Following the cancellation and postponement of courses organised by the Companies Commission of Malaysia (SSM), professional bodies and other training providers due to the Covid-19 outbreak in Malaysia, SSM hereby extends the period for company secretaries to comply with the 20 CPE requirements for the renewal of practicing certificates (PC) under Section 241 of the Companies Act 2016 (CA 2016) based on the following conditions:
(a) Company secretaries are still required to comply with the CPE requirements set out in paragraphs 34 and 35 of the Guidelines Relating To Practising Certificate For Secretaries Under Section 241 Of The Companies Act 2016;
However, company secretaries are given an extension of time until the next renewal of the PC to collect the remaining CPE points that were not collected during the first renewal of the PC;
Guides / Example:
|PC start and end date||15 March 2019 – 14 March 2020|
CPE points required for the first renewal of PC
|20 CPE points (based on the Guidelines Relating To Practising Certificate For Secretaries Under Section 241 Of The Companies Act 2016)|
|Secretary only collects 8 CPE points during the first renewal of PC ||Insufficient of 12 CPE points : 20 CPE - 8 CPE = (12 CPE points)|
|The duration of PC after renewal and the total of CPE to be complied with|
3 years (from 15 March 2020 until 14 March 2023)
Therefore, the secretary must accumulate 72 CPE points during the validity period of 3 years.
= 60 CPE points + remaining 12 CPE points
= 72 CPE points
(b) This extension of time shall only be applicable to practicing certificates which expire between 14 March 2020 and 31 December 2020;
(c) The extension of time to collect 20 CPE points is granted only for the first renewal of the PC; and
(d) Failure to collect the remaining CPE points will result in the second application for the renewal of the PC to be rejected.
In accordance with the extension approval, the validity period of the renewed PC shall be continuous from the first PC if the renewal application via the e-secretary system is approved.
SSM is currently in the midst of enhancing the system for the renewal application of practicing certificate with regards to the extension of time given. An announcement will be made in the SSM website once the system is available.