Section 77
Savings
of Act 627
An issuer of a designated payment instrument who has obtained approval under paragraph 19(1)(b) of the Banking and
Financial Institutions Act 1989 shall be deemed to have obtained approval under subsection 24(1) in respect of the issuance of that designated payment instrument.
(2)
Any designated payment instrument issued pursuant to an approval under subsection 119(1) of the Banking and Financial
Institutions Act 1989 shall be deemed to have been approved under subsection 24(1).
(3)
An operator of a payment system who has obtained approval under subsection 119(1) of the Banking and Financial Institutions
Act 1989 shall be deemed to have complied with the requirements and received the notification under subsection 4(1). :
58 Laws of Malaysia Act 627 ©
(4)
Every guideline and circular issued by the Bank under section 126 of the Banking and Financial Institutions Act 1989 in relation to paragraph 19(1)(b) and subsection 119(1) of the Banking and
Financial Institutions Act 1989 shall be deemed to have been lawfully issued under section 70 of this Act in relation to the particular provisions of this Act corresponding to the matter dealt with in the guideline or circular and shall remain in full force and effect until it is amended, rescinded or replaced under this Act.
Payments Systems 59