Financial Services Act 2013 (Act 758), Regulations & Orders [As At 1st November 2023]

Financial Services Act 2013 (Act 758)

An Act to provide for the regulation and supervision of financial institutions, payment systems and other relevant entities and the oversight of the money market and foreign exchange market to promote financial stability and for related, consequential or incidental matters.

Detailed Contents Of Financial Services Act 2013 (Act 758) :

The Financial Services Act 2013 (Act 758) is a Malaysian law that regulates financial services in the country. The Act was enacted to replace the Banking and Financial Institutions Act 1989 (BAFIA) and the Insurance Act 1996.

The Act is divided into eight parts, each dealing with a different aspect of financial services regulation. The following is a brief summary of each part:

Part I - Preliminary: This part contains the definitions of key terms used throughout the Act and sets out the scope of the Act.

Part II - Administration and General Powers: This part sets out the powers of the Central Bank of Malaysia (Bank Negara Malaysia) in administering and enforcing the Act, as well as the powers of the Minister of Finance.

Part III - Financial Holding Companies: This part regulates financial holding companies and their subsidiaries.

Part IV - Licensing of Financial Institutions: This part sets out the requirements for obtaining a license to carry out financial services activities in Malaysia.

Part V - Conduct of Business: This part sets out the standards of conduct that financial institutions must adhere to when carrying out their business activities.

Part VI - Financial Stability: This part provides for measures to maintain financial stability in Malaysia.

Part VII - Enforcement: This part sets out the powers of the Central Bank of Malaysia to enforce the Act and provides for penalties for non-compliance.

Part VIII - Miscellaneous: This part contains miscellaneous provisions, including transitional provisions and the power to make regulations.

The Act is accompanied by various regulations and orders, which provide further details and guidance on its implementation. These include:

1. Financial Services (Licensing) Regulations 2013: This regulation sets out the requirements and procedures for obtaining a license to carry out financial services activities in Malaysia.

2. Financial Services (Financial Holding Companies) Regulations 2013: This regulation sets out the requirements and procedures for the registration and regulation of financial holding companies and their subsidiaries.

3. Financial Services (Exemption) Order 2013: This order provides for exemptions from certain provisions of the Act for certain financial services activities.

4. Financial Services (Conduct) Regulations 2016: This regulation sets out the standards of conduct that financial institutions must adhere to when carrying out their business activities.

5. Financial Services (Amendment) Act 2017: This amendment to the Act makes various changes and updates to the original Act.

Overall, the Financial Services Act 2013 (Act 758) and its accompanying regulations and orders provide a comprehensive framework for regulating financial services in Malaysia, with the aim of promoting financial stability and protecting consumers.

Financial Services Act 2013 Contains:

Financial Services Act 2013 (Act 758)
Financial Services (Minimum Amount of Capital Funds or Surplus of Assets over Liabilities) (Licensed Person) Order 2013
Financial Services (Financial Holding Company) (Non-Application and Application with Modification) Order 2013
Financial Services (Designated Payment Instruments) Order 2013
Financial Services (Exemption) Order 2013
Financial Services (Minimum Amount of Capital Funds) (Approved Person) Order 2013
Financial Services (Contract of General Insurance for Property or Liability) Order 2013
Financial Services (Requirements and Submission of Documents or Information) (Registered Business) Order 2013
Financial Services (Fees) Regulations 2014
Financial Services (Financial Ombudsman Scheme) Regulations 2015
Financial Services (Exemption) Order 2017
Financial Services (Approved Marine, Aviation and Transit Insurers) Regulations 2017
Financial Services (Approved Marine, Aviation and Transit Insurance Brokers) Regulations 2017
Financial Services (Exemption) (No.2) Order 2017

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