Securities Commission Malaysia (Amendment) Act 2017

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

in the shoulder note, by inserting after the words

“Part IIIa” the words “, Schedule 1 and Schedule 2”;

by inserting after the words “In this Part” the words

“, Schedule 1 and Schedule 2”;

SECURITIES COMMISSION MALAYSIA

(AMENDMENT) ACT 2017

by inserting after the definition of “auditor” the following definition:

‘ “executive officer” refers to the executive officer of the Audit Oversight Board appointed under section 31c;’;

by deleting the definition of “executive chairman”; and

by inserting after the definition of “Malaysian Institute of Accountants” the following definition:

‘ “non-executive chairman” refers to the non-executive chairman of the Audit Oversight Board appointed under section 31c;’.

public interest entity or schedule fund;

by substituting for subsection (2) the following subsection:

Securities Commission Malaysia (Amendment)

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“(2) The Audit Oversight Board shall consist of the following members who shall be appointed by the Board:

a non-executive chairman;

an executive officer; and

five non-executive members.”;

by substituting for subsection (4) the following subsection:

“(4) The non-executive chairman and executive officer shall not—

be a full-time officer or controlling shareholder of any public interest entity or schedule fund, its related corporation or associate company;

have any share in any of the profits of an accounting or auditing firm, or any of its affiliate; and

receive payment from any accounting or auditing firm, or from any other person as may be specified by the Commission, other than fixed continuing payments under standard arrangements for retirement from an accounting or auditing firm subject to such conditions as the Commission may impose.”;

in subsection (6)—

by substituting for the word “two” the word

“three”; and

by inserting after subsection (6) the following subsection:

“(6a) Notwithstanding subsection (6), no member of the Audit Oversight Board shall—

be an approved company auditor under the

Companies Act 2016; or

be employed on a full-time or contractual basis, in any capacity, by a firm which—

acts as an auditor for any public interest entity or schedule fund; or

in subsection (7), by substituting for the words “executive chairman” the words “executive officer”.

in paragraph (c), by deleting the word “registration”; and

in the English language text, in paragraph (e), by substituting for the words “fees or other charges” the words “other fees or charges”.

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Where a registered or a recognised auditor fails to pay the prescribed fee by the date on which such fee is due, the Commission may impose a late payment fee of a prescribed amount for every day that the payment is late, and such fees shall be recoverable by the Commission as a debt due to the Commission.”.

forms for the purposes of the securities laws;

fees to be paid for the purposes of the securities laws; or

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.”.