Banking and Financial Institutions Act 1989 · As enacted · Part III · Scheduled Businesses and Representative Offices
Section 20
Official textFrom Laws of Malaysia Online, unchanged
No foreign institution shall—
foreign institution
"foreign institution" means a person, not being a licensed institution or a scheduled institution, which carries on any business outside Malaysia which corresponds, or is similar, to the business of any licensed or scheduled institution whether or not such person has a representative office;
after the effective date, set up a representative office in Malaysia unless it has first—
effective date
"effective date" means the relevant date or dates, as the case may be, notified by the Minister under section 1;
obtained the written approval of the Bank to set up such representative office; and
complied with the requirements of section 21 (1); or
where such representative office was set up in Malaysia before the effective date, continue to maintain such representative office, unless within ninety days after the effective date it has complied with the requirements of section 21 (1), and has obtained a written acknowledgement from the Bank in respect of such compliance.
representative office
"representative office" means an office in Malaysia of a foreign institution;
No foreign institution shall, through its representative office, or otherwise howsoever, carry on within Malaysia any of the businesses referred to in section 4 or any scheduled business.
scheduled business
"scheduled business" means any business specified in the Third Schedule;
Subject to the prohibition under subsection (2), a foreign institution may carry on, through its representative office or otherwise howsoever, only such activities or business as may be specified by the Bank.
Terms defined in s 2
effective date
Defined · s 2"effective date" means the relevant date or dates, as the case may be, notified by the Minister under section 1;
foreign institution
Defined · s 2"foreign institution" means a person, not being a licensed institution or a scheduled institution, which carries on any business outside Malaysia which corresponds, or is similar, to the business of any licensed or scheduled institution whether or not such person has a representative office;
representative office
Defined · s 2"representative office" means an office in Malaysia of a foreign institution;
scheduled business
Defined · s 2"scheduled business" means any business specified in the Third Schedule;
Part IV
Restrictions Relating to Acceptance and Solicitation of, Advertisement for, and Inducement to Make, Deposits
Part V
Subsidiaries and Offices of Licensed Institutions
Part VI
Restrictions on Dealings of Licensed Institutions
Part VII
Financial Requirements and Duties of Licensed Institutions
Part VIII
Ownership, Control and Management of Licensed Institutions
Part IX
Restrictions on Business of Licensed Institutions
Part X
Powers of Supervision and Control Over Licensed Institutions
Part XI
Investigation, Search and Seizure
Part XII
Application of Parts X and XI to Non-Scheduled Institutions Engaged in Provision of Finance
Part XIII
Information and Secrecy
Part XIV
Offences
Part XV