Companies Act 2016 - EY

Companies Act 2016 Shaping the Malaysian corporate regulatory landscapeVolume 5 -Issue 1 -15 March 2017 Companies Act 2016 Moderniseregulations5new aspirations 123 Streamline the corporate legal frameworkFacilitate economic growthReduce the cost of compliance4 Remove regulatory redundancies and conflicts5On 31 January 2017, the Companies Act 20161( CA2016 or the Act ) and Companies Regulations 2017 came into is the culmination of more than a decade s worth of thorough review, debate and collective insights from regulatory, professional and industry bodies to create a set of regulations which can be both practically and effectively applied. The extensive rigourapplied to CA2016 s transformation is reflected by the 188 recommendations proposed by the Corporate Law Reform Committee2( CLRC ) which were then consolidated into 19 policy statements before these policy statements formed the basis of the Act s 620 1: The evolution of Malaysia s Companies Act 20162008 CLRC concluded review of CA1965 with 188recommended changes 183recommendations accepted2010 Cabinet approved the 19policy statements SSM3released an Exposure Draft (comprising 631sections) for public consultation20132016 Companies Bill 2015 (comprising 620sections)

2 Facilitate share capital management and restructuring Key changes relating to the management and/or restructuring of share capital are summarised as follows: A reduction of share capital requires: A special resolution and confirmation by the Court;

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  2016, Capital, Companies, Shares, Companies act 2016, Share capital

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