Section 19
Requirements for representative office
of Financial Services Act 2013
(1)
No foreign institution shall—
(a)
establish a representative office in Malaysia unless it has obtained the prior written approval of the Bank; or
(b)
through its approved representative office, carry on any authorized or registered business in Malaysia.
(2)
Subject to the prohibition under paragraph (1)(b), a foreign institution may carry on, through its approved representative office, only such activities as may be specified by the Bank.
(3)
An application to establish a representative office shall be made in writing to the Bank together with such documents or information as may be specified by the Bank.
(4)
The Bank may on an application having been duly made in accordance with subsection (3) approve the application, with or without conditions, or reject the application.
(5)
The Bank may at any time in writing amend or revoke any existing conditions of an approval granted under subsection (4) or impose any new condition thereto.
(6)
The Bank may revoke an approval granted under subsection (4)
if—
(a)
the approved representative office has—
(i)
breached or contravened any provision of this Act or the Central Bank of Malaysia Act 2009; or
(ii)
failed to comply with any condition imposed pursuant to the approval,
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regardless that there has been no prosecution or other action in respect of such breach, contravention or non-compliance;
(b)
the approved representative office has contravened any law in or outside Malaysia; or
(c)
it is in the interest of consumers of financial services and products in Malaysia to do so.
(7)
The Bank may, with the approval of the Minister, revoke an approval granted under subsection (4) if it is in the national interest to do so.
(8)
Any person who contravenes subsection (1) or (2) or fails to comply with any condition imposed under subsection (4) or (5)
commits an offence and shall, on conviction, be liable to imprisonment for a term not exceeding ten years or to a fine not exceeding fifty million ringgit or to both.