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Amendment Act · As enacted

Retirement Fund (Amendment) Act 2015

Amends the Retirement Fund Act 2007

Official textFrom Laws of Malaysia Online, unchanged

s 1Short title and commencement

(1)

This Act may be cited as the Retirement Fund (Amendment)

Act 2015.

(2)

This Act comes into operation on a date to be appointed by the Minister by notification in the Gazette.

s 2Amendment of section 2

The Retirement Fund Act 2007 [Act 662], which is referred to as the “principal Act” in this Act, is amended in section 2—

(a)

by inserting before the definition of “committee” the following definition:

‘ “debenture” includes debenture stock, bonds, notes and any other securities of a company or corporation whether or not constituting a charge on the assets of the company or corporation;’;

(b)

in the definition of “securities”—

(i)

in paragraph (b), by deleting the word “and” at the end of the paragraph;

(ii)

by substituting for paragraph (c) the following paragraph:

“(c) unit trusts, exchange traded fund or prescribed instruments; and”; and

(iii)

by inserting after paragraph (c) the following paragraph:

“(d) any Islamic securities,”; and

(c)

in the definition of “company”, by inserting after the words

“[Act 125]” the words “, a trust company incorporated under the Trust Companies Act 1949 [Act 100] or any company incorporated under any written law”.

s 3New section 4a

The principal Act is amended by inserting after section 4 the following section:

“The Retirement Fund (Incorporated) may act as an agent of Government 4a. (1) The Retirement Fund (Incorporated) may act as an agent of the Government of Malaysia for the purpose of paying any pension, gratuity or other benefit granted under any written law from the Consolidated Fund in such manner as may be agreed between the Government of Malaysia and the Retirement Fund (Incorporated).

(2)

The Retirement Fund (Incorporated) may be paid by the Government of Malaysia for services rendered by it as an agent of the Government of Malaysia under subsection (1).”.

Retirement Fund (Amendment)

s 4Amendment of section 6

Paragraph 6(4)(f) of the principal Act is amended by inserting after the word “business” the words “, investment, banking”.

s 5Amendment of section 7

Subsection 7(2) of the principal Act is amended—

(a)

by deleting paragraph (b); and

(b)

by substituting for paragraph (e) the following paragraph:

“(e) four persons from the public or private sector with experience and expertise in business, investment, banking or finance.”.

Amendment of section 13

s 6Section 13 of the principal Act is amended—

(a)

in subsection (2)—

(i)

by deleting the word “and” at the end of paragraph (d);

(ii)

by inserting after paragraph (d) the following paragraph:

“(da) moneys received by the Retirement Fund

(Incorporated) for services rendered by the Retirement Fund (Incorporated) to the

Government of Malaysia as its agent under section 4a; and” and

(b)

in subsection (5), by deleting the words “for officers of the public service and employees of statutory and local authorities”.

s 7Amendment of section 14

Section 14 of the principal Act is amended—

(a)

in subsection (1)—

(i)

by substituting for paragraph (a) the following paragraph:

“(a) on deposit in any currency including the ringgit in—

(i)

the Central Bank of Malaysia;

(ii)

any duly licensed financial institution as defined under the Financial Services

Act 2013 [Act 758];

(iii)

any development financial institution as defined under the Development Financial

Institutions Act 2002 [Act 618];

(iv)

any Islamic bank under the Islamic

Financial Services Act 2013 [Act 759];

(v)

any bank or duly licensed financial institution outside Malaysia;”;

(ii)

in paragraph (b), by substituting for the words “and certificates of deposit” the words “, certificates of deposit and any financial instruments recognized by the relevant regulatory body”;

(iii)

in paragraph (d), by inserting after the words “the

Retirement Fund (Incorporated)” the words “and with the acceptable credit criteria”;

(iv)

in paragraph (h), by substituting for the words

“the *Securities Industry Act 1983 [Act 280]” the words “the Capital Market and Services Act 2007

[Act 671] or securities in a company which has been approved to be listed in any stock exchange outside

Malaysia subject to the listing of such security being approved by law in the foreign jurisdiction”;

Retirement Fund (Amendment)

(vi)

in paragraph (j), by deleting the word “and” at the end of the paragraph; and

(vii)

by inserting after paragraph (j) the following paragraph:

“(ja) with the approval of the Minister—

(i)

in the development of buildings, infrastructure and natural resources, and the interest within;

(ii)

in securities issued or fully guaranteed by any sovereign government, supranational or multilateral organization and includes securities where any sovereign government, supranational or multilateral organization is the obligor;

(iii)

in securities issued or fully guaranteed by the Government of Malaysia, secured by any sovereign government, supranational or multilateral organization and includes securities where any sovereign government, supranational or multilateral organization is the obligor and any instrument issued by the Central

Bank of Malaysia;

(iv)

in purchasing securities or subscribing to any product for the purpose of hedging the investments of the Fund;

(v)

in private equity fund managed by—

(A)

any fund management company registered with the Securities

Commission Malaysia or

Companies Commission of

Malaysia;

(B)

any fund management company registered by any regulatory body outside Malaysia; or

(C)

any limited liability partnership registered by any regulatory body outside Malaysia; and”; and

(b)

in subsection (2)—

(i)

in the national language text, by inserting after the words “perenggan (1)(i)” the words “dan (ja)”;

and

(ii)

in the English language text, by substituting for the words “under paragraph (1)(i)” the words “under paragraphs (1)(i) and (ja)”.

s 8New section 21a

The principal Act is amended by inserting after section 21

the following section:

“Obligation of secrecy 21a. (1) Except for any of the purposes of this Act or for the purposes of any civil or criminal proceedings under any written law or where otherwise authorized by the Board—

(a)

no member of the Board, Investment Panel, committee, officers and servants of the Retirement Fund

(Incorporated) or any person attending any meeting of the Board, Investment Panel or any of its committees, whether during or after his tenure of office or employment, shall disclose any information which has been obtained by him in the course of his duties and which is not published in pursuance of this Act;

and

(b)

no other person who has by any means access to any information or documents relating to the affairs of the Retirement Fund (Incorporated) shall disclose such information or document.

Retirement Fund (Amendment)

(2)

Any person who contravenes subsection (1) commits an offence and shall, on conviction, be liable to a fine not exceeding one hundred thousand ringgit or to imprisonment for a term not exceeding three years or to both.”.

KUALA LUMPUR