SECURITIES COMMISSION ACT 1993
(1) This Act may be cited as the Securities Commission Malaysia Act 1993 .
[(1) Am. by Act A1489 of the year 2015]
(2) This Act shall come into force on such date as the Minister may, by notification in the Gazette, appoint.
(1) In this Act, unless the context otherwise requires:
[Am. by Act A1074: s.2]
"affiliate" has the meaning assigned to it in the Capital Markets and Services Act 2007 [Act 671] ; [Subs. by Act A1305: s.2]
"appointed day" means the day on which this Act comes into force;
"Audit Oversight Board" means the Audit Oversight Board established under section 31C;
"Bank Negara Malaysia" means the Central Bank of Malaysia established under the Central Bank of Malaysia Act 2009 [Act 701] ; ["Bank Negara" Ins. by Act A1489 of the year 2015]
"books" has the meaning assigned to it in the Capital Markets 2A PART I PRELIMINARY-2A. References to "this Act".
Any reference in this Act to "this Act" shall, unless otherwise "securities expressly stated, include a reference to any regulations, rules, orders, notifications or other subsidiary legislation made under this Act.
[Subs. by Act A1489 of the year 2015]
2B PART I PRELIMINARY-2B. [Deleted by Act A1305: s.3].
[Deleted by Act A1305: s.3] .
2C PART I PRELIMINARY-2C. [Deleted by Act A1305: s.4].
[Deleted by Act A1305: s.4] .
2D PART I PRELIMINARY-2D. Registers.
(1) The Commission may keep such registers as it considers necessary in such form as it deems fit.
(2) Any person may, on payment of the prescribed fee:
(a) inspect any prospectus or deed relating to a unit trust scheme or prescribed investment scheme that is lodged with the Commission; or
(b) require a copy of or extract from any document that he is entitled to inspect pursuant to paragraph (a) .
(3) If a reproduction or transparency of a document is produced for inspection, a person is not entitled pursuant to paragraph (2) (a) to require the production of the original of that document.
(4) The reference in paragraph (2) (b) to a document includes, where a reproduction or transparency of that document has been incorporated with a register kept by the Commission, a reference to that reproduction or transparency and where such a reproduction or
2E PART I PRELIMINARY-2E. Electronic filing of books.
(1) The Commission may provide a service for the electronic filing, lodging or submission of books required by any of the provisions of the securities laws to be filed or lodged with or submitted to the Commission.
[Am. by Act A1217: s.3]
(2) A person who intends to use the service provided under subsection (1) shall become a subscriber to the service by paying the prescribed fee, if any, and by complying with such terms and conditions as may be determined by the Commission.
[Am. by Act A1217: s.3]
(3) Only a subscriber to the service provided under subsection (1), or such other person as the Commission may allow, may electronically file or lodge books with or submit books to the Commission.
[Am. by Act A1217: s.3]
(4) A book electronically filed, lodged or submitted under this section shall be deemed to have satisfied the requirement fo
2F PART I PRELIMINARY-2F. Power of Commission to specify form and manner of keeping or maintaining books.
(1) Where under any of the provisions of the securities laws any person is required, or power is given to the Commission to require any person, to keep or maintain any book, the Commission may specify the form and manner in which such book is to be kept or maintained.
(2) The person referred to in subsection (1) shall take all reasonable precautions, including such precautions as may be specified by the Commission, to prevent damage to, or destruction or falsification of, such book.
[Ins. by Act A1217: s.4]
2G PART I PRELIMINARY-2G. Power of Commission to access books kept or maintained otherwise than in writing.
(1) Where under any of the provisions of the securities laws, power is given to the Commission:
(a) to inspect and make copies of or take extracts from any book required under any of the provisions of the securities laws to be kept or maintained; or
(b) to require any person, or where any person is required under the securities laws, to submit to the Commission any information, document or book,
the Commission shall have access to the same and may:
(A) require that the same be submitted within such period, at such intervals, in such manner, in such form, and in writing or by means of any visual recording, whether of still or moving images, or sound recording, or any electronic, magnetic, mechanical or other recording whatsoever, on any substance, material, thing or article, as the Commission may set out in the specification;
(B) obtain clear reproductions
2H PART I PRELIMINARY-2H. Power of Commission to require production, etc, of books kept or maintained otherwise than in writing.
(1) Where under any of the provisions of the securities laws, power is given to the Commission to allow the Commission to require the production of, search for, seize, take possession of, secure against interference or detain any book, the Commission may require the production of, search for, seize, take possession of, secure against interference or detain any storage or recording device in which the book is stored or recorded.
(2) For the purposes of this section, the Commission may require any person who is involved in the compilation of the book, or in the storing or recording of the book in a storage or recording device, to make a statement providing an explanation of how to secure access to the book.
[Ins. by Act A1217: s.4]
3 PART II SECURITIES COMMISSION MALAYSIA-3. Establishment of the Commission.
There is hereby established a body corporate by the name of "Securities Commission Malaysia" with perpetual succession and a common seal, and which may sue and be sued in its corporate name and, subject to and for the purposes of this Act, may enter into contracts and may acquire, purchase, take, hold and enjoy movable and immovable property of every description and may convey, assign, surrender, yield up, charge, mortgage, demise, reassign, transfer or otherwise dispose of, or deal with, any movable or immovable property or any interest vested in the Commission upon such terms as it deems fit.
[Am. by Act A1489 of the year 2015]
4 PART II SECURITIES COMMISSION MALAYSIA-4. Board of Commission.
(1) There shall be a Board of the Commission.
(2) The Board shall consist of the following members who shall be appointed by the Minister:
(a) a Chairman;
(b) a Deputy Chief Executive; and
(c) seven other members, who may include persons representing the government and private sector.
(3) The Board shall:
(a) be responsible for monitoring the overall governance of the Commission;
(b) be responsible for reviewing and approving the strategic plan and budget of the Commission;
(c) be responsible for reviewing and adopting appropriate systems and controls to manage the enterprise risks of the Commission;
(d) have oversight of the affairs and business of the Commission and keep under constant review the performance of the Commission in giving effect to its objects, carrying out its fun
4A PART II SECURITIES COMMISSION MALAYSIA-4A. Appointment of members of Board.
(1) A person to be appointed as the Chairman or the Deputy Chief Executive under section 4 shall be a person of integrity and impeccable reputation with proven experience and recognized knowledge in the financial or capital markets.
(2) The Minister, in appointing other members of the Board under subsection 4(2), shall have regard to:
(a) diversity of the Board members in terms of interest, knowledge, skills and experience; and
(b) the person's probity and standing and his knowledge, skills and experience in law, economics, finance, accounting or in any other relevant discipline, which will enable him to discharge his functions as a member of the Board.
[Ins. by Act A1489 of the year 2015]
4B PART II SECURITIES COMMISSION MALAYSIA-4B. Chairman and Deputy Chief Executive.
(1) The Chairman shall be entrusted with the day-today administration and management of the Commission and may, unless otherwise provided under the securities laws or any other written law, exercise all powers and do all acts which may be exercised or done by the Commission under the securities laws or any other written law.
(2) During the absence of the Chairman or inability of the Chairman to act due to any cause, the Deputy Chief Executive shall carry out the functions of the Chairman.
(3) For the purposes of subsection (2), in the case where the Deputy Chief Executive is absent or unable to act due to any cause, a senior member of management of the Commission designated by the Board shall carry out the functions of the Chairman.
(4) Notwithstanding subsection (1), the Chairman may bring any matter in relation to the Commission's functions to the Board for deliberation or direction, where he deems it necessary.
[Subs. by Act A1489 of the year 2015]
7 PART II SECURITIES COMMISSION MALAYSIA-7. Resignation.
A member of the Board may, at any time, resign his office by giving notice in writing to the Minister.
[Subs. by Act A1489 of the year 2015]
8 PART II SECURITIES COMMISSION MALAYSIA-8. Revocation of appointment.
The Minister may, at any time, revoke the appointment of a member of the Board if the member:
(a) becomes of unsound mind or otherwise becomes incapable of discharging his functions;
(b) is absent from three consecutive meetings of the Board, in the case of the Chairman, without leave of the Minister and in the case of the Deputy Chief Executive or other members of the Board, without leave of the Chairman;
(c) conducts himself in such a way as to bring disrepute to the Commission;
(d) fails to comply with his obligations under section 13; or
(e) is disqualified under section 5.
[Subs. by Act A1489 of the year 2015]
9 PART II SECURITIES COMMISSION MALAYSIA-9. Remuneration or allowance.
Members of the Board or any other person invited to attend any meeting or deliberation of the Board under section 11 may be paid such remuneration or allowance as the Minister may determine.
[Am. by Act A1489 of the year 2015]
10 PART II SECURITIES COMMISSION MALAYSIA-10. Meetings.
(1) The Board shall meet as often as may be necessary for the performance of its functions.
(1A) The Chairman shall preside at all meetings of the Board.
[(1A) Ins. by Act A1489 of the year 2015]
(2) The quorum of the Board shall be five.
(3) Subject to the provisions of this Act, the Board shall determine its own procedure.
[Am. by Act A1489 of the year 2015]
11 PART II SECURITIES COMMISSION MALAYSIA-11. Board may invite others to meeting.
The Board may invite any person to attend any meeting or deliberation of the Board for the purpose of advising the Board on any matter under discussion, but the person so invited shall not be entitled to vote at the said meeting or deliberation.
[Subs. by Act A1489 of the year 2015]
12 PART II SECURITIES COMMISSION MALAYSIA-12. Common seal.
(1) The Commission shall have a common seal and such seal may from time to time be broken, changed, altered and made anew as the Commission may think fit.
(2) Until a seal is provided by the Commission, a stamp bearing the words "Securities Commission Malaysia" may be used and shall be deemed to be the common seal of the Commission.
[(2) Am. by Act A1489 of the year 2015]
(3) The common seal shall be kept in the custody of the Chairman or such other person as may be authorized by the Commission, and shall be authenticated by either the Chairman or such authorized person or by any officer authorized by the Chairman in writing; and all deeds, documents and other instruments purporting to be sealed with the said seal, authenticated as aforesaid, shall, until the contrary is proven, be deemed to have been validly executed:
Provided that any document or instrument which, if executed by a person not bein
13 PART II SECURITIES COMMISSION MALAYSIA-13. Disclosure of interest.
(1) A member of the Board or any member of the Board committee who has or acquires a direct or indirect interest in relation to any matter under discussion by the Board or Board committee shall disclose to the Board or Board committee, as the case may be, the existence of his interest and the nature of that interest.
[(1) Subs. by Act A1489 of the year 2015]
(2) [Repealed by Act A926: s.4] .
(3) A disclosure under subsection (1) shall be recorded in the minutes of the Board or Board committee, as the case may be, and, after the disclosure, the member:
(a) shall not take part nor be present in any deliberation or decision of the Board or Board committee, as the case may be; and
(b) shall be disregarded for the purpose of constituting a quorum of the Board or Board committee, as the case may be,
relating to the matter.
14 PART II SECURITIES COMMISSION MALAYSIA-14. Minutes.
(1) The Board or Board committee shall cause minutes of all their meetings to be maintained and kept in a proper form.
[(1) Am. by Act A1489 of the year 2015]
(2) Every meeting of the Board or Board committee in respect of the proceedings of which minutes have been so made shall be deemed to have been duly convened and held and all members thereat to have been duly qualified to act.
[(2) Subs. by Act A1489 of the year 2015]
15 PART II SECURITIES COMMISSION MALAYSIA-15. Functions of the Commission.
(1) The Commission shall have the following functions:
(a) to advise the Minister on all matters relating to the capital market;
(b) to regulate all matters relating to the capital market;
[(1)(a) & (b) Am. by Act A1489 of the year 2015; Act A1403 of the year 2011]
(c) to ensure that the provisions of the securities laws are complied with;
(d) to regulate the take-overs and mergers of companies;
(e) to promote and regulate all matters relating to fund management,including unit trust schemes and private retirement schemes;
[(e) Am. by Act A1489 of the year 2015; Subs. by Act A1403 of the year 2011]
(f) to be responsible for supervising and monitoring the activities of any exchange holding company, stock exchange, derivatives exchange, clearing house and central depository;
16 PART II SECURITIES COMMISSION MALAYSIA-16. Powers of the Commission.
The Commission shall have all such powers as may be necessary for or in connection with, or reasonably incidental to, the performance of its functions under the securities laws.
[Subs. by Act A926: s.6]
17 PART II SECURITIES COMMISSION MALAYSIA-17. Delegation of Board's and Chairman's functions.
(1) The Board may delegate any of its functions to:
(a) any of the members of the Board;
(b) any Board committee established by the Board; or
(c) any officer of the Commission;
[(1) Subs. by Act A1489 of the year 2015]
(1A) The Chairman may delegate any of his functions to:
(a) any committee established by the Chairman; or
(b) any officer of the Commission;
[(1A) Ins. by Act A1489 of the year 2015]
(2) A delegation under this section shall not prevent the concurrent performance or exercise by the Board or Chairman of the functions or powers delegated.
[(2) Am. by Act A1489 of the year 2015]
18 PART II SECURITIES COMMISSION MALAYSIA-18. Board committee.
(1) The Board may establish such committee, in any form and by whatever name called, as the Board considers fit or necessary to assist the Board in the performance of its functions under the securities laws.
[(1) Subs. by Act A1489 of the year 2015; Am. by Act A1305: s.5]
(2) A Board committee established under subsection (1) may comprise:
(a) any Board member; and
(b) any other person,
as may be appointed by the Board.
[(2) Subs. by Act A1489 of the year 2015]
(2A) In appointing a person under paragraph (2) (b) , the Board shall have regard to the person's integrity, reputation, knowledge, skills and experience, which will enable him to discharge his functions as a member of the
(2B) The functions of a Board committee established under subsection (1) shall be determined by the Board.
18A PART II SECURITIES COMMISSION MALAYSIA-18A. Procedures of Board committee.
(1) The Board committee may elect any of its members to be the chairman and may regulate its own procedure and, in the exercise of its powers under this subsection, such committee shall be subject to and act in accordance with any direction given to the Board committee by the Board.
(2) Meetings of the Board committee established under section 18 shall be held at such time, place and in such manner as the chairman of the Board committee may, subject to subsection (1), determine.
(3) The Board committee may invite any person to attend any meeting of the Board committee for the purpose of advising the Board committee on any matter under discussion but the person so invited shall not be entitled to vote at any such meeting.
(4) The members of the Board committee or any person invited to attend any meeting of the Board committee may be paid such allowances and other expenses as the Board may determine.
[Ins
19 PART II SECURITIES COMMISSION MALAYSIA-19. Power of the Minister to give directions and require information.
(1) The Minister may, from time to time, give to the Commission directions of a general character not inconsistent with this Act relating to the Commission's functions and such directions shall be binding on the Commission.
(2) The Commission shall furnish the Minister with such returns, accounts and information with respect to the performance of any of its functions under the securities laws as the Minister may from time to time require.
[Subs. by Act A926: s.7]
20 PART II SECURITIES COMMISSION MALAYSIA-20. Appointment of officers of the Commission.
(1) The Commission may from time to time employ persons who shall be paid such remuneration and allowances and shall hold their employment on such other terms and conditions as the Commission shall determine.
(2) The Commission may make arrangements for the payment to its officers and their dependants of such retirement benefits, gratuities or other allowances as it may determine.
[(2) Am. by Act A1489 of the year 2015]
21 PART II SECURITIES COMMISSION MALAYSIA-21. Commission may issue policies on discipline and ethical behaviour.
The Commission may, from time to time, issue policies with respect to discipline and ethical behaviour, by whatever name called or in any form, for officers of the Commission or any business stakeholders dealing with the Commission.
[Subs. by Act A1489 of the year 2015]
22 PART II SECURITIES COMMISSION MALAYSIA-22. Power to grant loans and make advances to its officers.
(1) The Commission may grant loans and grant make advances, including study loans and scholarships, to its officers or to other persons on such terms and conditions as the Commission may determine.
(2) In this section, the term "officers" includes the Chairman and the Deputy Chief Executive.
[Am. by Act A1489 of the year 2015; Act A1217: s.7; Subs. by Act A926: s.8]
22A PART II SECURITIES COMMISSION MALAYSIA-22A. Commission may establish and participate in body corporate.
(1) The Commission may, with the approval of the Minister, establish or participate in any body corporate for the purpose of promoting research and training in relation to the capital market, or for the purpose of carrying out its functions under this Act.
(2) The Commission may:
(a) receive a grant or donation;
(b) make a grant or donation; or
(c) provide any other form of assistance,
for the establishment or operations of the body corporate under subsection (1).
(3) Monies received under paragraph (2)(a) shall be kept in a designated trust account.
(4) The Commission shall disburse the monies in the designated trust account to the person entitled in accordance with the purpose for which the monies were received by the Commission.
(5) Where the Commission establishes a body corporate under subsection (1), the Commission may take any ac
23 PART III FINANCE-23. The Fund.
(1) There is hereby established, for the purposes of this Act, a fund to be administered and controlled by the Commission.
(2) The Fund shall consist of:
(a) such sums as may be provided from time to time for the purposes of this Act by Parliament;
(b) sums borrowed by the Commission for the purposes of meeting any of its obligations or discharging any of its duties;
(c) levies payable under section 24;
(d) fees or other charges imposed by the Commission;
[(d) Am. by Act A1489 of the year 2015]
(e) all other sums or property which may in any manner become payable to or vested in the Commission in respect of any matter incidental to its functions and powers; and
[(e) Am. by Act A1489 of the year 2015]
(f) all other monies lawfully received by the Commission.
24 PART III FINANCE-24. Levies.
(1) In the case of every purchase and sale of securities recorded on the stock exchange or notified to it under its rules, the purchaser and the seller shall each of them be liable to pay to the Commission a levy at such rate as may be specified by order of the Minister to be published in the Gazette as a percentage of the consideration for such purchase and sale; and different rates may be specified in respect of different classes of securities.
(2) In the case of every derivative effected on a derivatives market of a derivative exchange, both persons on each side of the order in relation to the derivative shall be liable to pay to the Commission a levy of such amount as may be specified by order of the Minister to be published in the Gazette ; and different amounts may be specified in respect of different types or classes of derivatives or different classes or categories of persons in respect of derivatives.
[(a) Am. by Act A1489 of the year 2015]
(b) paying any other expenses, costs or expenditure properly incurred or accepted by the Commission in the performance of its functions or the exercise of its powers under this Act;
(c) purchasing or hiring equipment, machinery and any other materials, acquiring land and erecting buildings, and carrying out any other works and undertakings in the performance of its functions or the exercise of its powers under this Act;
(d) repaying any moneys borrowed under this Act and the interes
27 PART III FINANCE-27. Commission's financial year.
The financial year of the Commission shall begin on the first day of January and end on the thirty-first day of December of each year.
28 PART III FINANCE-28. Annual report.
The Commission shall, as soon as practicable after the end of each financial year, prepare a report on its activities during that financial year and send a copy of the report to the Minister who shall cause a copy thereof to be laid before both Houses of Parliament.
29 PART III FINANCE-29. Accounts.
(1) The Commission shall cause proper accounts of the funds to be kept and shall, as soon as practicable after the end of each financial year, cause to be prepared for that financial year a statement of accounts of the Commission which shall include a balance sheet and an account of income and expenditure.
(2) The Commission shall cause the statement of accounts to be audited by auditors appointed by the Commission.
(3) The Commission shall as soon as practicable send a copy of the statement of accounts certified by the auditors and a copy of the auditor' s report to the Minister who shall cause them to be laid before both Houses of Parliament.
[(3) Am. by Act A1489 of the year 2015]
(4) The Statutory Bodies (Accounts and Annual Reports) Act 1980 [Act 240] shall not apply to the Commission.
30 PART III FINANCE-30. Power to borrow.
The Minister may, on the recommendation of the Board, approve for the Commission to borrow, at such rate of interest and for such period and upon such terms as to the time and method of repayment and otherwise as the Minister may approve, any sums required by the Commission for meeting any of its obligations or performing any of its functions.
[Am. by Act A1489 of the year 2015]
31 PART III FINANCE-31. Investment.
The moneys of the Commission shall, in so far as they are not required to be expended by the Commission under this Act, be invested in such manner as the Commission deems fit.
31A PART IIIA AUDIT OVERSIGHT BOARD Division 1 Preliminary-31A. Interpretation for the purpose of Part IIIA, Schedule 1 and Schedule 2.
[Shoulder note. Subs. Act A1403:s.6; Am. Act A1489:s.32; Am. Act A1539:s.2]
In this Part, Schedule 1 and Schedule 2:
"auditor" means an individual auditor or audit firm registered or recognised under section 31O as a registered auditor or a recognised auditor of a public interest entity or schedule fund; ["auditor" Am. by Act A1489 of the year 2015; Subs. by Act A1403 of the year 2011]
" executive officer " refers to the executive officer of the Audit Oversight Board appointed under section 31C; ["executive officer" Ins. Act A1539:s.2]
"executive chairman" refers to the executive chairman of the Audit Oversight Board appointed under section 31C; ["executive chairman" Ins.
31B Division 2 Establishment and Functions of Audit Oversight Board-31B. Functions of Commission relating to audit oversight.
The functions of the Commission for the purposes of Part IIIA shall be as follows:
[Am. by Act A1489 of the year 2015]
(a) to promote and develop an effective and robust audit oversight framework in Malaysia;
(b) to promote confidence in the quality and reliability of audited financial statements in Malaysia;
(c) to regulate auditors of public interest entities or schedule funds; and
[(b) & (c) Am. by Act A1489 of the year 2015]
(d) to exercise oversight over any person who prepares a report in relation to financial information, required to be submitted under the securities laws, guidelines issued by the Commission or the rules of a stock exchange, of a:
(i) public interest entity or schedule fund;
(ii) non-public interest entity seeking approval to become a public listed company or
31C Division 2 Establishment and Functions of Audit Oversight Board-31C. Establishment of Audit Oversight Board.
(1) For the purposes of discharging its functions under section 31B relating to audit oversight, the Commission shall establish an Audit Oversight Board.
[(1) Am. by Act A1489 of the year 2015]
(2) The Audit Oversight Board shall consist of the following members who shall be appointed by the Board:
(a) a non-executive chairman;
(b) an executive officer; and
(c) five non-executive members.
[(2) Subs. Act A1539:s.4]
(3) For the purposes of subsection (2), members who are appointed by the Board:
[(3) Am. by Act A1489 of the year 2015]
(a) must possess knowledge and experience in finance, business, or in any other relevant discipline;
(b) must be individuals of integrity and reputation who have demonstrated commitment to the i
31D Division 2 Establishment and Functions of Audit Oversight Board-31D. Application of Schedule 2.
(1) Schedule 2 applies to members of the Audit Oversight Board.
(2) [Deleted by Act A1489 of the year 2015] .
31E Division 2 Establishment and Functions of Audit Oversight Board-31E. Responsibilities of Audit Oversight Board.
(1) Without prejudice to the generality of section 31F, the responsibilities of the Audit Oversight Board in assisting the Commission in discharging its functions, shall be as follows:
[(1)Am. by Act A1489 of the year 2015]
(a) to implement policies and programmes in ensuring an effective audit oversight system in Malaysia;
(b) to register or recognise auditors of public interest entities or schedule funds for the purposes of this Act;
[(1)(b) Am. by Act A1489 of the year 2015; Act A1403 of the year 2011]
(c) to direct the Malaysian Institute of Accountants to establish or adopt, or by way of both, the auditing and ethical standards to be applied by auditors;
(d) to conduct inspections and monitoring programmes on auditors to assess the degree of compliance of auditing and ethical standards;
(e)
31EA Division 2 Establishment and Functions of Audit Oversight Board-31EA. Audit Oversight Board may establish committees.
(1) The Audit Oversight Board may establish such committees as it considers necessary or expedient to assist in the performance of its responsibilities as specified under subsection 31E(1).
(2) The Audit Oversight Board may appoint any person to be a member of a committee, subject to any terms or conditions as may be specified by the Audit Oversight Board;.
[(2) Am. by Act A1489 of the year 2015]
(3) A committee established under this section may elect any of its members to be chairman and may regulate its own procedures and, in the performance of its responsibilities, shall be subject to and act in accordance with any direction given to the committee by the Audit Oversight Board.
(4) Meetings of a committee shall be held at such times and places as the chairman of the committee may determine.
(5) A committee may invite any person who is not a member to attend any meeting of the committee f
31F Division 2 Establishment and Functions of Audit Oversight Board-31F. Commission may give general or specific directions to Audit Oversight Board.
The Commission may, from time to time, give the Audit Oversight Board such general or specific directions consistent with the provisions of this Part.
[Ins. by Act A1369: s.4]
31G Division 2 Establishment and Functions of Audit Oversight Board-31G. Disclosure of interest.
(1) A member of the Audit Oversight Board having directly or indirectly, by himself or a member of his family, any interest in any matter under discussion by the Audit Oversight Board shall disclose to such Board the fact and nature of his interest.
(2) A disclosure under subsection (1) shall be recorded in the minutes of the Audit Oversight Board and, after the disclosure, the member having an interest in the matter:
(a) shall not take part nor be present in any deliberation or decision of the Audit Oversight Board; and
(b) shall be disregarded for the purpose of constituting a quorum of the Audit Oversight Board.
(3) Any member of the Audit Oversight Board who fails to disclose his interest as provided under subsection (1) commits an offence and shall, on conviction, be liable to a fine not exceeding two hundred and fifty thousand ringgit or to imprisonment for a term not ex
31H Division 3 Finance-31H. The Audit Oversight Board Fund.
(1) For the purposes of this Part, the Commission shall establish and administer a fund to be known as the "Audit Oversight Board Fund".
(2) The assets of the Audit Oversight Board Fund shall be the property of the Commission and shall be kept separate and apart from those of the Fund.
(3) The Audit Oversight Board Fund shall consist of the following:
(a) such sums as may be determined by the Commission from time to time for the purposes of this Part;
(b) contributions as may be prescribed by the Minister under section 31I;
(c) fees prescribed under section 31O;
[(c) Am. Act A1539:s.6]
(d) penalty imposed under section 31Z;
(e) other fees or charges imposed under this Part;
[(e) Am. Act A1539:s.6]
(f) monies earned or arising from any investment of the Audit Over
31I Division 3 Finance-31I. Contribution.
(1) The Minister may, by order published in the Gazette, prescribe the person who shall be required to make a contribution to the Audit Oversight Board Fund and the amount of such contribution.
(2) The contribution made under subsection (1) shall be utilised only for the purposes of carrying out the functions of the Commission under section 31B.
[Ins. by Act A1369: s.4]
31J Division 3 Finance-31J. Expenditure to be charged on Audit Oversight Board Fund.
The Commission shall utilise the monies in the Audit Oversight Board Fund for the following purposes:
(a) paying any expenditure lawfully incurred by the Audit Oversight Board including legal fees and costs and other fees and costs, and the remuneration of persons employed or engaged by the Commission for the purposes of carrying out the functions of the Commission and the responsibility of the Audit Oversight Board in this Part, including the granting of loans, superannuation allowances and gratuities to such persons;
(b) paying any expenditure incurred in planning and implementing capacity building programmes relating to accounting and auditing profession; and
(c) paying any other expenses, costs or expenditure properly incurred or accepted by the Audit Oversight Board for carrying into effect the provisions of this Part.
[Ins. by Act A1369: s.4]
31K Division 3 Finance-31K. Investment.
The monies of the Audit Oversight Board Fund shall, in so far as they are not required to be expended under this Part, be invested by the Commission in such manner as the Commission deems fit.
[Ins. by Act A1369: s.4]
31L Division 3 Finance-31L. Annual report and accounts.
(1) The Audit Oversight Board shall, within three months after the end of each financial year, prepare a report on its activities during that financial year and send a copy of the report to the Commission.
(2) For the purposes of subsection (1), the report shall provide:
(a) the assessment of the Audit Oversight Board of its performance and effectiveness in discharging its responsibilities under section 31E;
(b) an assessment of significant risks relating to the quality and reliability of financial statements of public interest entities and schedule funds as identified by the Audit Oversight Board in the course of its inspection and inquiries, and key measures recommended by the Audit Oversight Board to address such risks;
[(2)(b) Am. by Act A1489 of the year 2015]
(c) the systems, procedures and practices used by the Audit Oversight Board for evaluat
31M Division 3 Finance-31M. Statutory Bodies (Accounts and Annual Reports) Act 1980.
The Statutory Bodies (Accounts and Annual Reports) Act 1980 [Act 240] shall not apply to the Audit Oversight Board.
[Ins. by Act A1369: s.4]
31N Division 4 Registration or Recognition as Auditor of Public Interest Entity or Schedule Fund-31N. Requirement for registration or recognition as auditor of public interest entity or schedule fund.
(1) No person shall, unless he is registered as a registered auditor or recognised as a recognised auditor under this Division:
[Am. by Act A1403 of the year 2011]
(a) hold himself out or act as an auditor of a public interest entity or schedule fund;
[(1)(a) Am. by Act A1489 of the year 2015]
(b) knowingly consents to be appointed and knowingly acts as an auditor of a public interest entity or schedule fund; or
(c) prepare for or on behalf of a public interest entity or schedule fund any report required by the Companies Act 1965 to be prepared by an auditor.
[(1)(b) & (c) Am. by Act A1489 of the year 2015]
(2) Any person who contravenes subsection (1) commits an offence and shall, on conviction, be liable to a fine not exceeding one million ringgit or to imprisonment for a te
31O Division 4 Registration or Recognition as Auditor of Public Interest Entity or Schedule Fund-31O. Application for registration or recognition as an auditor of a public interest entity or schedule fund.
(1) For the purposes of this Act, an application for:
(a) registration as a registered auditor; or
[(1) (a) Am. by Act A1489 of the year 2015]
(b) recognition as a recognised auditor,
shall be made to the Audit Oversight Board.
[(1) Subs. by Act A1403 of the year 2011]
(2) The application under subsection (1):
(a) shall be made in the form as may be determined by the Audit Oversight Board; and
(b) shall be accompanied with:
(i) the fees as may be prescribed by the Commission; and
(ii) such information or documents as may be required by the Audit Oversight Board.
(3) The Audit Oversight Board may upon the:
(a) registration of an applicant as a registered auditor; or
31P Division 4 Registration or Recognition as Auditor of Public Interest Entity or Schedule Fund-31P. Refusal to register or grant recognition.
(1) The Audit Oversight Board may refuse the registration of an applicant if the Audit Oversight Board is satisfied that the applicant:
[(1) Am. by Act A1489 of the year 2015; Act A1403 of the year 2011]
(a) is not or has ceased to be an auditor approved under section 8 of the Companies Act 1965;
(b) has been convicted:
(i) within or outside Malaysia, of an offence involving fraud or other dishonesty;
(ii) of an offence under any written law relating to the protection of members of the public against financial loss due to:
(A) dishonesty, incompetence or malpractice by persons concerned in the provision of financial services or the management of companies; or
(B) the conduct of discharged or undischarged bankrupts;
(c) has engaged in any practices which reflect discredit on
31Q Division 4 Registration or Recognition as Auditor of Public Interest Entity or Schedule Fund-31Q. Power to revoke, withdraw or suspend registration or recognition.
(1) The Audit Oversight Board may, at any time:
(a) revoke or suspend the registration; or
(b) withdraw or suspend the recognition,
of an auditor if:
(A) there exists a ground on which the Audit Oversight Board may refuse an application under subsection 31P(1) or (1A);
[(A) Am. by Act A1489 of the year 2015]
(B) the auditor contravenes any terms or conditions imposed by the Audit Oversight Board in respect of his registration or recognition under this Part; or
[(B)Am. by Act A1489 of the year 2015]
(C) the auditor fails to pay any fees or charges imposed under this Part.
[(C) Ins. Act A1489:s.43; Subs. Act A1539:s.8]
(2) The suspension under subsection (1) may be extended or revoked at any time by the Audit Oversight Board as it consid
31R Division 4 Registration or Recognition as Auditor of Public Interest Entity or Schedule Fund-31R. Notification of refusal, revocation or suspension.
Where an auditor falls within the scope of subsection 31P(1) or (1A), or subparagraph 31Q(1) (b) (B), he shall, immediately upon becoming aware of the happening of such event, notify the Audit Oversight Board in writing by setting out the relevant particulars.
[Am. by Act A1489 of the year 2015; A1403 of the year 2011]
31S Division 4 Registration or Recognition as Auditor of Public Interest Entity or Schedule Fund-31S. [Deleted by Act A1489 of the year 2015].
[Deleted by Act A1489 of the year 2015] .
31T Division 4 Registration or Recognition as Auditor of Public Interest Entity or Schedule Fund-31T. Register of auditors.
(1) The Audit Oversight Board shall keep and maintain a Register of Auditors in such form and manner as it thinks fit.
(2) There shall be removed from the Register the name and other particulars of any auditor who ceases to be registered or recognised under this Part.
[(2) Am. by Act A1403 of the year 2011]
(3) Any person may, upon payment of the prescribed fees, inspect and take extracts from the Register kept and maintained under subsection (1).
[Ins. by Act A1369: s.4]
31U Division 5 Setting Auditing and Ethical Standards-31U. Auditing and ethical standards.
(1) Subject to subsections (2) and (3), the Audit Oversight Board shall adopt the auditing and ethical standards to be complied by an auditor to the extent and in such manner it considers appropriate.
(2) For the purposes of setting auditing and ethical standards, the Audit Oversight Board may convene or authorise its staff to convene such advisory committees as may be appropriate, which may include accountants and other experts, as well as other stakeholders, to assist the Audit Oversight Board concerning the content of the auditing and ethical standards.
(3) The Audit Oversight Board may direct the Malaysian Institute of Accountants to establish or amend the auditing and ethical standards to be complied by an auditor.
[Ins. by Act A1369: s.4]
31V Division 6 Inspection and inquiry-31V. Inspection.
(1) The Audit Oversight Board shall, from time to time, conduct inspections to assess:
(a) the degree of compliance with the auditing and ethical standards by an auditor; and
(b) the sufficiency and appropriateness of the audit evidence obtained in relation to the audit report prepared by an auditor relating to the audited financial statements of public interest entities or schedule funds.
[(b) Subs. by Act A1489 of the year 2015]
(2) The inspections under subsection (1) shall be carried out by any officers of the Audit Oversight Board or any person authorised by the Audit Oversight Board who is referred to as an "Inspection Officer" in this Division.
(3) The auditor, its partners and employees shall cooperate with an Inspection Officer, conducting an inspection under this section, in the following matters:
(a) provi
31W Division 6 Inspection and inquiry-31W. Inquiry.
The Audit Oversight Board may appoint such number of Inquiry Officers as the Board considers necessary for the purposes of carrying out an inquiry where there has been a:
(a) contravention of any provision of this Part; or
(b) breach or failure to comply with:
(i) any condition imposed under subsection 31O(3); or
(ii) any written notice or guidelines issued by the Commission.
[Subs. by Act A1489 of the year 2015]
31X Division 6 Inspection and inquiry-31X. Power to require information.
(1) For the purposes of an inquiry, an Inquiry Officer may, by notice in writing served on a person, require such person:
(a) to provide all reasonable assistance in connection with the inquiry; and
(b) to appear before him or other Inquiry Officers concerned to be examined orally.
(2) Any statement made by any person under this section shall be reduced into writing by the Inquiry Officer, and signed by the person making it or affixed with his thumb print after such statement has been read to him and after he had been given an opportunity to make any correction he may wish.
(3) If the person referred to in subsection (2) refuses to sign or affix his thumb print on the statement, the Inquiry Officer shall endorse on the statement under his hand of such refusal and the reason thereof, if any.
(4) A person referred to in subsection (1) shall be legally bound:
31Y Division 6 Inspection and inquiry-31Y. Inspection and inquiry of consolidated financial statements.
For the purposes of this Division and, in the case of consolidated financial statements of public interest entities or schedule funds, the powers conferred on the Audit Oversight Board and its officers, or persons authorised by the Audit Oversight Board to inspect or to inquire into such financial statements shall apply relating to the accounts, working papers and documents prepared by the auditors of the subsidiaries, associates or any other entities whose financial statements are consolidated into such public interest entities or schedule funds.
[Am. by Act A1489 of the year 2015; Act A1403 of the year 2011]
31Z Division 7 Sanctions-31Z. Sanctions.
(1) Where any person contravenes or fails to comply with, observe, enforce or give effect to any of the following, that person has committed a breach:
(a) any provisions of this Part;
(b) any conditions imposed under this Part; or
[(1)(b) Am. by Act A1489 of the year 2015]
(c) any written notice or guidelines imposed or issued by the Commission.
(2) Where a person has committed a breach under subsection (1), the Audit Oversight Board may take one or more of the following actions:
(a) direct the person concerned to comply with the provisions of this Part or any conditions imposed under this Part, or any written notice or guidelines issued by the Commission;
[(2)(a) Am. by Act A1489 of the year 2015]
(b) reprimand the person concerned;
(c) requir
31ZA Division 8 General-31ZA. [Deleted by Act A1403 of the year 2011].
[Deleted by Act A1403 of the year 2011] .
31ZB Division 8 General-31ZB. Appeal.
(1) Any person who is aggrieved by the decision of the Audit Oversight Board under subsection 31P(1) or (1A), section 31Q or subsection 31Z(2) may appeal in writing to the Commission within thirty days from the date on which such person is notified of the decision of the Audit Oversight Board.
[Am. by Act A1403 of the year 2011]
(2) The Commission shall determine its own procedures in hearing an appeal under this Part.
(3) For the purposes of an appeal under this Part, the Commission may:
(a) affirm the determination of the Audit Oversight Board;
(b) set aside the determination of the Audit Oversight Board; or
(c) substitute for the determination of the Audit Oversight Board its own determination.
(4) The Commission shall decide on an appeal within a period of three months from the date the appeal is made.
(5) Whe
31ZC Division 8 General-31ZC. Duty to report to relevant authorities.
Notwithstanding section 148, the Audit Oversight Board shall report to the relevant authorities if it becomes aware of any breach of any law or code of conduct which is administered by the relevant authorities.
[Ins. by Act A1369: s.4]
31ZD Division 8 General-31ZD. Cooperation, coordination and sharing of information.
(1) For the purposes of promoting confidence in the quality and reliability of audited financial statements, the Commission may:
(a) enter into arrangements to cooperate with relevant authorities or relevant foreign authorities; and
(b) obtain any information or document from or share the same with any relevant authorities or relevant foreign authorities if the Commission considers it necessary to do so.
(1A) In determining whether it is necessary to exercise its power under paragraph (1)(b), the Commission shall have regard to:
(a) whether the relevant authorities or relevant foreign authorities will pay to the Commission any costs and expenses incurred for providing the assistance; and
(b) whether the relevant authorities or relevant foreign authorities will be able and willing to provide reciprocal assistance in response to a comparab
31ZE PART IIIB MANAGEMENT OF SYSTEMIC RISK IN THECAPITAL MARKET-31ZE. Interpretation.
For the purposes of this Part:
"market participant" includes an investor, issuer, intermediary, capital market service provider, exchange holding company, stock exchange, derivatives exchange, central depository and clearing facility; "systemic risk in the capital market" means a situation when one or more of the following events occur or is likely to occur:
(a) financial distress in a significant market participant or in a number of market participants;
(b) an impairment in the orderly functioning of the capital market; or
(c) an erosion of public confidence in the integrity of the capital market.
[Ins. by Act A1489 of the year 2015]
31ZF PART IIIB MANAGEMENT OF SYSTEMIC RISK IN THECAPITAL MARKET-31ZF. Information for purpose of systemic risk.
(1) The Commission may, notwithstanding any provision under the securities laws, by notice in writing request any person to submit to the Commission any information or document:
(a) which the Commission considers necessary for the purposes of monitoring, mitigating and managing systemic risks in the capital market; or
(b) where the Commission receives a request from Bank Negara Malaysia under section 30 of the Central Bank of Malaysia Act 2009.
(2) For the purposes of subsection (1), where the person concerned is solely under the supervision or oversight of Bank Negara Malaysia, the notice shall be issued through Bank Negara Malaysia.
(3) Any person who is required to submit any information or document under this section shall provide such information or document notwithstanding any obligation under any contract, agreement or arrangement whether express or implied to the contr
31ZG PART IIIB MANAGEMENT OF SYSTEMIC RISK IN THECAPITAL MARKET-31ZG. Power of Commission to issue directive for systemic risk.
(1) Where the Commission considers it necessary in the interest of monitoring, mitigating or managing systemic risk in the capital market, the Commission may issue a directive in writing requiring any person to take such measures as the Commission may consider necessary.
(2) In exercising its power under subsection (1), the Commission shall take into consideration the interest of financial stability.
(3) For the purposes of subsection (1), where the person concerned is solely under the supervision or oversight of Bank Negara Malaysia, the Commission shall make a recommendation to Bank Negara Malaysia to issue such directive.
(4) Before issuing a directive under subsection (1), the Commission shall give the person an opportunity to be heard.
(5) Notwithstanding subsection (4), the Commission may issue a directive under subsection (1) without first giving the person an opportunity to be heard if any delay in issuing such d
31ZH PART IIIB MANAGEMENT OF SYSTEMIC RISK IN THECAPITAL MARKET-31ZH. Arrangements with other supervisory authorities.
(1) Notwithstanding any provision in the securities laws, the Commission may for the purposes of monitoring, mitigating and managing systemic risk in the capital market or contributing towards financial stability:
(a) provide assistance to any supervisory authority or Government agency responsible for promoting financial stability;
(b) obtain any information or document from, or share any information or document with, any supervisory authority or Government agency responsible for promoting financial stability if the Commission considers it necessary that such information or document be so obtained or shared in managing systemic risk in the capital market or promoting financial stability; or
(c) enter into arrangements to cooperate with other supervisory authorities and co-ordinate stability measures with such supervisory authorities.
(2) Where the Commission shares an
31ZI PART IIIC SHARIAH ADVISORY COUNCIL-31ZI. Establishment of Shariah Advisory Council for Islamic capital market.
(1) The Commission may establish a Shariah Advisory Council for Islamic capital market which shall be the authority for the ascertainment of the application of Shariah principles for the purposes of Islamic capital market business or transaction.
(2) The Shariah Advisory Council may determine its own procedures.
[Ins. by Act A1489 of the year 2015]
31ZJ PART IIIC SHARIAH ADVISORY COUNCIL-31ZJ. Functions of Shariah Advisory Council.
The Shariah Advisory Council shall have the following functions:
(a) to ascertain the application of Shariah principles on any matter relating to Islamic capital market business or transaction;
(b) to issue ruling on any matter relating to Islamic capital market business or transaction;
(c) to advise the Commission on any Shariah issue relating to Islamic capital market business or transaction;
(d) to provide advice to any person on any Shariah issue relating to Islamic capital market business or transaction; and
(e) such other functions as may be prescribed by the Minister.
[Ins. by Act A1489 of the year 2015]
31ZK PART IIIC SHARIAH ADVISORY COUNCIL-31ZK. Appointment of members of Shariah Advisory Council.
(1) The Yang di-Pertuan Agong may, on the advice of the Minister after consultation with the Commission, appoint persons as members of the Shariah Advisory Council who are qualified in:
(a) fiqh muamalah;
(b) Islamic jurisprudence;
(c) Islamic finance; or
(d) any other related discipline.
(2) If a judge of the High Court, the Court of Appeal or the Federal Court, or a judge of the Shariah Appeal Court of a State or Federal Territory, is to be appointed under subsection (1), such appointment shall not be made except:
(a) in the case of a judge of the High Court, the Court of Appeal or the Federal Court, after consultation by the Commission with the Chief Justice; and
(b) in the case of a judge of the Shariah Appeal Court of a State or Federal Territory, after consultation by the Commission with the Chief S
31ZL PART IIIC SHARIAH ADVISORY COUNCIL-31ZL. Secretariat to Shariah Advisory Council.
The Commission may:
(a) establish a secretariat and such other committees as the Commission considers necessary to assist the Shariah Advisory Council in carrying out of its functions; and
(b) appoint an officer of the Commission or any other person to be a member of the secretariat or such other committees.
[Ins. by Act A1489 of the year 2015]
31ZM PART IIIC SHARIAH ADVISORY COUNCIL-31ZM. Advice or ruling of Shariah Advisory Council.
Any licensed person, stock exchange, derivatives exchange, clearing house, central depository, listed corporation or any other person may:
(a) seek the advice of; or
(b) refer a matter for a ruling by,
the Shariah Advisory Council relating to its Islamic capital market business or transaction in order to ascertain that it does not involve any element which is inconsistent with the Shariah.
[Ins. by Act A1489 of the year 2015]
31ZN PART IIIC SHARIAH ADVISORY COUNCIL-31ZN. Reference to Shariah Advisory Council for ruling from court or arbitrator.
(1) Where in any proceedings before any court or arbitrator concerning a Shariah matter in relation to Islamic capital market business or transaction, the court or the arbitrator, as the case may be, shall:
(a) take into consideration any ruling of the Shariah Advisory Council; or
(b) refer such matter to the Shariah Advisory Council for its ruling.
(2) Any request for advice or a ruling of the Shariah Advisory Council under this Act or any other law shall be submitted to the secretariat.
[Ins. by Act A1489 of the year 2015]
31ZO PART IIIC SHARIAH ADVISORY COUNCIL-31ZO. Effect of Shariah ruling.
Any ruling made by the Shariah Advisory Council under section 31ZM or 31ZN shall be binding on:
(a) the licensed person, stock exchange, derivatives exchange, clearing house, central depository, listed corporation or any other person referred to in section 31ZM; and
(b) the court or arbitrator referred to in section 31ZN.
[Ins. by Act A1489 of the year 2015]
31ZP PART IIIC SHARIAH ADVISORY COUNCIL-31ZP. Shariah Advisory Council ruling prevails.
(1) Where a ruling given by a registered Shariah adviser to a person engaging in any Islamic capital market business or transaction is different from the ruling given by the Shariah Advisory Council, the ruling of the Shariah Advisory Council shall prevail.
(2) For the purpose of this section,
"registered Shariah adviser" means a person who is registered under any guidelines issued by the Commission under section 377 of the Capital Markets and Services Act 2007. [Ins. by Act A1489 of the year 2015]
32 PART IV [DELETED BY ACT A1305 OF THE YEAR 2007] Division 1 [Deleted by Act A1305: s.7]-32. [Deleted by Act A1305: s.7].
[Deleted by Act A1305: s.7] .
32A PART IV [DELETED BY ACT A1305 OF THE YEAR 2007] Division 1 [Deleted by Act A1305: s.7]-32A. [Deleted by Act A1305: s.7].
[Deleted by Act A1305: s.7] .
32B PART IV [DELETED BY ACT A1305 OF THE YEAR 2007] Division 1 [Deleted by Act A1305: s.7]-32B. [Deleted by Act A1305: s.7].
[Deleted by Act A1305: s.7] .
33 Division 2 [Deleted by Act A1305 of year 2007]-33. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
33A Division 2 [Deleted by Act A1305 of year 2007]-33A. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
33B Division 2 [Deleted by Act A1305 of year 2007]-33B. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
33C Division 2 [Deleted by Act A1305 of year 2007]-33C. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
33D Division 2 [Deleted by Act A1305 of year 2007]-33D. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
33E Division 2 [Deleted by Act A1305 of year 2007]-33E. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
34 Division 2 [Deleted by Act A1305 of year 2007]-34. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
34A Division 2 [Deleted by Act A1305 of year 2007]-34A. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
34B Division 2 [Deleted by Act A1305 of year 2007]-34B. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
34C Division 2 [Deleted by Act A1305 of year 2007]-34C. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
35 Division 3 [Deleted by Act A1305 of year 2007]-35. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
36 Division 3 [Deleted by Act A1305 of year 2007]-36. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
37 Division 3 [Deleted by Act A1305 of year 2007]-37. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
38 Division 3 [Deleted by Act A1305 of year 2007]-38. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
39 Division 3 [Deleted by Act A1305 of year 2007]-39. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
40 Division 3 [Deleted by Act A1305 of year 2007]-40. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
41 Division 3 [Deleted by Act A1305 of year 2007]-41. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
42 Division 3 [Deleted by Act A1305 of year 2007]-42. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
43 Division 3 [Deleted by Act A1305 of year 2007]-43. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
44 Division 3 [Deleted by Act A1305 of year 2007]-44. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
45 Division 3 [Deleted by Act A1305 of year 2007]-45. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
46 Division 3 [Deleted by Act A1305 of year 2007]-46. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
47 Division 3 [Deleted by Act A1305 of year 2007]-47. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
48 Division 3 [Deleted by Act A1305 of year 2007]-48. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
49 Division 3 [Deleted by Act A1305 of year 2007]-49. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
50 Division 3 [Deleted by Act A1305 of year 2007]-50. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
51 Division 3 [Deleted by Act A1305 of year 2007]-51. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
52 Division 3 [Deleted by Act A1305 of year 2007]-52. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
53 Division 3 [Deleted by Act A1305 of year 2007]-53. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
54 Division 3 [Deleted by Act A1305 of year 2007]-54. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
55 Division 3 [Deleted by Act A1305 of year 2007]-55. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
56 Division 3 [Deleted by Act A1305 of year 2007]-56. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
57 Division 3 [Deleted by Act A1305 of year 2007]-57. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
58 Division 3 [Deleted by Act A1305 of year 2007]-58. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
59 Division 3 [Deleted by Act A1305 of year 2007]-59. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
60 Division 3 [Deleted by Act A1305 of year 2007]-60. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
61 Division 3 [Deleted by Act A1305 of year 2007]-61. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
62 Division 3 [Deleted by Act A1305 of year 2007]-62. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
63 Division 3 [Deleted by Act A1305 of year 2007]-63. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
64 Division 3 [Deleted by Act A1305 of year 2007]-64. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
65 Division 3 [Deleted by Act A1305 of year 2007]-65. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
66 Division 4 [Deleted by Act A1305 of year 2007] Subdivision 1 [Deleted by Act A1305 of year 2007]-66. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
67 Division 4 [Deleted by Act A1305 of year 2007] Subdivision 1 [Deleted by Act A1305 of year 2007]-67. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
68 Division 4 [Deleted by Act A1305 of year 2007] Subdivision 1 [Deleted by Act A1305 of year 2007]-68. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
69 Division 4 [Deleted by Act A1305 of year 2007] Subdivision 1 [Deleted by Act A1305 of year 2007]-69. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
70 Division 4 [Deleted by Act A1305 of year 2007] Subdivision 1 [Deleted by Act A1305 of year 2007]-70. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
71 Division 4 [Deleted by Act A1305 of year 2007] Subdivision 1 [Deleted by Act A1305 of year 2007]-71. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
72 Division 4 [Deleted by Act A1305 of year 2007] Subdivision 1 [Deleted by Act A1305 of year 2007]-72. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
73 Division 4 [Deleted by Act A1305 of year 2007] Subdivision 1 [Deleted by Act A1305 of year 2007]-73. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
74 Division 4 [Deleted by Act A1305 of year 2007] Subdivision 1 [Deleted by Act A1305 of year 2007]-74. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
75 Division 4 [Deleted by Act A1305 of year 2007] Subdivision 1 [Deleted by Act A1305 of year 2007]-75. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
76 Division 4 [Deleted by Act A1305 of year 2007] Subdivision 1 [Deleted by Act A1305 of year 2007]-76. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
77 Division 4 [Deleted by Act A1305 of year 2007] Subdivision 1 [Deleted by Act A1305 of year 2007]-77. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
78 Division 4 [Deleted by Act A1305 of year 2007] Subdivision 1 [Deleted by Act A1305 of year 2007]-78. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
79 Division 4 [Deleted by Act A1305 of year 2007] Subdivision 1 [Deleted by Act A1305 of year 2007]-79. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
80 Division 4 [Deleted by Act A1305 of year 2007] Subdivision 1 [Deleted by Act A1305 of year 2007]-80. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
81 Division 4 [Deleted by Act A1305 of year 2007] Subdivision 1 [Deleted by Act A1305 of year 2007]-81. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
82 Division 4 [Deleted by Act A1305 of year 2007] Subdivision 1 [Deleted by Act A1305 of year 2007]-82. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
83 Division 4 [Deleted by Act A1305 of year 2007] Subdivision 1 [Deleted by Act A1305 of year 2007]-83. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
84 Division 4 [Deleted by Act A1305 of year 2007] Subdivision 1 [Deleted by Act A1305 of year 2007]-84. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
85 Division 4 [Deleted by Act A1305 of year 2007] Subdivision 1 [Deleted by Act A1305 of year 2007]-85. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
86 Division 4 [Deleted by Act A1305 of year 2007] Subdivision 1 [Deleted by Act A1305 of year 2007]-86. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
87 Division 4 [Deleted by Act A1305 of year 2007] Subdivision 1 [Deleted by Act A1305 of year 2007]-87. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
88 Division 4 [Deleted by Act A1305 of year 2007] Subdivision 1 [Deleted by Act A1305 of year 2007]-88. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
89 Division 4 [Deleted by Act A1305 of year 2007] Subdivision 1 [Deleted by Act A1305 of year 2007]-89. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
90 Division 4 [Deleted by Act A1305 of year 2007] Subdivision 1 [Deleted by Act A1305 of year 2007]-90. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
91 Division 4 [Deleted by Act A1305 of year 2007] Subdivision 1 [Deleted by Act A1305 of year 2007]-91. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
92 Subdivision 2 [Deleted by Act A1305 of year 2007]-92. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
93 Subdivision 2 [Deleted by Act A1305 of year 2007]-93. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
94 Subdivision 2 [Deleted by Act A1305 of year 2007]-94. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
95 Subdivision 2 [Deleted by Act A1305 of year 2007]-95. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
96 DIVISION 5 [Deleted by Act A1305 of year 2007]-96. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
97 DIVISION 5 [Deleted by Act A1305 of year 2007]-97. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
98 DIVISION 5 [Deleted by Act A1305 of year 2007]-98. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
99 DIVISION 5 [Deleted by Act A1305 of year 2007]-99. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
100 DIVISION 5 [Deleted by Act A1305 of year 2007]-100. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
101 DIVISION 5 [Deleted by Act A1305 of year 2007]-101. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
102 DIVISION 5 [Deleted by Act A1305 of year 2007]-102. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
103 DIVISION 5 [Deleted by Act A1305 of year 2007]-103. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
104 DIVISION 5 [Deleted by Act A1305 of year 2007]-104. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
105 DIVISION 5 [Deleted by Act A1305 of year 2007]-105. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
106 DIVISION 5 [Deleted by Act A1305 of year 2007]-106. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
107 DIVISION 5 [Deleted by Act A1305 of year 2007]-107. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
108 DIVISION 5 [Deleted by Act A1305 of year 2007]-108. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
109 DIVISION 5 [Deleted by Act A1305 of year 2007]-109. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
110 DIVISION 5 [Deleted by Act A1305 of year 2007]-110. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
111 DIVISION 5 [Deleted by Act A1305 of year 2007]-111. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
112 DIVISION 5 [Deleted by Act A1305 of year 2007]-112. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
113 DIVISION 5 [Deleted by Act A1305 of year 2007]-113. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
114 DIVISION 5 [Deleted by Act A1305 of year 2007]-114. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
115 DIVISION 5 [Deleted by Act A1305 of year 2007]-115. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
116 DIVISION 5 [Deleted by Act A1305 of year 2007]-116. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
117 DIVISION 5 [Deleted by Act A1305 of year 2007]-117. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
118 DIVISION 5 [Deleted by Act A1305 of year 2007]-118. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
119 DIVISION 5 [Deleted by Act A1305 of year 2007]-119. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
120 DIVISION 5 [Deleted by Act A1305 of year 2007]-120. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
121 DIVISION 5 [Deleted by Act A1305 of year 2007]-121. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
122 DIVISION 5 [Deleted by Act A1305 of year 2007]-122. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
123 DIVISION 5 [Deleted by Act A1305 of year 2007]-123. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
124 DIVISION 5 [Deleted by Act A1305 of year 2007]-124. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
124A PART IVA [DELETED BY ACT A1305 OF YEAR 2007]-124A. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
124B PART IVA [DELETED BY ACT A1305 OF YEAR 2007]-124B. [Deleted by Act A1305 of year 2007].
[Deleted by Act A1305 of year 2007] .
125 PART V ENFORCEMENT AND INVESTIGATION-125. Appointment of Investigating Officers of the Commission.
(1) The Commission may appoint such number of investigating officers to be known as Investigating Officers of the Commission as it considers necessary for the purposes of carrying out investigation of any offence under the securities laws.
[Am. by Act A1041: s.3; Act A1305: s.8]
(2) An Investigating Officer of the Commission appointed under subsection (1) shall have all the powers given to any person for the purposes of carrying out investigation of any offence under the securities law.
[Am. by Act A1041: s.3; Act A1305: s.8]
126 PART V ENFORCEMENT AND INVESTIGATION-126. Examination by Commission.
(1) The Commission may, from time to time, examine, without giving any prior notice, the books or other documents, accounts and transactions of:
(a) any person licensed, registered, approved, recognized or authorized under any securities laws;
(b) any person performing any outsourced functions for persons referred to in paragraph (a) ; or
(c) a branch or subsidiary of a licensed person.
(2) Any person referred to in subsection (1) and any person acting on its behalf shall provide all assistance and produce any documents, records or matter, as may be required by the Commission, to enable the Commission to carry out its functions.
(3) For the purposes of paragraphs (1)(a) and (b), "person" does not include persons specified under the Third Column of Part 1 of Schedule 4 to the Capital Markets and Services Act 2007.
[Subs. by Act
127 PART V ENFORCEMENT AND INVESTIGATION-127. Production of books, etc.
(1) For the purposes of an examination under section 126, a person under examination, its directors and officers shall accord any person carrying out the examination access to all its books or other documents and accounts, including documents of title to its assets, all securities held by it in respect of securities transactions, all its cash, and all such documents, information and facilities as may be required by that person who carries out the examination, and shall produce to that person who carries out the examination all such books or other documents, accounts, titles, securities or cash, and give all such information, as he may require, but so far as is consistent with the conduct of the examination, such books or documents, accounts, titles, securities and cash shall not be required to be produced at such times or at such places as may interfere with the proper conduct of the normal daily business of that person.
[Subs
128 PART V ENFORCEMENT AND INVESTIGATION-128. Powers of the Investigating Officers of the Commission.
(1) An Investigating Officer of the Commission carrying out an investigation may enter any place or building and may:
(a) inspect and make copies of or take extracts from any book, minute book, account, register or document;
(b) where he has reason to believe that an offence has been committed against a securities law, search for, seize, take possession of and detain any object, article, material, thing, property, book, minute book, account, register or other document including any travel or other personal document, which may be used as evidence;
[Am. by Act A1305:s.11]
(c) search any person who is in, or on, the premises and, for the purpose of such search, detain the person and remove him to such place as may be necessary to facilitate the search, and seize, take possession of and detain any object, article, material, thing, property, book, minute book, acc
129 PART V ENFORCEMENT AND INVESTIGATION-129. Procedure by Investigating Officer on seizure property.
(1) A list of all things seized in the course of an inspection or investigation made under this Part and of the place or building in which they are respectively found shall be prepared by the Investigating Officer of the Commission conducting the inspection and signed by him.
[Am. by Act A1074: s.14]
(2) The occupant of the place or building entered under subsection 128(1), or some person in his behalf, shall in every instance be permitted to attend during the inspection, and a copy of the list prepared and signed under subsection (1) shall be delivered to such occupant or person at his request.
[Am. by Act A1074: s.14]
(3) An Investigating Officer of the Commission shall, unless otherwise ordered by any court, on the close of investigations or any proceedings arising therefrom, release any property seized, detained or removed by him or any other Investigating Officer of the
130 PART V ENFORCEMENT AND INVESTIGATION-130. Procedure by Magistrate in respect of property seized.
(1) Where a report is forwarded to the Magistrate by an Investigating Officer of the Commission under subsection 129(5), the Magistrate shall make such order as he thinks fit respecting the delivery of such property to the person entitled to the possession of the property or, if such person cannot be ascertained, respecting the custody and production of such property.
[Am. by Act A1074: s.15]
(2) If the person entitled to the property is known, the Magistrate may order the property to be delivered to him on such conditions, if any, as the Magistrate thinks fit, and shall, if he makes such order, cause a notice to be served on such person informing the person of the terms of the order and requiring him to take delivery of the property within such period from the date of the service of the notice (not being less than forty-eight hours) as the Magistrate may in such notice prescribe.
(3) If the person to whom
131 PART V ENFORCEMENT AND INVESTIGATION-131. Procedure in respect of property detained in Investigating Officer's custody.
(1) Where a Magistrate has directed under subsection 130(5) that any property seized be detained in the custody of an Investigating Officer of the Commission, the Chairman acting on behalf of the Commission, shall issue a public notification specifying the articles of which the property consists and requiring any person who has any claim to make a claim within six months from the date of such public notification.
[Am. by Act A1074: s.15]
(2) Every notification under subsection (1) shall, if the property has a value of fifty ringgit or more, be published in the Gazette .
(3) If within three months from the publication of a notification under subsection (1) no person establishes a claim to such property, and if the person in whose possession such property was found is unable to show that it was legally acquired by him, such property may, after the expiration of such period of three months, be sold on
132 PART V ENFORCEMENT AND INVESTIGATION-132. Surrender of travel documents.
(1) Notwithstanding any written law to the contrary, if an Investigating Officer of the Commission has grounds to believe that any person, who is the subject of an investigation in respect of an offence under a securities law suspected to have been committed by such person, is likely to leave Malaysia, the Investigating Officer of the Commission, with the approval of the Commission, may by written notice require such person to surrender his certificate of identity, passport or exit permit, or any other travel document in his possession.
(2) A notice under subsection (1) shall be served in the manner specified in section 134.
[Subs. by Act A1074: s.17]
(3) A person on whom a notice under subsection (1) is served shall comply with such notice forthwith, failing which he may be arrested and taken before a Magistrate.
(4) Where a person is taken before a Magistrate under subsection (3), the Magistrate
133 PART V ENFORCEMENT AND INVESTIGATION-133. Forcible entry.
(1) For the purpose of exercising his powers under paragraph 128(1)(b) an Investigating Officer of the Commission may enter any place or building by force, if necessary.
(2) Notwithstanding subsection (1), no Investigating Officer of the Commission shall enter any premises by the use of force without a search warrant by a Magistrate unless he has reasonable grounds for believing that, by reason of the delay in obtaining a search warrant, any object, article, material, thing, accounts, book, or other document referred to in paragraph 128(1) (b) may be interfered with or destroyed or the object of any entry is likely to be frustrated.
[Am. by Act A1074: s.18]
134 PART V ENFORCEMENT AND INVESTIGATION-134. Power to call for examination.
(1) If an Investigating Officer of the Commission carrying out an investigation under any securities law suspects or believes on reasonable grounds that any person can give information relevant to a matter that he is investigating, the Investigating Officer of the Commission may by notice in writing to such person require such person:
(a) to give to the Investigating Officer of the Commission all reasonable assistance in connection with the investigation; and
(b) to appear before a specified Investigating Officer of the Commission or specified Investigating Officers of the Commission to be examined orally.
[Subs. by Act A1041: s.7]
(1A) An Investigating Officer of the Commission exercising his authority under paragraph (1) (b) shall reduce into writing any statement made by the person examined under subsection (1).
[Ins.
135 PART V ENFORCEMENT AND INVESTIGATION-135. Destruction, concealment, mutilation and alteration of records.
[Ins. Act A1074]
Any person who:
(a) destroys, conceals, mutilates or alters;
(b) causes another person to destroy, conceal, mutilate or alter; or
(c) sends or attempts to send or conspires with any other person to remove from his premises or send out of Malaysia,
any document, record or account with intent to defraud any person, or to prevent, delay or obstruct the carrying out of an examination, audit or investigation, or the exercise of any function or power under the securities laws shall be guilty of an offence and shall, on conviction, be punished with imprisonment for a term not exceeding ten years and shall also be liable to a fine not exceeding ten million ringgit.
[Subs. by Act A1489 of the year 2015]
136 PART VI GENERAL-136. Conduct of prosecution.
(1) No prosecution for any offence under this Act shall be instituted except with the consent in writing of the Public Prosecutor.
(2) [Deleted by Act A1041: s.9] .
137 PART VI GENERAL-137. General penalty.
(1) Any person who contravenes a requirement or any provision of this Act shall be guilty of an offence.
(2) Where no penalty is expressly provided for an offence under this Act, a person who is guilty of the offence shall on conviction be punished with a fine not exceeding one million ringgit or imprisonment for a term not exceeding five years, or both; and in the case of a continuing offence, the offender, in addition to the penalty provided in this subsection, shall be punished with a daily fine not exceeding five thousand ringgit for every day during which the offence continues after conviction.
[Ins. by Act A926: s.13, Am. by Act A1074: s.22]
138 PART VI GENERAL-138. Offences by bodies corporate.
(1) Where a person convicted in respect of any offence under this Act is a body corporate, it shall only be punished with the fine provided for such offence.
(2) Where an offence against this Act or any regulations made thereunder has been committed by a body corporate, any person who at the time of the commission of the offence was a director, a chief executive officer, an officer, an employee, a representative or the secretary of the body corporate or was purporting to act in such capacity, shall be deemed to have committed that offence unless he proves that the offence was committed without his consent or connivance and that he exercised all such diligence to prevent the commission of the offence as he ought to have exercised, having regard to the nature of his functions in that capacity and to all the circumstances.
(3) Where a person who is an employee of a body corporate contravenes any provision of this Act, that body corporate s
139 PART VI GENERAL-139. Compounding of offences.
(1) The Chairman of the Commission may, with the consent in writing of the Public Prosecutor, compound any offence under this Act or regulations made under this Act which is prescribed to be a compoundable offence by accepting from the person reasonably suspected of having committed such offence a sum of money not exceeding such amount as may be prescribed.
(2) Upon receipt of the sum of money referred to in subsection (1), no further proceedings shall be taken against such person in respect of such offence and where possession has been taken of any property or document such property or document shall be released, subject to such conditions as may be imposed in accordance with the conditions of the compound.
[Am. by Act A1074: s.24; Act A1305: s.13]
(3) All sums of money received under this section shall be paid into the Federal Consolidated Fund.
[Ins. by Act A1041: s.10]
140 PART VI GENERAL-140. Protection of informers and information.
(1) Where any complaint made by an officer of the Commission states that the complaint is made in consequence of information received by the officer making the complaint, the information referred to in the complaint and the identity of the person from whom such information is received shall be secret between the officer who made the complaint and the person who gave the information, and everything contained in such information, the identity of the person who gave the information and all other circumstances relating to the information, including the place where it was given, shall not be disclosed or be ordered or required to be disclosed in any civil, criminal or other proceedings before any court, tribunal or other authority.
(2) If any book, paper or other document, or any visual or sound recording, or other matter or material which is given in evidence or liable to inspection in any civil, criminal or other proceedings before any court, trib
141 PART VI GENERAL-141. Offences under securities law are seizable offences.
Every offence punishable under a securities law shall be a seizable offence, and a police officer not below the rank of Inspector, or an Investigating Officer of the Commission appointed under subsection 125(1), may arrest without warrant any person whom he reasonably suspects to have committed or to be committing any such offence.
[Ins. by Act A1041: s.10, Am. by Act A1074: s.26]
142 PART VI GENERAL-142. Duty of Investigating Officer to make over arrested person to the police.
[Am. Act A1074]
If an Investigating Officer of the Commission appointed under subsection 125(1) makes an arrest under section 141 he shall without unnecessary delay make over the person so arrested to the nearest police officer or, in the absence of a police officer, take such person to the nearest police station, and thereafter the person arrested shall be dealt with in accordance with the law relating to criminal procedure for detention under section 117 of the Criminal Procedure Code [Act 593] as if he had been arrested by a police officer.
[Ins. by Act A1041: s.10, Am. by Act A1074: s.27]
143 PART VI GENERAL-143. Detention of arrested person.
Notwithstanding any other provision in any other written law relating to criminal procedure, a Magistrate authorizing the detention of a person arrested under section 141 shall authorize the detention of the person arrested in the custody of the police.
[Ins. by Act A1041: s.10, Am. by Act A1074: s.28]
144 PART VI GENERAL-144. Public servants and public officers.
(1) All members of the Commission or any of its committees or any officer, servant or agent of the Commission while discharging their duties as such members, officers, servants or agents shall be deemed to be public servants within the meaning of the Penal Code [Act 574] and public officers for the purposes of the Evidence Act 1950 or any other written law which the Minister may, on the recommendation of the Public Prosecutor, prescribe.
(2) Without affecting the generality of subsection (1), an Investigating Officer of the Commission shall be deemed to be a public servant for the purposes of the Penal Code [Act 574] , and a public officer for the purposes of the Criminal Procedure Code [Act 593] and the Evidence Act 1950 or any other written law which the Minister may, on the recommendation of the Public Prosecutor, prescribe.
[Subs. by Act A1074: s.29]
145 PART VI GENERAL-145. Power to engage persons to render assistance.
The Commission may, either generally or in a particular matter, engage under such terms and conditions of engagement as the Commission may determine from time to time, any person who is not an officer of the Commission to render such assistance as the Commission may require or specify in connection with the performance of its functions, or the discharge of its duties under a securities law, or to perform or discharge the same on behalf of and in the name of the Commission.
[Subs. by Act A926: s.14]
146 PART VI GENERAL-146. Power to review.
(1) Except as otherwise provided in the securities laws, any person who is aggrieved by the decision of the Commission may appeal to the Commission to review its own decision.
[Subs. by Act A1403 of the year 2011]
(2) An appeal to the Commission to review its own decision shall be made in writing within thirty days after the aggrieved person is notified of such decision.
[(2) Am. by Act A1403 of the year 2011]
147 PART VI GENERAL-147. Decision of Minister or Commission to be final.
Except as otherwise provided in the securities laws:
(a) any decision made by the Minister under the securities laws, whether an original decision by him or a decision on appeal to him from a decision of the Commission; or
(b) any decision by the Commission under the securities laws made pursuant to an appeal to review its original decision,
shall be final.
[Subs. by Act A1403 of the year 2011]
148 PART VI GENERAL-148. Obligation of secrecy.
(1) Subject to section 124 of the Evidence Act 1950, persons specified in subsection (2) shall not disclose any information which has been obtained by him in the course of his functions and which is not published in accordance with the securities laws, except:
(a) where the disclosure is authorized under a provision of the securities laws;
(b) for the purposes of assisting or enabling the Commission in the discharge of its functions under the securities laws or any other written law;
(c) in any criminal or civil proceedings by or against the Commission; or
(d) where the disclosure is authorized by the Commission.
(2) Subsection (1) shall apply to the following persons:
(a) a member of:
(i) the Commission;
(ii) the Shariah Advisory Council;
(iii) the Audit Oversight Board; or
(i
148A PART VI GENERAL-148A. Permitted disclosure in civil enforcement proceedings.
(1) In any civil enforcement proceedings by the Commission, the Commission may be ordered to give discovery of or produce for inspection under Order 24 of the Rules of Court 2012 [P.U.(A) 205/2012] the following documents which are or have been in the Commission's possession, custody or power as a result of the performance or exercise by the Commission of any of its functions under the securities laws:
(a) any document voluntarily produced or disclosed by the defendant to the Commission pursuant to the exercise of the Commission's powers under the securities laws;
(b) any document seized from the defendant or its officer or agent pursuant to section 128;
(c) any list prepared by the Commission and signed by the defendant or his officer or agent pursuant to section 129;
(d) any correspondence between the Commission and the defendant or his solicitors or agents;
148B PART VI GENERAL-148B. Confidentiality of supervisory information.
(1) Without affecting the generality of section 148, where the Commission produces any document or information in relation to:
(a) any rating assigned by the Commission to; or
(b) any supervisory assessment made by the Commission on,
any person specified under subsection 126(1), the person, or any of its directors, officers or auditors shall not disclose the document or information to any other person, unless authorized by the Commission.
(2) Any person who contravenes subsection (1) shall be guilty of an offence and shall, on conviction, be liable with imprisonment for a term not exceeding five years or be liable to a fine not exceeding one million ringgit or to both.
[Ins. by Act A1489 of the year 2015]
149 PART VI GENERAL-149. Assistance to police or other public officer.
Notwithstanding section 148, the Commission may, at its own initiative, or at the request of a public officer:
[Am. by Act A1074: s.34]
(a) supply to a police officer or any other public officer a copy of any book or other document seized, detained or taken possession of under section 128 or of any record of examination made under section 134, or of any statement made under subsection 134(3), or of any book or other document produced under subsection 128(2), or otherwise in the course of any examination under section 134, and such police officer or other public officer may make use of such copy of such book statement, record or other document as may be necessary or expedient in relation to the exercise of his powers, the performance of his functions, or the discharge of his duties, in respect of any person; or
[Am. by Act A1074: s.34]
(b) allow
150 PART VI GENERAL-150. Assistance to and co-operation with foreign supervisory authorities.
(1) Notwithstanding any provision to the contrary under the securities laws, the Commission may, upon receiving a written request from a foreign supervisory authority for assistance to investigate into an alleged breach of a legal or regulatory requirement which the foreign supervisory authority enforces or administers, provide assistance to the foreign supervisory authority by carrying out investigation of the alleged breach of the legal or regulatory requirement or provide such other assistance to the foreign supervisory authority as the Commission thinks fit.
[(1) Am. by Act A1489 of the year 2015]
(2) For the purposes of this section and section 150A, "foreign supervisory authority" means a foreign authority which exercises functions corresponding to the functions of the Commission under a securities law or any person outside Malaysia exercising regulatory functions and in respect of which the Commission consi
150A PART VI GENERAL-150A. Admissibility of evidence obtained through assistance from a foreign supervisory authority.
(1) If an Investigating Officer of the Commission in the course of his investigation obtains evidence, oral or documentary, through assistance obtained from a foreign supervisory authority, such evidence shall be admissible as prima facie evidence.
(2) In this section, a copy of a documentary evidence shall not be admissible in evidence unless the person who has custody or control of the document affirms that he has examined and verified the copy of that document with the original.
(3) Notwithstanding subsection (2), where the original document is not found or is lost, it shall be sufficient for the person who has custody or control of the document to state orally or in an affidavit given under this section that he had made reasonable efforts to locate the original documents and thereafter the copy of such documents shall be admissible as prima facie evidence of such documents in any legal proceedings.
(4) The oral evidence refe
150B PART VI GENERAL-150B. Admissibility of statements and documents of persons who are dead or cannot be traced, etc.
Notwithstanding any written law to the contrary, in any proceedings against any person for an offence under the securities laws:
(a) any statement made by any person to an Investigating Officer of the Commission in the course of an investigation under the securities laws; and
(b) any document, or copy of any document, seized from any person by an Investigating Officer of the Commission in the exercise of his powers under or by virtue of the securities laws,
shall be admissible in evidence in any proceedings before any court, where the person who made the statement or document or the copy of the document, or the person from whom the document was seized, is dead, or cannot be traced or found, or has become incapable of giving evidence, or whose attendance cannot be procured without an amount of delay or expense which appears to the court unreasonable.
[Ins. by
151 PART VI GENERAL-151. [Deleted by Act A1489 of the year 2015].
[Deleted by Act A1489 of the year 2015] .
151A PART VI GENERAL-151A. Evidential provision.
In any criminal or civil proceedings, any:
(a) statement purporting to be signed by the Chairman or any other person to whom power has been delegated under section 17, which forms part of or is annexed to any letter, register, record or document, howsoever expressed, described or represented; or
(b) minutes made of meetings of the Board, the Audit Oversight Board, or any committee of the Board or Audit Oversight Board, if duly signed,
shall be admissible as prima facie evidence of the facts stated therein.
[Subs. by Act A1489 of the year 2015]
152 PART VI GENERAL-152. Disclosure of information to Commission.
(1) The Commission may, by notice in writing, require any person to disclose to the Commission such information as the Commission may specify in the notice as it deems expedient for the due administration of the securities laws.
[Am. by Act A1217: s.11]
(2) Where any information is required to be disclosed to the Commission under subsection (1) , the person to whom the notice is directed shall not:
(a) disclose or cause to be disclosed any information that is false or misleading;
(b) disclose or cause to be disclosed any information from which there is a material omission; or
(c) engage in, or aid, or abet, conduct that is misleading or deceptive or is likely to mislead or deceive the Commission.
(3) Without prejudice to subsection (2), where a person referred to in subsection (1) becomes aware that:
(a)<
152A PART VI GENERAL-152A. Power of Commission to publish information.
The Commission may, where it thinks necessary or expedient in the interest of the public or for the protection of investors and in such form or manner as it thinks fit, publish any information in relation to:
(a) the grant of, lapsing, revocation or suspension of an approval, licence or exemption granted under the securities laws to any person;
(b) any rulings issued under the securities laws;
[(b) Subs. by Act A1489 of the year 2015]
(c) any action taken under section 354, 355 or 356 of the Capital Markets and Services Act 2007;
(d) an order by the court under section 360 of the Capital Markets and Services Act 2007;
(e) the compounding of any offence:
(i) under the securities laws; or
(ii) under any other law, whether the law of Malaysia or any territory or country outside Malaysia;
153 PART VI GENERAL-153. [Deleted by Act A1305: s.22].
[Deleted by Act A1305: s.22] .
154 PART VI GENERAL-154. Officers of Commission may represent Commission in civil proceedings.
Notwithstanding the provisions of any written law:
(a) in any civil proceedings by or against the Commission; or
(b) in any other civil proceedings in which the Commission is required or permitted by the court to be represented or to be heard, or is otherwise entitled to be represented or to be heard,
any officer of the Commission authorized by the Chairman for the purpose may, on behalf of the Commission, institute such proceedings or appear as an advocate therein, and may make all appearances and applications and to do all acts in respect of such proceedings on behalf of the Commission.
[Ins. by Act A1074: s.37]
155 PART VI GENERAL-155. [Deleted by Act A1305: s.23].
[Deleted by Act A1305: s.23] .
156 PART VI GENERAL-156. [Deleted by Act A1305: s.24].
[Deleted by Act A1305: s.24] .
157 PART VI GENERAL-157. Attempts, abetments and conspiracies.
A person who:
(a) attempts to commit any offence under this Act;
(b) does any act in furtherance of the commission of any offence under this Act; or
(c) abets or is engaged in a criminal conspiracy to commit (as those terms are defined in the Penal Code) any offence under this Act, whether or not the offence is committed in consequence thereof,
shall be guilty of such offence and shall be punished with or be liable to the penalty provided for such offence.
[Ins. by Act A1074: s.37]
158 PART VI GENERAL-158. Written notices circulars, conditions or guidelines.
(1) The Commission may, generally in respect of any securities law or in respect of any particular provision of any securities law, issue such written notices, circulars or guidelines as the Commission considers desirable.
[Am. by Act A1305: s.25]
(2) Subject to this Act or unless the contrary intention is expressly stated, the Commission may require a person to whom any written notices, circulars, conditions or guidelines apply to give effect to all written notices, circulars, conditions or guidelines issued by the Commission within such period as may be specified by the Commission.
[Am. by Act A1217: s.12; Act A1305: s.25]
(3) [Deleted by Act A1305: s.25] .
(4) Where a person referred to in subsection (2) fails to give effect to any written notice, circular, condition or guideline issued by the Commission, the Commission may, after giving such person a reaso
159 PART VI GENERAL-159. Power to make regulations.
(1) The Commission may, with the approval of the Minister, make regulations as may be necessary or expedient for:
(a) giving full effect to the provisions of the securities laws;
(b) carrying out or achieving the objects and purposes of the securities laws; or
(c) the further, better or convenient implementation of the provisions of the securities laws.
(2) Without prejudice to the generality of subsection (1), regulations made under this section may provide for-
(a) forms for the purposes of the securities laws;
(b) fees to be paid for the purposes of the securities laws; or
(c) the exemption of any specified person or any person who is a member of a specified class of persons from any of the provisions of the securities laws, subject to terms and conditions.".
[Su
159A PART VI GENERAL-159A. Power to amend schedules.
(1) The Minister may, on the recommendation of the Commission, by order published in the Gazette , vary, delete, add to, substitute for, or otherwise amend any of the schedules in this Act.
(2) The Minister in varying, deleting, adding or substituting any of the schedules referred to in subsection (1) may impose such terms and conditions as he thinks necessary.
(3) In making the order under subsection (1), the Minister shall have regard to the interests of the public.
[Ins. by Act A1403 of the year 2011]
160 PART VI GENERAL-160. Immunity.
No action, suit, prosecution or other proceeding shall lie or be brought, instituted, or maintained in any court or before any other authority against:
(a) the Commission;
(b) any person who is or has been:
(i) a member of the Board, Shariah Advisory Council, Audit Oversight Board, Capital Market Development Fund or Capital Market Compensation Fund Corporation, or any committee established by the Commission, Shariah Advisory Council, Audit Oversight Board, Capital Market Development Fund or Capital Market Compensation Fund Corporation; or
(ii) an officer of the Commission; or
(c) any person engaged by the Commission under section 145,
for or on account of, or in respect of, any act done or statement made, omitted to be done or made by the persons specified in paragraphs (a) , (b) or (c) , in the perfo
160A PART VI GENERAL-160A. Power to issue directions to discharge Government's international obligation under United Nations Security Council Resolutions.
(1) Where the Security Council of the United Nations decides, in pursuant to the Charter of the United Nations, on measures to be employed to give effect to any of its decisions and calls upon the Government of Malaysia to apply such measures, the Commission may, in relation to the measures that are within the functions of the Commission, issue directions in writing to any persons licensed, registered, approved, recognized or authorized under any securities laws, to enable those measures to be effectively applied.
(2) A direction issued under subsection (1) may include, but not be limited to a direction to freeze securities accounts, monies and assets.
(3) A person to whom a direction is issued under subsection (1) shall comply with the direction notwithstanding any other duty imposed on the said person by any contract or law or international agreement.
(4) A person who carries out any act in compliance with the directions issue
161 PART VII REPEAL AND TRANSITIONAL PROVISIONS-161. Repeal.
Sections 5 and 6 of the Securities Industry Act 1983 and section 179 of the Companies Act 1965 (in this Part referred to as the "repealed sections") are hereby repealed.
[Am. by Act A1074: s.40]
162 PART VII REPEAL AND TRANSITIONAL PROVISIONS-162. Saving.
All regulations, instructions, orders and decisions made under or in accordance with the repealed sections shall remain valid and binding and shall be deemed to have been made under the provisions of this Act until they are amended or repealed or until they expire.
[Am. by Act A1074: s.41]
163 PART VII REPEAL AND TRANSITIONAL PROVISIONS-163. Continuance of other rights, liabilities, etc. under the repealed sections.
(1) Subject to the provisions of this Act, any right, privilege, obligation or liability acquired or accrued under the repealed sections or any legal proceedings or remedy in respect of such right, privilege, obligation or liability shall not be affected and any such legal proceedings or remedy may be instituted, continued or enforced as if this Act had not been made.
(2) All applications pending under the repealed sections shall be dealt with under this Act by the Commission as if they had been made under the provisions of this Act.
[Am. by Act A1074: s.42]
164 PART VII REPEAL AND TRANSITIONAL PROVISIONS-164. Continuance of criminal and civil proceedings.
(1) Subject to the provisions of this Act, neither the repealed sections nor anything contained in this Act shall affect any person liable to be prosecuted or punished for offences committed under the repealed sections before the appointed day, or any proceedings brought or sentence imposed before that day in respect of such offence.
(2) Subject to the provisions of this Act, any proceedings, whether civil or criminal, or cause of action pending or existing immediately before the appointed day, by or against the Capital Issues Committee or the Panel On Take-Overs And Mergers or any person acting on behalf of the Capital Issues Committee or the Panel On Take-Overs And Mergers may be continued or instituted by or against the Capital Issues Committee or the Panel On Take-Overs And Mergers as it might have been continued or instituted by or against the Capital Issues Committee or the Panel On Take-Overs And Mergers or such person if this Act had no
165 PART VII REPEAL AND TRANSITIONAL PROVISIONS-165. Transitional and savings [Act 498/1993].
(1) All actions, regulations, orders, directions, notifications, approvals, decisions and other executive acts, howsoever called, made, given or done under, or in accordance with, or by virtue of, the provisions of the Companies Act 1965 or the Securities Commission (Unit Trust Scheme) Regulations 1996 [P.U.(A) 439/96] before the commencement of this Act shall, in so far as it is not inconsistent with the provisions of this Act, be deemed to have been made, given, or done under, or in accordance with, or by virtue of, the corresponding provisions of the Companies Act 1965 or the Securities Commission (Unit Trust Scheme) Regulations 1996 as amended by this Act, and shall continue to remain in force and have effect in relation to the persons to whom they apply until amended, revoked or rescinded under, in accordance with, or by virtue of, the corresponding provisions of the principal Act as amended by this Act.
(2) Nothing in this Act sh
166 PART VII REPEAL AND TRANSITIONAL PROVISIONS-166. Prevention of anomalies.
If any difficulty arises with respect to the foregoing saving and transitional provisions, the Minister may by order make such modifications in those provisions as may appear to him necessary for preventing anomalies:
Provided that the Minister shall not exercise the power so conferred by this section after the expiration of two years from the date of commencement of this Act.
[Ins. by Act A1074: s.44]
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