Financial Services Act 2013. A significant Development in the Financial Services Industry in Malaysia
Punitha Kandiah, Head, Corporte Advisory / Group Legal Policy Commercial Banking & Corporate Functions - Group Legal Affairs, Maybank, Malaysia
Nazlan Ghazali, Group General Counsel & Company Secretary, Maybank, Malaysia
In recent years, Malaysia has seen the introduction of several pieces of legislation which have had some impact on its financial industry. The most significant piece of legislation is none other than the Financial Services Act 2013 (“FSA”) which came into force on 30 June 2013 and has been touted to be the legislation which will bring about substantial changes and development to the financial industry in Malaysia.
In this paper we will be focusing and examining the more salient provisions of the FSA and its impact in particular on licensed financial institutions (defined below). It should also be noted that alongside the FSA, the Islamic Financial Services Act 2013 (“IFSA”) which governs the Islamic financial institutions in Malaysia also came into force on 30 June 2013. We will also be discussing the IFSA briefly at the end of this article.
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