SSM’s MBRS All Set to Get Mandated in Q4 2024
The latest announcement from the Suruhanjaya Syarikat Malaysia (SSM) indicates a significant shift toward the Mandatory Bursa Malaysia Reporting System, which is set to be enforced by Q4 of 2024. This policy balances regulatory efficiency and supports companies in addressing their dormant statuses or non-compliance issues.
Key Points of the Mandate
System Enhancement
SSM aims to streamline administrative tasks by implementing a unified digital platform, SSM4U, by Q4 of 2024. This platform will facilitate efficient access to core registry services, including submitting statutory documents and beneficial ownership information, ensuring compliance with regulatory requirements.
Furthermore, the announcement highlights the ongoing enhancement of MBRS to provide improved services to customers, promising a ‘Go Live’ by the end of 2024. During the transitional period, companies must ensure up-to-date and verified beneficial ownership information at their registered office.
Striking Off a Company
SSM emphasises the fairness of the policy, allowing a three-year window for companies to rectify their status before facing dissolution due to failure to lodge annual returns. This duration offers businesses affected by economic downturns or operational dormancy an opportunity to reactivate without the burden of re-registration.
However, SSM has outlined exceptions, such as companies with outstanding financial liabilities or unredeemed preference shares, making them ineligible for striking off until these obligations are settled. This provision ensures creditors and stakeholders have a reasonable chance to claim outstanding debts before a company dissolves.
Mandatory Lodgement of Beneficial Ownership
As the regulatory landscape evolves, the Companies (Amendment) Bill 2023 will introduce a timeframe for companies to lodge beneficial ownership information via e-BOS, emphasising the importance of compliance within the stipulated period.
SSM’s commitment to regulatory efficiency, supported by the MBRS mandate and the implementation of a comprehensive digital platform, signifies a proactive approach toward enhancing governance and transparency within the Malaysian corporate landscape.
Why Choose DataTracks for MBRS Filing?
DataTracks stands out for MBRS filing because it specialises in regulatory compliance and financial reporting. Offering end-to-end solutions, they integrate advanced technology for a user-friendly filing experience. Their focus on accuracy, compliance, and timely submissions assures reliability. Customised support and a track record of positive client experiences make DataTracks SSM MBRS XBRL Services a reliable choice for businesses seeking efficient and compliant MBRS filing solutions.
Get Ready to file your AFS to SSM MBRS in XBRL format
To stay abreast with the mandate requirements, contact us at +60-392126125 or email us at enquiry@datatracks.my.