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SSM - Section 7 (11) (b) of the Companies Act 1965 (Act)  print
We wish to inform members that SSM has, on 26 May 2017, responded to the Institute on the following issues:

(a) stringent surveillance programmes, under section 7(11) of the Companies Act 1965 would be deferred during the transitional period for company secretaries, to enable them to familiarise themselves with the various changes resulting from the implementation of the Companies Act 2016; and
(b) acceptable to discontinue issuance of new notices under section 7(11) in 2017 and attempt to facilitate company secretaries to conduct the status check via email at ar_compliance@ssm.com.my on the notices that were issued earlier.

However, SSM is unable to waive or cancel the compounds issued under section 7(11)(b), and for late submission of forms/returns such as Register of Members and their stance that cancellation of compounds is only possible based on strong evidence or justification, and the same is subject to the consent of Deputy Public Prosecutor.

On a separate note, SSM would continue its regulatory function to conduct inspection of the registered offices to ensure the highest standard of compliance amongst corporate intermediaries, despite the suggestion by the Institute to defer the surveillance progromme of conducting inspections at the registered offices of companies during the transitional period.

Members are advised to conduct section 7(11)(b) status check via ar_compliance@ssm.com.my and clear their backlog under section 7(11) as soon as possible.