Section 2
Interpretation
In this Act, unless the context otherwise requires—
“advertisement” means the disseminating or conveying of information, invitation or solicitation by any means or in any form including oral and written communication by means of print, electronic and any other media;
10 Laws of Malaysia ACT 778
“approved accounting standards” has the meaning assigned to it in the Companies Act 2016 [Act 777];
“approved company auditor” has the meaning assigned to it in the
Companies Act 2016;
“Commission” means the Companies Commission of Malaysia established under the Companies Commission of Malaysia Act 2001
[Act 614];
“company” means a company incorporated under the Companies
Act 2016 or corresponding previous written law and includes a corporation that is a public company which is registered as a foreign company in Malaysia;
“corresponding previous written law” means any written law relating to companies which has been at any time in force in any part of Malaysia and which corresponds with any provision of this Act;
“Court” has the meaning assigned to it in the Companies Act 2016;
“director” has the meaning assigned to it in the Companies Act 2016;
“financial year”, in relation to a scheme, means the period of twelve months ending on 31 December or on such other date as specified in the trust deed or contractual agreement;
“foreign company” has the meaning assigned to it in the Companies
Act 2016;
“foreign scheme” means a scheme relating to an interest of which the right to participate or a right to the interest in the scheme is offered by a management company which is a public company limited by shares on behalf of a foreign company;
Interest Schemes
11
“interest” means any interest or right to participate, whether enforceable or not and whether actual, prospective or contingent whether in Malaysia or elsewhere—
(a)
in any investment scheme;
(b)
in any time-sharing scheme; or
(c)
in any recreational membership scheme, whether or not the interest or right is evidenced by a formal document or relates to a physical asset, but does not include—
(i)
any shares in or debenture of a corporation;
(ii)
a capital market product as defined in section 2 of the
Capital Markets and Services Act 2007 [Act 671];
(iii)
any interest in a partnership agreement unless the agreement—
(A)
relates to a contract, arrangement, undertaking, or enterprise promoted by or on behalf of a person whose ordinary business is or includes the promotion of similar contract, arrangement, undertaking or enterprise, whether or not that person is a party to the agreement; or
(B)
is an agreement, or is within a class of agreements, prescribed by regulations for the purposes of this paragraph; or
(iv)
any participatory interest in any product offered by the licensees regulated under the Financial Services Act 2013
[Act 758] and the Islamic Financial Services Act 2013
[Act 759], approved issuers of a designated payment instruments regulated under the Financial Services Act 2013 and the Islamic Financial Services Act 2013 and
12 Laws of Malaysia ACT 778
development financial institutions prescribed under the
Development Financial Institutions Act 2002 [Act 618];
“interest holder” means a person who participates in a scheme;
“management company”, in relation to any interests issued or proposed to be issued or any deed that relates to any interests issued or proposed to be issued, means a company incorporated under the
Companies Act 2016 or corresponding previous written law by or on behalf of which the interests have been or are proposed to be issued;
“Minister” means the Minister charged with the responsibility for companies;
“officer” has the meaning assigned to it in the Companies Act 2016;
“premium scheme” means a scheme relating to an interest of which the right to participate or a right to the interest in the scheme is offered by a management company which is a public company limited by shares;
“product disclosure statement” means any product disclosure statement or invitation inviting applications or offers to subscribe for or purchase or offering for subscription or purchase any interest in a small scheme;
“prospectus” means any prospectus, notice, circular, advertisement or invitation inviting applications or offers from the public to subscribe for or purchase or offering to the public for subscription or purchase any interest in premium scheme or foreign scheme;
“registered scheme” means a small scheme, premium scheme or foreign scheme registered and authorized by the Registrar in accordance with section 10;
“Registrar” means the Registrar as designated under section 20A of the Companies Commission of Malaysia Act 2001 [Act 614];
Interest Schemes
13
“scheme”, in relation to an interest, includes any contract, arrangement, undertaking, enterprise, programmes or plans of actions relating to an investment scheme, a time-sharing scheme or a recreational membership scheme;
“Shariah Advisory Committee” means a committee established by the Commission under section 43;
“Shariah compliant scheme” means a scheme referred to in section 4
of which the trust deed and prospectus or contractual agreement and product disclosure statement, whichever is applicable, are in compliance with the Shariah framework under section 43;
“small scheme” means a scheme relating to an interest of which the right to participate or right to the interest in the scheme is offered by a management company which is a company incorporated under the
Companies Act 2016;
“unregistered scheme” means a scheme which is not registered or authorized under this Act or under the corresponding previous written law.
(2)
A reference in this Act to a trust deed or contractual agreement shall be construed as including a reference to any instrument amending or affecting the trust deed or contractual agreement, as the case may be.