Suruhanjaya Syarikat Malaysia (SSM) had conducted a survey from 9 July 2021 to 18 July 2021 in relation to the implementation of Beneficial Ownership (BO) under Section 56 of the Companies Act 2016 (CA 2016). The results of the survey found that 4% of the respondents stated that they did not understand the Guideline for the Reporting Framework for Beneficial Ownership of Legal Persons (Guideline) issued by SSM.
Although the quantum of respondents who failed to understand the Guideline was low, SSM views this seriously as failure to understand the Guidelines may lead to non-compliance with the BO requirement amongst Company Secretaries.
In this regard, SSM like to urge the company secretaries to take the necessary initiative and attend training or courses related to BO. Members may refer to the training calendar from the Institute's website at http://www.maicsa.org.my/resources/cpd-training/cpd-training-calendar.
This notice acts as a reminder to ensure compliance, with the CA 2016 and other Acts regulated by SSM, is at the optimum level.