Section 8
Authorized business to be carried on by authorized person
of Financial Services Act 2013
(1)
No person shall carry on any authorized business unless it is—
(a)
licensed by the Minister, on the recommendation of the Bank, under section 10 to carry on banking business, insurance business or investment banking business; or
(b)
approved by the Bank under section 11 to carry on any of the businesses set out in Division 1 of Part 1 of Schedule 1.
(2)
Paragraph (1)(b) shall not apply, in respect of financial advisory business, to persons set out in Division 2 of Part 1 of Schedule 1.
(3)
Any person who contravenes subsection (1) 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.