Malaysia legislation
Section 38
Section 38
(a)
a proposal in respect of a person or financial institution, as the case may be, which is under the supervision or oversight of any other supervisory authority, or is not under the supervision or oversight of the Bank or any other supervisory authority—
(i)
under paragraph 31(1)(a) for a measure to be specified to a class, category or description of persons engaging in financial intermediation or under paragraph 31(1)(b) for an order to be issued to such person within a class, category or description of persons; or
(ii)
under paragraph 32(1)(a) for the provision of liquidity assistance to such financial institution;
(b)
a proposal under paragraph 32(1)(b) to enter into arrangements in relation to subsidiaries or branches outside Malaysia of a financial institution established in
Malaysia;
(c)
a proposal under subparagraph 32(1)(c)(i) for the purchase or subscription of shares or other capital instruments of a financial institution;
Central Bank of Malaysia 49
(d)
a proposal under subparagraph 32(1)(c)(ii) for the provision of financing for the purchase of business, assets, liabilities, shares or other capital instruments of another financial institution; and
(e)
a proposal under subparagraph 32(1)(c)(iii) for an order to vest the business, assets, liabilities, shares or other capital instruments of a financial institution in the Bank, a body corporate established by the Bank under paragraph 48(1)(d), another financial institution or any other person.
(2)
The Financial Stability Executive Committee may decide to accept any proposal tabled at the meeting of the Committee under subsection (1), reject the proposal or require the Bank to table another proposal for the consideration of the Committee and the Bank shall act in accordance with the decision of the Committee.
Nature of relief