ID :
68467
Tue, 06/30/2009 - 19:57
Auther :
Shortlink :
https://oananews.org//node/68467
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CAPITAL MARKET SERVICES ACT TO BE AMENDED, SAYS M`SIAN PM
KUALA LUMPUR, June 30 (Bernama) -- The Malaysian government will be tabling
a set of far-reaching amendments to the Capital Market Services Act to further
strengthen the enforcement powers of the Securities Commission (SC) on corporate
governance transgression.
Prime Minister Najib Razak said it would empower the SC to
take action against a director or officer who caused a wrongful loss to a public
listed company (PLC) or its subsidiary to the detriment of shareholders of the
PLC.
"It will also allow the SC to prevent the wrongful dissipation of assets of
a PLC by those managing it.
"In addition, a new offence is created to prohibit any person from
influencing, coercing or misleading any person engaged in the preparation or
audit of financial statements of a PLC," he said in his keynote address at the
Invest Malaysia 2009 Conference here Tuesday.
In addition, an independent Auditor Oversight Board would be set up through
the tabling of the amendments to the Securities Commission Act 1993 in this
session of Parliament, he said.
Najib said the capital market was a knowledge-intensive industry, thus
attracting and retaining talent was a critical aspect of the process to capture
the necessary skills and social relationships to increase international
participation in the Malaysian capital market.
"We must recognise that there was strong international competition for human
capital and must be in a position to fast-track the recruitment process for
international talent," he said.
In view of this, he said, the Central Bank of Malaysia and SC would review
all visa applications for the financial services industry and capital market
industries.
The prime minister said this was to ensure that Malaysia's regulatory
objectives of fair and orderly markets, transparency, financial soundness and
investor protection were met.
"In this regard, it is necessary for us to ensure that there are high
standards of ethical conduct and practice of good corporate governance which
require that we strengthen our regime for effective enforcement against
corporate crime and securities offences," he said.
-- BERNAMA
a set of far-reaching amendments to the Capital Market Services Act to further
strengthen the enforcement powers of the Securities Commission (SC) on corporate
governance transgression.
Prime Minister Najib Razak said it would empower the SC to
take action against a director or officer who caused a wrongful loss to a public
listed company (PLC) or its subsidiary to the detriment of shareholders of the
PLC.
"It will also allow the SC to prevent the wrongful dissipation of assets of
a PLC by those managing it.
"In addition, a new offence is created to prohibit any person from
influencing, coercing or misleading any person engaged in the preparation or
audit of financial statements of a PLC," he said in his keynote address at the
Invest Malaysia 2009 Conference here Tuesday.
In addition, an independent Auditor Oversight Board would be set up through
the tabling of the amendments to the Securities Commission Act 1993 in this
session of Parliament, he said.
Najib said the capital market was a knowledge-intensive industry, thus
attracting and retaining talent was a critical aspect of the process to capture
the necessary skills and social relationships to increase international
participation in the Malaysian capital market.
"We must recognise that there was strong international competition for human
capital and must be in a position to fast-track the recruitment process for
international talent," he said.
In view of this, he said, the Central Bank of Malaysia and SC would review
all visa applications for the financial services industry and capital market
industries.
The prime minister said this was to ensure that Malaysia's regulatory
objectives of fair and orderly markets, transparency, financial soundness and
investor protection were met.
"In this regard, it is necessary for us to ensure that there are high
standards of ethical conduct and practice of good corporate governance which
require that we strengthen our regime for effective enforcement against
corporate crime and securities offences," he said.
-- BERNAMA
