Financial Services Act 2013 s 12

s 12 Requirements on minimum capital funds or surplus of assets over liabilities

(1) No person shall be granted a licence under section 10 or an approval under section 11 if— (a) in the case of a company, its capital funds; or (b) in the case of a branch established in Malaysia by a foreign institution, its surplus of assets over liabilities, is less than the minimum amount as may be prescribed by the Minister in the case of a licensed person, or the Bank in the case of an approved person. (2) Every authorized person shall, in carrying on its authorized business, maintain at all times such minimum amount applicable to it. (3) Notwithstanding subsections (1) and (2), the Minister may grant a licence under section 10 to a person subject to the condition that the person meets the minimum amount in the manner and within the period which are specified by the Bank with the approval of the Minister. (4) For the purposes of this section, “capital funds” means paid-up capital and any reserves as may be specified by the Bank. (5) Any authorized person who contravenes subsection (2) 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.

Malay text (authoritative)

Kehendak dana modal minimum atau lebihan aset berbanding liabiliti

(1) Tiada seorang pun boleh diberikan suatu lesen di bawah seksyen 10 atau suatu kelulusan di bawah seksyen 11 sekiranya— (a) dalam hal suatu syarikat, dana modalnya; atau (b) dalam hal suatu cawangan yang ditubuhkan di Malaysia oleh institusi asing, lebihan aset berbanding liabilitinya, kurang daripada amaun minimum sebagaimana yang ditetapkan oleh Menteri dalam hal orang berlesen, atau Bank dalam hal orang yang diluluskan. (2) Tiap-tiap orang yang diberi kuasa hendaklah, dalam menjalankan perniagaannya yang dibenarkan, menyenggara pada setiap masa apa-apa amaun minimum yang terpakai baginya. (3) Walau apa pun subseksyen (1) dan (2), Menteri boleh memberikan suatu lesen di bawah seksyen 10 kepada seseorang tertakluk kepada syarat bahawa orang itu mencapai amaun minimum dengan cara dan dalam tempoh yang ditentukan oleh Bank, dengan kelulusan Menteri. (4) Bagi maksud seksyen ini, “dana modal” ertinya modal berbayar dan apa-apa rizab sebagaimana yang ditentukan oleh Bank. (5) Mana-mana orang yang diberi kuasa yang melanggar subseksyen (2) melakukan suatu kesalahan dan boleh, apabila disabitkan, dipenjarakan untuk tempoh tidak melebihi lapan tahun atau didenda tidak melebihi dua puluh lima juta ringgit atau kedua-duanya.

Read this section in the full act → · Open Division 1 →

Find Act 758 on lom.agc.gov.my ↗

Source: Laws of Malaysia, Attorney General's Chambers of Malaysia (lom.agc.gov.my). Not a copy of the Gazette printed by the Government Printer (Interpretation Acts 1948 and 1967, s 61).

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