Dr. Adissayam Xavier Suseimanikam
Chairman/Editor of Publication Board
It is always a great pleasure to connect with all our members here and I extend my warmest greetings to all.
The year 2023 has been a busy and productive year for IACS, having successfully organised and conducted a total of thirty two (32) seminars/webinars (seven (7) physical seminars and twenty five (25) webinars) throughout the country. It is unfortunate that some of the physical seminars had to be cancelled because of low registration numbers, particularly in East Malaysia. Nonetheless, we would like to express our sincere thanks to all our members for their unwavering support and participation in our seminars/webinars throughout the year. Do check out our Training Calendar for 2024 on our website, www.iacs.org.my.
Firstly, we wish to highlight to our members that there is an alteration to the implementation timeline for e-invoicing as announced via Budget 2024. Please refer to the article entitled “E-invoicing: Full Force On 1 July 2025” featured in this newsletter for further details. Members need to be aware of the timeline for e-invoicing implementation applicable to them and start preparing in terms of technology, manpower, training and the mechanisms involved to ensure compliance with the requirements and smooth transition.
We also wish to update our members that at the Suruhanjaya Syarikat Malaysia (SSM) Annual Dialogue 2023 held virtually on 5th December 2023, SSM gave a presentation on the Companies (Amendment) Bill 2023 and Limited Liability Partnerships (Amendment) Bill 2023. The amendments involve the widening of the application of corporate rescue mechanism [(CVA) and (JM)], strengthening of the corporate rehabilitation frameworks, strengthening of the beneficial ownership reporting framework and enhancement of corporate governance and practices. Under the LLP (Amendment) Bill, the amendments comprise introduction of corporate rescue mechanism framework for LLP and introduction of beneficial ownership reporting framework. Members may view the presentation slides at SSM’s website, https://www.ssm.com.my/Pages/Publication/Presentation_Slide/SSM-Annual-Dialogue-2023.aspx. IACS will make an effort to organise a seminar/webinar on the relevant subjects once the Companies (Amendment) Bill 2023 and Limited Liability Partnerships (Amendment) Bill 2023 come into force.
Besides the above-mentioned, SSM has on 7th November 2023, issued an exposure draft on the Proposed Guidelines Relating to the Obligations of Company Secretary as a Reporting Institution Under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLA). These guidelines are intended to:
(a) set out the requirements and obligations imposed on company secretaries under the AMLA in preventing and combating money laundering and terrorism financing; and
(b) assist company secretaries in understanding the roles and responsibilities as RIs in implementing a comprehensive risk-based approach in managing ML/TF risks.
In view of such development, members must take note and ensure compliance with these guidelines. The guidelines, as proposed by SSM, shall have immediate effect and remain effective and applicable unless amended or revoked.
In view of the massive compliance requirements, IACS has initiated steps to discuss with SSM and other stakeholders on what would be the best approach in the implementation process, taking into account, especially the resources available for company secretaries.
Lastly, members are invited to write to us on any technical or operational issues and enquiries with SSM or other agencies in relation to the company law and corporate secretarial matters so that we can provide a reply or address them at the appropriate forums/meetings.
In concluding, on behalf of the Council, I wish all our members and their families who have celebrated Christmas a “Merry & Joyous Christmas’ and to all a very ‘Happy & Blessed New Year 2024’. The Council is indeed pleased to serve you in 2023 and would like to thank you for your continuous support. As we bid farewell to year 2023, we look forward to a fruitful, bountiful and successful year 2024.