Componentes de la Matriz COSO

(a) the person has provided the Bank with false, misleading, inaccurate or incomplete information for the purposes of subsection 17(1);

(b) the person has ceased to carry on business for which it is registered;

(c) the person has—

(i) breached or contravened any provision of this Act or the central Bank of Malaysia Act 2009; or

(ii) failed to comply with any specification or standards under this Act,

regardless that there has been no prosecution or other action in respect of such breach, contravention or non-compliance;

(d) the shareholder, director or any person concerned with the operation or management of the registered person has been convicted of an offence under this Act or an offence involving fraud or dishonesty under any other written law; or

(e) the person has been wound-up or otherwise dissolved or a receiver or manager of the property of the person has been appointed.

surrender of licence or notification on cessation of business or operations

22. (1) A licensed person may surrender its licence to the Bank

and upon surrendering, the licensed person shall provide a written notice of its surrender to the Bank.

(2) An approved person or a registered person, as the case may be, shall submit a written notice to the Bank if it ceases to carry on its business.

(3) An approved representative office shall submit a written notice to the Bank if it ceases operations.

(4) The surrender under subsection (1) or the notification under subsection (2) or (3) shall take effect on the date the Bank receives such notice or where a later date is specified in the notice, on that date.

(5) The Bank—

(a) shall publish in the Gazette, as soon as practicable, a notice of a surrender of a licence under subsection (1); or

(b) may publish a notice of cessation of business under subsection (2) or cessation of operations under subsection (3) in such form as the Bank deems appropriate.

(6) Any person who contravenes subsection (1), (2) or (3) commits an offence and shall, on conviction, be liable to imprisonment for a term not exceeding one year or to a fine not exceeding five million ringgit or to both.

effect of revocation, deregistration, surrender, notification on cessation of business or operations, and expiry

23. (1) Where—

(a) the Minister revokes a licence of a licensed person under section 20;

(b) the Bank—

(i) revokes an approval of an approved representative office under subsection 19(6) or (7) or an approved person under section 20; or

(ii) deregisters a registered person under section 21; (c) a surrender of a licence by a licensed person or notification

by an approved person or registered person on the cessation of its business or an approved representative office on the cessation of its operations has taken effect under subsection 22(4); or

(d) an approval granted to an approved person under section 11 has expired,

such person or representative office shall immediately cease to carry on its business or operations, as the case may be.

(2) Notwithstanding the revocation, deregistration, surrender, notification on the cessation of business or operations, or expiry referred to in subsection (1), the person or representative office referred to in subsection (1) shall continue—

(a) to be subject to this Act to the same extent as an authorized person, a registered person or an approved representative office, as the case may be; and

(b) to discharge its obligations,

until the Bank is satisfied that the person or representative office has discharged its obligations, or that adequate arrangements have been made to discharge its obligations, which remain undischarged at the time of revocation, deregistration, surrender, notification on the cessation of business or operations or expiry, as the case may be.

(3) A revocation, deregistration, surrender, notification on the cessation of business or operations or expiry referred to in subsection (1) shall not operate so as to—

(a) avoid or affect any agreement, arrangement or transaction entered into by the person or representative office referred to in subsection (1) with any person; or

(b) affect any right, obligation or liability arising under any such agreement, arrangement or transaction.

(4) Any person who contravenes subsection (1) or fails to discharge its obligations under subsection (2) commits an offence and shall, on conviction, be liable to imprisonment for a term not exceeding five years or to a fine not exceeding ten million ringgit or to both.

Division 6 General matters

Form of establishment

24. (1) A person who is to be licensed under section 10 to carry

on banking business, insurance business (other than a person who is to be a professional reinsurer) or investment banking business shall be a public company.

(2) The Bank may specify the form of establishment of— (a) a person who is to be licensed as a professional reinsurer;

(b) a person who is to be approved under section 11 to carry on an approved business.

establishment or relocation of office of authorized persons 25. (1) Unless otherwise specified by the Bank, no licensed

person shall establish or relocate an office in or outside Malaysia without the prior written approval of the Bank.

(2) Where an approved person establishes or relocates an office in or outside Malaysia, such approved person shall notify the Bank in writing within such period as may be specified by the Bank.

Fees

26. (1) Regulations may be made under section 260 to

prescribe—

(a) any fee to be paid by an authorized person or a registered person in respect of its authorization or registration, establishment of any office or the annual fee; and (b) a processing fee to be paid by an applicant for authorization

under section 9 or a person who has complied with paragraph 17(1)(a),

of such amount, or calculated at such rate or in such manner as set out in the regulations.

(2) Any fee paid to the Bank under this section shall be paid into and form part of the Federal consolidated Fund.

(3) Any unpaid fees may be sued for and recovered as a civil debt due to the Government and in addition, the court may order for a payment of a penalty for late payment up to an amount equivalent to twice the amount of the fees unpaid and costs of recovering the amount including but not limited to costs of legal proceedings.

Publication of names of authorized persons and registered persons

27. (1) The Bank shall, from time to time, publish in the Gazette

a list of all licensed persons and any additions to or deletions from the list.

(2) The Bank shall, from time to time, publish a list of approved persons and registered persons in such form as the Bank deems appropriate.

holding out as authorized person or registered person 28. (1) No person shall hold himself out to be—

(a) an authorized person unless he is authorized; or (b) a registered person unless he is registered, under this Act.

(2) Any person who contravenes paragraph (1)(a) commits an offence and shall, on conviction, be liable to imprisonment for a term not exceeding ten years or to a fine not exceeding fifty million ringgit or to both.

(3) Any person who contravenes paragraph (1)(b) commits an offence and shall, on conviction, be liable to imprisonment for a term not exceeding eight years or to a fine not exceeding twenty-five million ringgit or to both.

acting on behalf of unlicensed person

29. (1) No person shall act on behalf of a foreign institution

or any person who is not licensed under this Act in relation to carrying on banking business, investment banking business, insurance business or accepting deposits in Malaysia unless approved in writing by the Bank.

(2) Any person who contravenes subsection (1) commits an offence and shall, on conviction, be liable to imprisonment for a term not exceeding ten years or to a fine not exceeding fifty million ringgit or to both.

Part IV

pAyMENT sysTEMs

Division 1

Designation of payment systems and payment instruments

designation and revocation of designation of payment systems

30. (1) Where the Bank is of the opinion that a disruption in the

operations of the payment system could affect public confidence in the overall payment systems of Malaysia or impact the monetary or financial stability of Malaysia—

(a) in the case of an operator of a payment system who is subject to the supervision or oversight of another supervisory authority in Malaysia, the Minister on the recommendation of the Bank and such supervisory authority; or

(b) in any other case, the Bank with the concurrence of the Minister,

may, by an order published in the Gazette, designate such payment system as a designated payment system.

(2) in the case of an operator of a payment system who is subject to the supervision or oversight of another supervisory authority in Malaysia, the Bank shall consult with such supervisory authority in forming an opinion under subsection (1).

(3) if the circumstances in subsection (1) no longer apply, the designation of a payment system may be revoked—

(a) in the case of an operator of a payment system who is subject to the supervision or oversight of another supervisory authority in Malaysia, by the Minister, on the joint recommendation of the Bank and such supervisory authority; or

by an order published in the Gazette.

(4) The Bank and the supervisory authority shall regularly review the status of the payment system designated under paragraph (1)(a), to determine whether the circumstances under subsection (1), no longer applies for purposes of making the joint recommendation under paragraph (3)(a).

designation of payment instruments