Malaysia legislation
Section 27
Section 27
A Special Administrator shall not be appointed—
(a)
in respect of an affected person if the affected person has been wound up by the court and the winding up order is still subsisting;
(b)
unless the written approval of the relevant regulatory body has first been obtained, in respect of an affected person that is—
(i)
licensed under the Insurance Act 1996 [Act 553];
(ii)
licensed under the Banking and Financial
Institutions Act 1989;
(iii)
a dealer, fund manager or investment adviser as defined in the Securities Industry Act 1983;
(iv)
a futures broker, futures fund manager or futures trading adviser as defined in the Futures
Industry Act 1993;
(v)
a stock exchange as defined in the Securities
Industry Act 1983;
(vi)
a recognized clearing house and participant of a recognized clearing house as defined in the
Securities Industry Act 1983;
36 Laws of Malaysia
(vii)
an exchange company as defined in the Futures
Industry Act 1993;
(viii)
an approved clearing house or a futures broker that is an affiliate of a clearing house of an exchange company as defined in the Futures
Industry Act 1993;
(ix)
central depository or its authorized depository agents as defined in the Securities Industry
(Central Depositories) Act 1991;
(x)
licensed under the * Offshore Banking Act 1990 [Act 443]; or
(xi)
licensed under the Islamic Banking Act 1983 [Act 276].
Duration of administration