Section 13
Authorized depository agent
of Securities Industry (Central Depositories) Act 1991
Subject to this Act, a central depository may appoint any of the persons referred to in subsection (2) to be its authorized depository agent for all or any of the following purposes:
(a)
to facilitate the deposit of securities;
(b)
to open, maintain and close securities accounts;
(c)
to make entries in securities accounts;
(d)
to collect such fees and charges imposed by the central depository as may be provided for under its rules; and
(e)
such other incidental and ancillary purposes as may be specified by the rules of a central depository.
(2)
A central depository may appoint as its authorized depository agent any of the following:
(a)
a stock exchange;
(b)
a body corporate acting as a clearing house of a stock exchange;
(c)
a participating organization;
32 Laws of Malaysia ACT 453
(d)
a bank, merchant bank or finance company licensed under subsection 6(4) of the Banking and Financial
Institutions Act 1989 [Act 372];
(e)
an Islamic bank licensed under the Islamic Banking Act 1983 [Act 276];
(f)
a bank established under an Act of Parliament; or
(g)
a body corporate of a type prescribed by the Minister under this Act, and any authorized depository agent so appointed, in carrying out all or any of the purposes mentioned in subsection (1), shall, when so required by the central depository or the Commission, in respect of such purposes, be authorized to give, divulge, reveal or disclose to the central depository or the Commission any information or document relating to a securities account.
(3)
A person shall not act as an authorized depository agent or hold himself out to be an authorized depository agent unless he has been so appointed in writing by a central depository.
(4)
A person who contravenes subsection (3) shall be guilty of an offence and shall, on conviction, be liable to a fine not exceeding ten million ringgit or to imprisonment for a term not exceeding ten years or to both.