“SC”) and Bursa Malaysia Berhad (“Bursa”) extended the temporary relief measures relating to margin financing to 31 December 2020. The relief measures, which took effect on 27 March 2020 via Participating Organisations’ Circular No. R/R 6 of 2020, were initially due to expire on 30 September 2020 ...
SME Merger and Acquisition instruments exempt from stamp dutyThe Prime Minister announced that starting from 1 July 2020 until 30 June 2021, eligible SMEs will be exempted from paying stamp duty on instruments for Mergers & Acquisitions (“M&A instruments”), including Contracts or Agreements for sale or lease of properties (including land, building, machinery and equipment); Instrument of Transfer and Memorandum of Understanding; Loans or Financing Agreement; and First Tenancy
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 ...
Dear valued clients, colleagues and friends,We are pleased to bring you the latest legal updates for April 2022 ...
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 ...
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 ...
Dear valued clients, colleagues and friends, We are pleased to bring you the latest legal updates for August 2022. Financial Services Securities Commission Malaysia Issues Consultation Paper on Proposed Regulatory Framework for Technology Risk Management by Capital Market Entities Islamic Financial Services (Minimum Amount of Capital Funds or Surplus of Assets Over Liabilities) (Licensed Person) (Amendment) (No ...
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
Dear valued clients, colleagues and friends, We are pleased to bring you the latest legal updates for January 2022 ...
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 July 2022. Financial Services On 30 June 2022, Bank Negara Malaysia issued a policy document on Bancassurance/Bancatakaful. The policy document shall come into effect on 1 January 2023 (except paragraphs 9.12 to 9.14 which have come into effect from 30 June 2022) ...
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 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 June 2022 ...
Financial ServicesGuidance document on Climate Change and Principle-based TaxonomyOn 30 April 2021, Bank Negara Malaysia issued a finalised guidance document for financial institutions to assess and classify economic activities which contribute to climate change mitigation and adaption ...
Financial ServicesBank Negara Malaysia seeks feedback on Alternative Reference Rate and Strategic Direction on KLIBOR and KLIRROn 19 May 2021, Bank Negara Malaysia invited written feedback by 18 June 2021 on its Alternative Reference Rate and Strategic Direction on the Kuala Lumpur Interbank Offered Rate (“KLIBOR”) and the Kuala Lumpur Islamic Reference Rate (“KLIRR”) for the Malaysian Financial Markets discussion paper ...
Dear valued clients, colleagues and friends, We are pleased to bring you the latest legal updates for November 2021 ...
Corporate/M&A Collaboration between Bursa Malaysia Berhad with Capital Markets Malaysia through the Elevate Programme Bursa Malaysia Berhad (“Bursa”) has on 11 November 2021 announced that Bursa will be collaborating with Capital Markets Malaysia (“CMM”) to engage and work with mid-tier companies that are seeking to undertake initial public offering in the next 24 months ...
Dear valued clients, colleagues and friends,We are pleased to bring you the latest legal updates for October 2021 ...
Dear valued clients, colleagues and friends, We are pleased to bring you the latest legal updates for September 2021 ...
Financial Services Malaysia Overnight Rate as Alternative Reference Rate Bank Negara Malaysia (“BNM”) announced on 24 September that the Malaysia Overnight Rate (“MYOR”) is an alternative reference rate for Malaysia. The MYOR: will be administered and calculated by BNM as the volume-weighted average rate of unsecured overnight Ringgit interbank transactions, including BNM’s overnight monetary operations (excluding Standing Facilities) ...
Financial ServicesTransition from LIBORIn this article, Krystle Lui Shu Lin reports on the transition from LIBOR rates to risk-free rates ...
