Section 7
Powers and functions of Bank
of Financial Services Act 2013
(1)
The Bank shall exercise the powers and perform the functions under this Act in a way which it considers most appropriate for the purpose of meeting the regulatory objectives of this Act and the
Governor shall exercise such powers and perform such functions of the
Bank on its behalf.
(2)
The powers and functions of the Bank under this Act are in addition to, and not in derogation of, the powers and functions of the
Bank under the Central Bank of Malaysia Act 2009.
(3)
The Bank shall, from time to time, keep the Minister informed on matters relating to the exercise of its powers and performance of its functions under this Act.
(4)
The Bank may authorize a Deputy Governor or an officer of the Bank to exercise any of its powers or perform any of its functions under this Act.
(5)
The Bank may establish and authorize a committee consisting of members as the Bank may determine for the purpose of exercising any of the powers or performing any of the functions of the Bank under this Act.
(6)
The Bank may, either generally or in a particular case, appoint a person, whether in or outside Malaysia, who is not an officer of the Bank—
(a)
to render such assistance in the exercise of any of its powers or performance of any of its functions under this Act; or
(b)
to exercise any of its powers or perform any of its functions on behalf of and in the name of the Bank, as may be specified by the Bank.
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