Netting of Financial Agreements Act 2015 · Updated to 6 Mar 2015 · Part II · Netting Provision
7. Period of stay
Official textFrom Laws of Malaysia Online, unchanged
The Minister may, on the recommendation of the relevant authority having the power to enforce the provisions specified in
Minister
“Minister” means the Minister charged with the responsibility for finance;
Part II of the Schedule, prescribe any period during which the enforceability of the netting provision under section 3 shall be stayed for the purposes of the provisions specified in Part II of the Schedule.
netting provision
“netting provision” means— (a) a provision in a qualified financial agreement which provides that upon the occurrence of the events specified by the parties in the agreement, all obligations owed by one party to another party under a qualified financial transaction are reduced to or replaced with a single net amount in accordance with the qualified financial agreement; or (b) any other mechanism which has the effect of determining a single net amount prescribed by the Minister to be a netting provision under paragraph 6(1)(b);
The Minister shall cause a reasonable notice to be given to persons affected by the period of stay prescribed under subsection (1), unless the circumstances do not permit.
The period prescribed under subsection (1) shall apply notwithstanding that any other period has been provided or prescribed under the provisions specified in Part II of the Schedule.
Terms defined in s 2
Minister
Defined · s 2“Minister” means the Minister charged with the responsibility for finance;
netting provision
Defined · s 2“netting provision” means— (a) a provision in a qualified financial agreement which provides that upon the occurrence of the events specified by the parties in the agreement, all obligations owed by one party to another party under a qualified financial transaction are reduced to or replaced with a single net amount in accordance with the qualified financial agreement; or (b) any other mechanism which has the effect of determining a single net amount prescribed by the Minister to be a netting provision under paragraph 6(1)(b);