Section 10
Grant of licence by Minister
of Financial Services Act 2013
(1)
In assessing an application duly made under section 9 to carry on any licensed business, the Bank shall have regard to all the
54 Laws of Malaysia factors set out in Part 1 and Part 2 of Schedule 5 and such other matters that the Bank considers relevant.
(2)
Upon making an assessment under subsection (1) and where the
Bank is satisfied that such applicant may be granted a licence, the Bank shall make a recommendation to the Minister to grant a licence under subsection (4) with or without conditions.
(3)
The Bank shall notify the applicant in writing if the Bank does not make a recommendation to the Minister under subsection (2).
(4)
Where the Bank makes a recommendation pursuant to subsection (2), the Minister may grant a licence to the applicant to carry on banking business, insurance business or investment banking business, with or without conditions.
(5)
The Bank shall notify the applicant in writing of the decision of the Minister under subsection (4).
(6)
Where the Minister grants a licence under subsection (4), a licensed person shall commence its licensed business within a period or such further period as may be specified by the Minister, on the recommendation of the Bank.