In forceUpdated to 11 Apr 1991Read it in Bahasa Malaysia

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Securities Industry (Central Depositories) Act 1991 · Updated to 11 Apr 1991 · Part VI · Enforcement

53. Power of Commission to require production of records

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(1)

The Commission may, at any time, if it considers there is sufficient reason to do so, by writing—

(a)

give a direction to—

(i)

a central depository;

(ii)

a nominee company of a central depository;

(iii)

an authorized depository agent;

(iv)

a user;

(v)

a person who is or has been an officer or employee of or an agent, advocate and solicitor, auditor, or other person acting in any capacity

62 Laws of Malaysia ACT 453

for or on behalf of, a central depository, or its nominee company, or an authorized depository agent, or a user, requiring the production, to the Commission, of such records or accounts as are so specified, being records and accounts relating to—

(ii)

the business or affairs of a central depository or its nominee company, or an authorized depository agent, or a user;

(iii)

any record or account required to be kept pursuant to section 27; or

(b)

give a direction to any person requiring the production, to the Commission, of any record or account relating to matters mentioned in subparagraph (a)(vi) or (vii) that are in the custody or under the control of the person:

Provided that the production of such record or account shall not be required at such times and at such places as shall interfere with the proper conduct of the normal daily business of that person.

(2)

A reference in subsection (1) to a business carried on by a person shall be deemed to include a reference to a business carried on by a person as trustee.

(3)

Where the Commission requires the production of any record or account under this section and a person has a lien on the record or account, the production of such record or account shall not prejudice the lien.

(4)

(Deleted by Act A1076).

(5)

A power conferred by this section to make a requirement of a person extends, if the person is a body corporate, to making that requirement of any person who is or has been an officer of the body corporate.

Securities Industry (Central Depositories) 63

(6)

A person who, without lawful excuse, refuses or fails to comply with a requirement made under this section shall be guilty of an offence and shall, on conviction, be liable to a fine not exceeding one million ringgit or to imprisonment for a term not exceeding ten years or to both, and in the case of a continuing offence, shall, in addition, be liable to be punished with a daily fine not exceeding one thousand ringgit for every day during which the offence continues after the fourteenth day from the date such person is required to comply with such requirement.

Terms defined in s 2

Act
Defined · s 2
―Act‖ includes any regulations made under this Act;
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authorized depository agent
Defined · s 2
―authorized depository agent‖, in relation to any central depository, means a person appointed under section 13 to be an agent of that central depository;
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central depository
Defined · s 2
―central depository‖ means a company approved by the Minister under section 5— Securities Industry (Central Depositories) 11 (a) to establish and operate a system for the central handling of securities, whether or not listed on any stock exchange,— (i) whereby all such securities are deposited with and held in custody by, or registered in the name of, the company or its nominee company for the depositors and dealings in respect of those securities are effected by means of entries in securities accounts without the physical delivery of scrips; or (ii) which permits or facilitates the settlement of securities transactions or dealings in securities without the physical delivery of scrips; and (b) to provide other facilities and services incidental thereto;
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Commission
Defined · s 2
―Commission‖ means the Securities Commission established under the Securities Commission Act 1993;
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nominee company
Defined · s 2
―nominee company‖, in relation to a central depository, means a company appointed by the central depository for the purpose of holding any deposited security;
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record
Defined · s 2
―record‖ includes, in addition to a record in writing— (a) any photograph; (b) any disc, tape, sound-track or other device in which sounds or other data (not being visual images) are embodied so as to be capable (with or without the aid of some other instrument) of being reproduced therefrom; and (c) any film, tape or other device in which visual images are embodied so as to be capable (with or without the aid of some other instrument) of being reproduced therefrom, and any reference to a copy of a record includes— (i) in the case of a record falling within paragraph (b) but not paragraph (c) of this definition, a transcript of the sounds or other data embodied therein; *NOTE—This Act has since been repealed by Capital Market and Services Act 2007 which comes into operation on 28 September 2007 except Division 2 of Part VI which comes into operation on 1 April 2010–see subsection 381(2)…
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user
Defined · s 2
―user‖ means— (a) an authorized depository agent; (b) an issuer; (c) a stock exchange; (d) a body corporate acting as a clearing house of a stock exchange; or (e) such other person as may be specified in the rules of a central depository, who may be given access to a computer system of the central depository; (2) A reference to writing shall be deemed to include any mode of representing or reproducing letters, figures or marks in a visible form. (3) A reference to a security being deposited, or required to be deposited, with a central depository shall be construed as a reference to a deposit of or a requirement for the deposit of— *NOTE—This Act has since been repealed by Capital Market and Services Act 2007 which comes into operation on 28 September 2007 except Division 2 of Part VI which comes into operation on 1 April 2010–see subsection 381(2)…
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Report

Read on from s 54

Part VII

General

Read on from Part VII