On 14 March 2019, the Minister of Domestic Trade and Consumer Affairs announced by way of a gazette notification that Section 241 of the Companies Act 2016 (‘CA2016’), which requires a person to be registered under the said provision before he can act as a company secretary, would come into operation on 15 March 2019 [P.U.(B)138/2019]
The Companies (Practising Certificate for Secretaries) Regulations 2019
(‘Regulations’) which were gazetted on 14 March 2019 will also come into operation on 15 March 2019.
We have on 14 March 2019 provided an overview on the Regulations, which can be accessed here
On 14 March 2019, the Companies Commission issued the Guidelines Relating to Practising Certificate for Company Secretaries under Section 241 of the Companies Act 2016
(‘Guidelines’) and introduced a new Part K to the FAQs on Companies Act 2016 and Transitional Issues
The Guidelines and Part K provide further guidance and clarification in relation to the registration of company secretaries under section 241 of CA2016 and matters that are incidental to the registration of company secretaries.
The following are some of the salient issues to be noted under the Guidelines –
1. Deadline for submission of application by an existing secretary
A person who has been appointed as a secretary of a company before 15 March 2019, i.e. the enforcement of section 241 of CA2016, may continue to act as a secretary to the company and is required to register with the Registrar within 12 months from 15 March 2019.
To be qualified to act as a secretary, a person must satisfy the requirements set out in section 235 of CA2016, that is he must be –