Banking and Financial Institutions Act 1989 · s 6

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6. (1) The Bank shall, on an application having been duly made in accordance with section 5 and after being provided with all such information and documents as it may require under that section, consider the application, and where it is satisfied that the criteria set out in the Second Schedule are fulfilled with respect to the applicant, make a recommendation to the Minister whether the licence should be granted or refused and the conditions, if any, to be imposed on the licence.
(2) In making a recommendation whether the Minister should grant or refuse a licence, the Bank may take into account any matters relating—
(a) to any person who is or will be employed by, or associated with, the applicant for the purpose of the applicant's business; and
(b) to any related or associate corporation or to any director or controller of any such corporation.
(3) A recommendation to grant a licence shall not be made if the Bank is satisfied that it would be contrary to any other provision of this Act to grant the licence, or that it would be detrimental to the soundness of the financial structure of Malaysia to do so.
(4) Upon receiving an application and the recommendation of the Bank under this section, the Minister may grant the licence, with or without conditions, or refuse the licence.
(5) Where the Minister refuses an application, the Bank shall notify the applicant in writing of his refusal.

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s 6

(1)

The Bank shall, on an application having been duly made in accordance with section 5 and after being provided with all such information and documents as it may require under that section, consider the application, and where it is satisfied that the criteria set out in the Second Schedule are fulfilled with respect to the applicant, make a recommendation to the Minister whether the licence should be granted or refused and the conditions, if any, to be imposed on the licence.

(2)

In making a recommendation whether the Minister should grant or refuse a licence, the Bank may take into account any matters relating—

(a)

to any person who is or will be employed by, or associated with, the applicant for the purpose of the applicant's business; and

(b)

to any related or associate corporation or to any director or controller of any such corporation.

(3)

A recommendation to grant a licence shall not be made if the Bank is satisfied that it would be contrary to any other provision of this Act to grant the licence, or that it would be detrimental to the soundness of the financial structure of Malaysia to do so.

(4)

Upon receiving an application and the recommendation of the Bank under this section, the Minister may grant the licence, with or without conditions, or refuse the licence.

(5)

Where the Minister refuses an application, the Bank shall notify the applicant in writing of his refusal.