Companies Commission issues Consultative Document on Beneficial Ownership Reporting Framework

The Companies Commission of Malaysia has on 8 November 2019 issued the Consultative Document on the Guidelines for the Reporting Framework for Beneficial Ownership of Legal Persons (‘Proposed BO Guidelines’)
The Proposed BO Guidelines apply to companies incorporated and foreign companies registered under the Companies Act 2016 and to limited liability partnerships under the Limited Liability Partnerships Act 2012. 
The following companies will be exempted from the requirements set out in the Proposed BO Guidelines –
  1. financial institutions incorporated (local companies) or registered (foreign companies), under the Companies Act 2016;
  1. companies whose shares are quoted in a local or foreign stock exchange; and
  1. companies whose shares are deposited in the central depository pursuant to the Securities Industry (Central Depositories) Act 1991.
Businesses registered under the Registration of Businesses Act 1956 are deemed to have complied with the requirements under Proposed BO Guidelines.
The deadline for submission of feedback to the Companies Commission of Malaysia is 4 December 2019.