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In forceUpdated to 1 Oct 2015Read it in Bahasa Malaysia
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Part X · Repeal, Savings and Transitional

96. Transitional

Notwithstanding sections 93 and 94—

(a)

all the—

(i)

regulations, orders, directions, notifications, exemptions and other subsidiary legislation, howsoever called; and

(ii)

approvals, directions, decisions, notifications, exemptions and other executive acts, howsoever called, made, given, or done under, or in accordance with, or by virtue of, the repealed Act, *sections 4, 10, 24, 25 and 39

*NOTE—The Act was repealed by the Financial Services Act 2013 [Act 758]–see section 271 of Act 758 w.e.f. 30 June 2013 (except section 129 and Schedule 9) [P.U. (B) 276/2013] and 1 January 2015

(for section 129 and Schedule 9) [P.U. (B) 552/2014].

92 Laws of Malaysia of the Exchange Control Act 1953 in relation to wholesale currency business or remittance business, as the case may be, or *section 5 of the Payment Systems Act 2003 in relation to remittance system operator, shall be deemed to have been made, given, or done under, or in accordance with, or by virtue of, the corresponding provisions of this

Act, and shall continue to remain in full force and effect in relation to the persons to whom they apply until amended, repealed, rescinded, revoked or replaced under, in accordance with, or by virtue of, the corresponding provisions of this Act;

(b)

all the guidelines, circulars, standards, notices or notifications issued by the Bank or the Minister relating to money-changing business, remittance business, wholesale currency business and remittance system operators, before the appointed date and in force immediately after the appointed date, shall be deemed to have been lawfully issued under section 74 in relation to the particular provision of this Act corresponding to the matter dealt with in the guidelines, circulars, standards, notices or notifications and shall remain in full force and effect until amended, rescinded or replaced under this Act;

(c)

any application for a licence, permission, approval, notification or consent, or for any other purpose whatsoever, made by any person to the Minister or to the

Bank under the repealed Act, *sections 4, 10, 24, 25 and 39 of the Exchange Control Act 1953 in relation to wholesale currency business or remittance business, as the case may be, or *section 5 of the Payment Systems Act 2003 in relation to remittance system operator, before the appointed date, and pending immediately before the appointed date, shall lapse on the appointed date;

*NOTE—The Act was repealed by the Financial Services Act 2013 [Act 758]–see section 271 of Act 758 w.e.f. 30 June 2013 (except section 129 and Schedule 9) [P.U. (B) 276/2013] and 1 January 2015

(for section 129 and Schedule 9) [P.U. (B) 552/2014].

Money Services Business 93

(d)

transactions or dealings lawfully executed or entered into, and all business lawfully done, under or in accordance with the repealed Act, *sections 4, 10, 24, 25 and 39 of the

Exchange Control Act 1953 in relation to wholesale currency business or remittance business, as the case may be, or *section 5 of the Payment Systems Act 2003 in relation to remittance system operator, shall be deemed to have been lawfully and validly executed, entered into, or done, under and in accordance with this Act, and accordingly, any right or liability under such transaction, dealing or business existing, immediately before the appointed date, shall be deemed to continue to be lawful and valid under this Act;

(e)

nothing shall affect the liability of any person to be prosecuted or punished for offences or breaches committed under the repealed Act, the *Exchange Control

Act 1953 or the *Payment Systems Act 2003 before the appointed date;

(f)

any pending legal proceeding, criminal prosecution, investigation or any sentence imposed or action taken before the appointed date in respect of an offence or breach under the repealed Act, the *Exchange Control Act 1953 or the *Payment Systems Act 2003 may be instituted, continued or enforced as if this Act had not been enacted; and

(g)

any pending appeal to the Minister under section 13 of the repealed Act shall be continued or completed under the repealed Act.

*NOTE—The Act was repealed by the Financial Services Act 2013 [Act 758] – see section 271 of Act 758 w.e.f. 30 June 2013 (except section 129 and Schedule 9) [P.U.

(B)

276/2013] and 1 January 2015

(for section 129 and Schedule 9) [P.U.

(B)

552/2014].

94 Laws of Malaysia

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