Bismillahirrahmanirrahim.

Terima kasih saudara pengacara majlis,

Yang dihormati,

YB Datuk Armizan Mohd Ali,

Menteri Perdagangan Dalam Negeri dan Kos Sara Hidup (KPDN);

YB Senator Puan Hajah Fuziah Salleh,

Timbalan Menteri KPDN;

YBhg. Dato’ Seri Mohd Sayuti Bakar,

Ketua Setiausaha KPDN;

Timbalan-Timbalan Ketua Setiausaha KPDN;

YBrs. Tuan Hj Ahmad Sabki Yusof,

Pengerusi Suruhanjaya Syarikat Malaysia (SSM);

Anggota-anggota Suruhanjaya Syarikat Malaysia;

Timbalan-Timbalan Ketua Pegawai Eksekutif SSM;

Pengarah-pengarah dan Ketua-ketua Agensi di bawah KPDN;

Tan Sri, Datuk, Dato’, Datin, Wakil-wakil Media, dan terutamanya para Peserta tuan-tuan dan Puan-Puan yang saya hormati sekalian.

Assalamualaikum Warahmatullahi Wabarakatuh, Salam sejahtera dan Salam Malaysia Madani.

Memandangkan SSM National Conference 2024 ini turut dihadiri oleh peserta dari luar negara, izinkan saya meneruskan ucapan ini dalam Bahasa Inggeris.

1. A very good morning to all distinguished guests, ladies and gentlemen. It is an honor and privilege to address everyone today as we embark on our conference with the theme, "Enhancing Corporate Transparency. Building Resilience."

2. As highlighted by both the Honorable Minister and Chairman, this year marks the 13th edition of SSM National Conference, which we SSM considers as a signature event that continues to serve as a premier forum for regulatory education and networking.

3. In this session, I will attempt to deliberate on the theme selected for SSM National Conference 2024, to set the tone for discussions that will flow today and tomorrow. The theme "Enhancing Corporate Transparency. Building Resilience." was chosen to reflect the multifaceted challenges and opportunities in today's rapidly evolving business landscape. As companies navigate complex regulatory environments, technological advancements and shifting market demands, our theme this year underscores the critical importance of fostering transparency and building resilience.

4. Ladies and gentlemen, in an era marked by evolving operational demands, transparency goes beyond compliance; it establishes a strong foundation for ethical conduct and accountability. By prioritising transparency, businesses can better manage risks, foster robust relationships with stakeholders and set themselves as embodiment of good governance that will entail sustainability.

5. Meanwhile, Building resilience (which is the second limb of our Conference theme) is an essential element in today’s dynamic business environment. Organisations must be agile in responding to unexpected challenges and be ever prepared in implementing adaptable strategies and if the need arises, to put in place an effective rehabilitation plan which are key to thrive and survive in times of uncertainty.

6. Ladies and gentlemen, the objectives of this year's theme for SSM National Conference 2024 include our efforts in ensuring that corporate and business community are well-informed about the new regulations, particularly those related to the enhanced beneficial ownership reporting framework and corporate rescue mechanisms that were introduced under the recently amended Companies (Amendment) Act 2024.

7. I am confident that the panel of experts and professionals we have assembled today will provide valuable insights and expertise, helping us achieve the objectives of our SSM National Conference 2024.

Ladies and gentlemen,

8. SSM is committed to spearhead enhancements into the law that we govern by enforcing comprehensive and up-to-date laws. The amendments to the Companies Act 2016 through the Companies (Amendment) Act 2024 is a testament to this commitment, aligning with international standards, particularly the Financial Action Task Force (FATF) requirements. In March 2022, FATF recommends for member countries to ensure that competent authorities have access to adequate, accurate and up-to-date information on beneficial owners of companies, which Malaysia has now adopted.

9. The Companies (Amendment) Act 2024 introduces 31 clauses which comprised of 4 policy clusters, with Policy Cluster 3 focusing on enhancement to the beneficial ownership reporting framework and addressing existing legislative gaps.

10. Key changes include a new definition of BO, clarifies the requirements for companies to obtain, identify, verify, record and maintain beneficial ownership information in a dedicated register to be kept at registered address of companies and lodging similar information to SSM.

11. Companies in Malaysia have been granted a six-month window, from 1 April to 30 September 2024, to update and submit their beneficial ownership information to the Registrar. During this period, companies could lodge and, if necessary, make rectification to their submissions without incurring any fees, while enforcement measures are now temporarily suspended.

12. Ladies and gentlemen, mandating the disclosure of beneficial ownership information would assist enforcement and regulatory agencies, such as the Royal Malaysian Police, the Central Bank of Malaysia, Inland Revenue Board (LHDN) and the Malaysian Anti-Corruption Commission, in investigating and combating serious crimes under the guise of corporate entities, including money laundering, terrorism financing, corruption and tax evasion.

Ladies and gentlemen,

13. Another aspect of the Conference theme is on building resilience which may be reflected from the effort to strengthen the legal framework related to corporate rescue mechanisms under the Companies (Amendment) Act 2024 which are geared towards supporting companies in navigating challenges and building financial resilience.

14. Widening of the application of corporate rescue mechanisms under corporate voluntary arrangements or CVA that will extend to all types of companies regardless of whether the company has created security interest or charge over its assets as well as Judicial Management which is now broadened to cover all public companies including those listed on Bursa Malaysia. This will avail rehabilitation process in the form of CVA and JM to all types of companies.

15. Ladies and gentlemen, recognising that the success of these regulatory changes depends on the preparedness of the corporate community, professionals and the public, SSM has launched comprehensive awareness initiatives through mainstream and social media. SSM has invested significantly in awareness, training and development programmes to ensure everyone is well-equipped to implement these changes. To date, we have conducted more than 100 training programmes involving over 6,000 participants, with a strong focus on Beneficial Ownership.

16. Corporate practitioners seeking further understanding of the Companies (Amendment) Act 2024 are encouraged to view our guidelines, Practice Directive, FAQs and educational series which are available on SSM's official portal at www.ssm.com.my. Participation in courses offered by SSM’s Training Academy is also highly recommended.

17. I wish to also take this opportunity, to share the news on SSM’s Limited Liability Partnerships (Amendment) Bill 2024, that has been passed by Parliament in July 2024. The amendments will feature similar policies on the beneficial ownership reporting framework and the overall corporate rescue mechanisms as reflected in the Companies (Amendment) Act 2024. These amendments extend the enhanced framework to Limited Liability Partnerships (LLPs), ensuring a uniform approach to transparency and regulatory compliance as well as equiping access to a comprehensive corporate rescue mechanisms across both companies and LLPs in Malaysia.

Ladies and gentlemen

18. Before concluding, I wish to express my heartfelt gratitude to YB Datuk Armizan Mohd Ali, Minister of Domestic Trade and Cost of Living, for his unwavering support to SSM and this conference. I wish to also extend special thanks to SSM’s dedicated organizing team for their exceptional efforts in making the SSM National Conference 2024 a resounding success.

19. I sincerely wish all of you, ladies and gentlemen a conference that is filled with invaluable insights and successful outcomes. Thank you for your attention.

Wabillahi taufik walhidayah, Wassalamualaikum warahmatullahi wabarakatuh.