Consumer protection and proper business conduct. Institutions are expressly prohibited from exerting undue pressure and influence on consumers to make debt repayments and to collude with other persons to fix or control the features or terms of any financial product or service. However, BNM may require its local licensed entity to propose another company within its corporate group to be approved as an FHC in Malaysia. Financial regulators oversee three main financial sectors: banking, financial markets, and consumers. The IFSA intends to strengthen the foundations for end-to-end Shariah governance and compliance, support the effective application of Islamic contracts in the offering of Islamic financial products and services, from entering into a contract to the resolution of a failed Islamic financial institution, and align legal and regulatory principles with Shariah precepts and promote greater legal and operational certainty. The SEC is the main regulatory body for the stock market, protecting investors from mismanagement and fraud, which boosts investor confidence and investment. BNM’s powers are broad, including the ability to restrict the institution from carrying on with a business arm and dispose of investments and assets if it deems necessary. https://en.wikipedia.org/wiki/List_of_financial_regulatory_authorities_by_country Accounting Regulation Bodies Malaysian Accounting Standards Board Accountant General's Department of Malaysia Accounting Reports Financial statements must include notes and policies, and they are composed of four declarations which appear in the annual report: a declaration of income, a balance sheet, cash flows, the movement of stocks. Amy Tan Ai Fen is a senior associate and Stella Lee Siew Tsin is an associate at Zaid Ibrahim & Co. Ms Tan can be contacted on +60 (3) 2087 9999 or by email: [email protected]. Malaysia's central bank issues cryptocurrency regulation February 5th 2018 | Malaysia | Financial regulation. July 2013  |  PROFESSIONAL INSIGHT  |  BANKING & FINANCE. The country of its location, Malaysia, passed a special law the year the IFSB was established—the Islamic Financial Services Board Act 2002—giving the IFSB the usual "immunities and privileges" international organizations receive. Specifically, the IFSA: (i) entrenches the role of BNM as Shariah regulator; (ii) embeds Shariah principles and BNM Shariah Advisory Council (SAC) rulings; (iii) strengthens Shariah governance and compliance requirements; (iv) makes it an offence for IFIs to carry on Shariah non-compliant activities and imposes heavy penalties in relation to Shariah compliance matters; and (v) gives BNM wide powers to assess, intervene, direct and penalise IFIs in relation to offences and breach of IFSA provisions. We facilitate a vibrant and collaborative environment which generates and protects wealth, and creates value for all. Hence, an FHC may be required to divest its interests in non-financial businesses. Malaysia and other Southeast Asian countries have experienced two major financial crises in the past two decades: the first from 1997 to 1999, known as the Asian financial crisis, as this is where it originated; and the second an offshoot of the recent global financial crisis which originated in the US. China doesn’t fool around when it comes to financial regulation. 7 of 1992 as amended by Law No. Under this new regime, BNM is endowed with wide powers to intervene and ensure sound risk management and good governance policies. Labuan FSA is the statutory body responsible for the development and administration of the Labuan International Business and Financial Centre (Labuan IBFC). Any contravention of these standards will attract a hefty fine of no more than RM10m or imprisonment, or both. In addition to financial reporting requirements set above, the following laws also apply to certain entities in Malaysia. Where criminal offences are concerned, the FSA provides that imprisonment is only available for individuals and for strict liability offences. Under MASB guidelines, an entity that is a subsidiary, an associate, a joint operation, or a joint venture whose parent/investor is required by the Malaysian securities or banking regulator to prepare full MFRS financial statements must itself prepare full MFRS financial statements. Financial Regulation: Pros, Cons, and Implications for the United States Sabrina R. Pellerin, John R.Walter, and Patricia E.Wescott D uring the summer of 2008, the House Financial Services Commit-tee held hearings to consider proposals for restructuring financial regulation in the United States (U.S. Congress 2008). 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