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In forceUpdated to 2 Jan 2025Read it in Bahasa Malaysia
Contents

Part III · Authorization

17. Requirements for representative office

(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 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.

Islamic Financial Services 59

(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, 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.

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Report

Read on from s 18

Part IV

Shariah Requirements

Read on from Part IV

Part V

Payment Systems

Read on from Part V

Part VI

Prudential Requirements

Read on from Part VI

Part VII

Ownership, Control and Transfer of Business

Read on from Part VII

Part VIII

Financial Groups

Read on from Part VIII

Part VI

Part VI—

Read on from Part VI

Part IX

Business Conduct and Consumer Protection

Read on from Part IX

Part X

Islamic Money Market and Islamic Foreign Exchange Market

Read on from Part X

Part XI

Submission of Document or Information

Read on from Part XI

Part XII

Examination

Read on from Part XII

Part XIII

Directions of Compliance

Read on from Part XIII

Part XIV

Intervention and Remedial Action

Read on from Part XIV

Part XV

Other Powers of Bank

Read on from Part XV

Part XVI

Enforcement and Penalties

Read on from Part XVI

Part XVII

General Provisions

Read on from Part XVII

Part XVIII

Repeal, Savings and Transitional

Read on from Part XVIII

Schedules