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1 - The Legal Framework of Corporate Secretaryship

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1 - The Legal Framework of Corporate Secretaryship

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Minaa Minaa
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1_The legal framework of corporate secretaryship

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1 - The Legal Framework of Corporate Secretaryship

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FAZRUL HANIM ABD SATA

 Identify the laws and regulations


affecting the corporation
 Identify the various agencies supervising
the various sub-sector of the corporate
sector in Malaysia.
 Companies Act 2016
 Securities Industry Act 1983
 Securities Commission Act 1993
 Securities Industry (Central
Depositories) Act 1991
 Malaysian Code of Corporate
Governance (Code)
 Companies Commission of Malaysia
(CCM)
 Bursa Malaysia
 Bank Negara Malaysia
 Securities Commission of Malaysia
 The Companies Commission of Malaysia
(Suruhanjaya Syarikat Malaysia or SSM) is a
statutory body which regulates companies and
businesses.

 Themain activity of CCM is to serve as an


agency to incorporate companies and register
businesses as well as to provide company and
business information to the public
 Administers and enforces the Companies
Act 2016, and all its subsidiary legislations
 Submission of relevant documents to get
approval for incorporation of companies
 Reports to the Ministry of Domestic Trade
and Consumer Affairs
 Powers to inspect, investigate and
compound offences under the relevant
Acts it administers.

6
https://www.ssm.com.my/Pages/Home.aspx
 SSM launched e-Info Services to allow
information on companies and businesses
obtainable via its website.
 SSM handles monitoring and enforcement
activities to ensure compliance with business
registration and corporate legislation.
 In 2003, the SSM began a review of the Companies
Act 1965, with the aim of simplifying the process of
incorporation in Malaysia and reducing businesses'
costs of compliance with Malaysian corporate law.
 Companies Act 1965 was eventually replaced
by Companies Act 2016 Major changes such as:
• Only one director is needed to register the company as a
Company Limited by Shares instead of two,
• Heavier penalties on directors who do not comply with the Act,
• Annual General Meeting (AGM) is no longer mandatory to be
held by private companies.
• Changed document for evidence of incorporation- Instead of a
Certificate of Incorporation, a Notice of Registration will be
issued as soon as the Sdn Bhd incorporation is approved by the
SSM.
Business owners may choose to
incorporate their business in the form
corporation with SSM under:
 Sole proprietorship or
 Partnership or
 Limited Liability Partnership (LLP) or
 Companies incorporated under the
Companies Act 2016
 Bursa Malaysia is an exchange holding
company approved under Section 15 of
the Capital Markets and Services Act
2007.
 It operates a fully-integrated exchange,
offering the complete range of
exchange-related services including
trading, clearing, settlement and
depository services
 Governed by Securities Commission

 Objective: to maintain an efficient,


secure and active trading for investors
 Empowered to govern the stock
exchange, brokers and companies
through the Listing Requirements and
Practice Notes
@Prof Dr Zubaidah Zainal Abidin September 2014

13
 Statutory body wholly owned by the
Government of Malaysia
 Reports to the Minister of Finance
 Objective: to safeguard monetary stability
and maintaining a sound financial system
 Acts as a banker and adviser to the
Government
 Broad powers to develop, enhance and
enforce rules relating to financial
institutions…

14
15
 Central authority responsible for the regulation and
development of the securities and futures industries in
Malaysia
 Established under the Securities Commission Act 1993
(Incorporating latest amendment – Act A1539/2017)
 Reports to the Minister of Finance and tables its account to
Parliament annually
 Broad powers to make rules, interpret rules, investigate and
enforce rules relating to the securities law
 Regulates conduct of brokers, dealers, investment advisors,
the exchanges, public companies
 Supervises and monitors the capital and futures markets

16

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