What is the objective of the financial Service Act 2013?

An Act to provide for the regulation and supervision of financial institutions, payment systems and other relevant entities and the oversight of the money market and foreign exchange market to promote financial stability and for related, consequential or incidental matters.

What is FSA in Malaysia?

The Financial Services Act 2013 (FSA) is the key statute governing the conventional finance industry. It replaced the Banking and Financial Services Act 1989, the Insurance Act 1996, the Payment Systems Act 2003 and the Exchange Control Act 1953.

What year did FSA go into effect?

Financial Services Act 2013 and Islamic Financial Services Act 2013. The Financial Services Act (FSA) and the Islamic Financial Services Act (IFSA) came into force on 30 June 2013, replacing the repealed Payment System Act 2003 (PSA).

Is Insurance Act 1996 still applicable?

Thus, the Banking and Financial Institutions Act 1989, the Insurance Act 1996, the Exchange Control Act 1953 and the Payment Systems Act 2003 are all repealed by the FSA although licences which were issued and approvals which were granted under the repealed legislations are deemed to have been issued under the FSA and …

How many parts is IFSA 2013?

18 Parts
The Islamic Financial Services Act 2013, in its current form (22 March 2013), consists of 18 Parts containing 291 sections and 16 schedules (including no amendment).

What does Section 133 FSA & Section 145 IFSA seek to protect?

Banking Secrecy As a starting point, banks are subject to a statutory duty of secrecy under Section 133 (1) of the Financial Services Act 2013 (“FSA”), which prohibits them or their officers from disclosing any document or information relating to the affairs or account of any customer to another person.

What is the penalty if section 133 of the FSA 2013 Section 145 of the IFSA 2013 is breached?

Under section 133 (4) of the FSA, any person who is found guilty of breaching his duty of secrecy to a customer, shall be liable to imprisonment for a term not exceeding 5 years or to a fine not exceeding RM10 million or both. This imposes a criminal penalty.

What is the FSA called now?

In 1994, a reorganization of USDA resulted in the Consolidated Farm Service Agency, renamed Farm Service Agency in November 1995. The new FSA encompassed the Agricultural Stabilization and Conservation Service, Federal Crop Insurance Corporation (FCIC) and the farm credit portion of the Farmers Home Administration.

Why was the FSA replaced?

After a series of market failures and the ensuing fierce criticism for the lack of regulatory protection, the government felt obliged to update the supervisory framework of the financial services industry and pass responsibility for financial stability to the Bank of England.

Who regulates finance companies in Malaysia?

Banks in Malaysia fall under the general supervision of the Companies Commission of Malaysia (CCM), as the FSA and the IFSA require incorporation under the Companies Act 2016 (CA) for the undertaking of banking business.