Malaysia legislation
Section 47
Section 47
(a)
nothing in this Act shall affect any person’s liability to be prosecuted or punished for any offence or breach committed under the principal Act before the effective date or any proceeding brought, sentence imposed or action taken before the effective date in respect of such offence or breach; and
(b)
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.
(2)
In respect of Islamic securities, Islamic derivatives or
Islamic capital market products prescribed under the Capital Markets and Services (Prescription of Islamic Securities) Order 2012 and the Capital Markets and Services (Prescription of Capital Market
Product) (Islamic Capital Market Product) Order 2012—
(a)
the Islamic securities, Islamic derivatives or Islamic capital market products shall be deemed to be Islamic securities,
Islamic derivatives or Islamic capital market products under the corresponding provisions of the principal Act as amended by this Act with effect from the effective date;
Capital Markets and Services (Amendment)
(b)
any action, rule, regulation, order, direction, notification, approval, decision and other executive act howsoever called, made, given or done under, or in accordance with, or by virtue of Division 1 of Part VI of the principal
Act before the effective date, shall in so far as it is consistent with the provisions of this Act, be deemed to have been made, given or done under or in accordance with, or by virtue of, the corresponding provisions of the principal Act as amended by this Act, and shall continue to remain in force and have effect in relation to the persons, activities or transactions to whom they apply until amended, revoked or rescinded under, in accordance with, or by virtue of, the corresponding provisions of the principal Act as amended by this Act;
and
(c)
any application for an approval, or for any other purpose whatsoever, or any appeal relating to such application, made by any person to the Minister or to the Commission by virtue of Division 1 of Part VI of the principal Act before the effective date, and pending immediately before the effective date, shall be deemed to be made under the corresponding provisions of the principal Act as amended by this Act.
Approved bodies corporate for settlement of disputes in capital market deemed to have been approved