Malaysia – BNM Issues Two New Exposure Drafts.

• Application Procedures to Carry On Financial Advisory Business and Islamic Financial Advisory Business (the “Application Procedure”); and

• Prudent and Professional Conduct by Financial Advisers (“PPC Exposure Draft”).
 

The Application Procedure sets out, among others:
 

• BNM’s considerations in assessing an application for new approval or renewal of approval to carry on financial advisory business and Islamic financial advisory business;

• the documents and information which must be submitted to BNM in the abovementioned applications; and

• the procedures to be followed for the abovementioned applications.
 

Prior to the Application Procedure exposure draft, only a Frequently Asked Questions on Application to Carry on Financial and/or Islamic Financial Advisory Business is made available on BNM’s website.
 

The PPC Exposure Draft is intended to set out the business conduct, prudential, governance and operational requirements that must be met by an approved financial adviser or approved Islamic financial adviser, on an ongoing basis, in order to manage its business operation in a fair, responsible and professional manner that instils trust and confidence among consumers.
 

The deadline to submit a feedback for both exposure drafts is 9 September 2021.
 

 

For further information, please contact:

 

Christina S.C. Kow, Partner, Shearn Delamore & Co​

christina@shearndelamore.com