Malaysia legislation
Section 64
Section 64
(2)
In respect of the Commission—
(a)
the change of name from the “Securities Commission”
to the “Securities Commission Malaysia” shall not affect any powers, rights, privileges, liabilities, duties or obligations of the Securities Commission, or render defective any legal proceedings by or against it;
Securities Commission (Amendment)
(b)
any legal proceedings that could not have been continued or commenced by or against the Securities Commission before the effective date may be continued or commenced on or after the effective date in the name of the Securities
Commission Malaysia;
(c)
all regulations, orders, directions, notifications, exemptions and other subsidiary legislation, howsoever called, made, given or done by the Commission before the effective date shall be deemed to have been made, given or done by the Securities Commission Malaysia, and shall continue to remain in full force and effect;
(d)
all approvals, directions, notices, guidelines, circulars, guidance notes, practice notes, rulings, decisions, notifications, exemptions and other executive acts, howsoever called, given, made or done by the Commission before the effective date shall be deemed to have been given, made or done by the Securities Commission
Malaysia, and shall continue to remain in full force and effect;
(e)
any application for an approval or consent, or for any other purpose whatsoever, or any appeal relating to such application, made by any person to the Minister or to the Commission before the effective date, and pending immediately before the effective date, shall, if there is a corresponding provision in the principal Act as amended by this Act, be dealt with as if it was made under that provision and, if there is no such corresponding provision, such application or appeal shall lapse on the effective date; and
(f)
all monies contained in or due to be paid to the Fund established under section 23 of the principal Act under the administration and control of the Securities Commission shall, on the effective date, be deemed to be under the administration and control of the Securities Commission
Malaysia.
(3)
Nothing in this Act shall affect any person’s liability to be prosecuted or punished for offences or breaches committed under the securities laws before the effective date or any proceeding brought, sentence imposed or action taken before such date in respect of such offence or breach.
(4)
Any right, privilege, obligation or liability acquired, accrued or incurred before the effective date or any legal proceedings, remedy or investigation in respect of such right, privilege, obligation or liability shall not be affected by this Act and shall continue to remain in force as if this Act had not been enacted.
(5)
In respect of the Shariah Advisory Council—
(a)
the Shariah Advisory Council established under the repealed sections and its members appointed under the same repealed sections shall be deemed to be established and appointed, as the case may be, under or in accordance with the principal Act as amended by this Act; and
(b)
any decision or ruling made by the Shariah Advisory
Council established under the repealed sections shall be deemed to have been validly made under the principal
Act as amended by this Act and shall continue to remain in full force and effect in relation to the person to whom it applies until amended.
(6)
Where in any written law, any reference is made to any specific provision of the repealed Part, it shall be construed as a reference to a provision of the principal Act as amended by this Act which corresponds as nearly as may be to such specific provision.
(7)
Nothing in the repealed Part or repealed sections shall affect any person’s liability to be prosecuted or punished for offences or breaches committed under the repealed Part or repealed sections before the effective date or any proceeding brought, sentence imposed or action taken before such date in respect of such offence or breach.
(8)
Any right, privilege, obligation or liability acquired, accrued or incurred before the effective date or any legal proceedings, remedy or investigation in respect of such right, privilege, obligation or liability shall not be affected by this Act and shall continue to remain in force as if this Act had not been enacted.
KUALA LUMPUR