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C1: Legal Framework of Corporate Secretaryship 2 (10) The Bursa Malaysia…
C1: Legal Framework of Corporate Secretaryship 2
10) The Bursa Malaysia Listing Requirements
Practice Notes (PN) - issued by Bursa to assist interpretation / clarify administrative / operational procedures of Listing Requirements
To ensure investors & public shall be kept informed by co
All facts & info which affect their interest
Fair & equitable treatment of all holders of security
participants in listed co maintain highest standards of integrity, accountability, responsibility & corporate governance
Interest of co is protected
Requirements to ensure a certain level of quality of co listed & promote good practice
Fail to comply - amount to a breach in respects of which actions may be taken / penalties / both
15) Common Law
Used to impose further rules of governance / interpret certain CA 1965
Judicial decision of other jurisdictions, although not bind in Msia Court - persuasive in nature bec of similarity in law
13) Anti-Money Laundering & Anti-Terrorism Financing Act 2001 (AMLAT)
Money laundering - process by which properties derived from unlawful activity (dirty money) is converted (launder) into properties that disguise its illegal origins
Ex: bribery, taking depo from publicwithout license, illegal gamblings, drug deal, manipulate stock price
12) Banking & Financial Institutions Act 1989 (BAFIA)
Banking, finance co, merchant banking, discount house, money-broking biz, other fin biz
States that no person shall take, receive, solicit to procure, enter into any agreement to accept a deposit unless licensed by Bank Negara
11) Code on Corporate Governance
Issued by SC
Allow co flexibility in applying the principals accordance to various circumstances but all co listed co need to disclose annual report
Confined to co listed on Bursa Malaysia
14) Income Tax Act 1967
every person, include corporation, subject to income tax
Legislates imposition & regulation of income tax system of Malaysia
Other maters relate to tax : penalty for failure to furnish tax return, fail to keep proper books of record, willful evasion of tax, non-payment of income tax by co.
GUARDIANS OF LAWS AFFECTING CORPORATIONS
3) Bursa Malaysia Securities Berhad
Exchange holding co - operate trading, clearing, settlement & deposit services
Govern by SC
Bank Negara Msia
SB owned by Gov of Msia & reports to Minister of Finance
Safeguard monetary stability & banker/ adviser for gov
2) Securities Commissions of Msia
Central authority responsible for regulation & development of security
1) Companies Commissions of Msia
Has regulatory oversight over biz sector