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Financial Services Act 2013 & BNM Guidelines: The Law, Compliance & Case Studies
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Financial Services Act 2013 & BNM Guidelines: The Law, Compliance & Case Studies
  • Overview
  • Objectives & Outline
  • Methodology
  • Participant Profile
  • Trainer
  • Overview
    PROGRAMME DETAILS

    DATE

    10 – 11 April 2019

    TIME

    9:00 AM – 5:00 PM

    VENUE

    Asian Banking School
    8
    AICB
    CPD HOURS
    This programme will provide updates to financial service providers, especially commercial and investment banks operating in the financial market. The Financial Services Act 2013 (FSA) was introduced to ensure that commercial and investment bankers operate within the laws / regulations and not abuse the financial market. This active learning programme will describe the legislative restrictions and requirements imposed under FSA and relevant BNM Guidelines. In addition, the programme will also cover practical examples of penalties imposed on employees in the financial industry for non-compliance.

    Case studies will show how organisations distinguished their purpose and apply FSA and Bank Negara Guidelines to safeguard the interest of commercial and investment banks. Participants will also gain knowledge on the full extent of Bank Negara Malaysia's power of control and regulating the financial service providers include permitted disclosures to Securities Commission / Bursa Malaysia.
    LEARNING LEVEL
    Intermediate
    PROGRAMME FEE

    AICB MEMBER

    MYR

    2,200

    / PAX

    NON-MEMBER

    MYR

    2,700

    / PAX

  • Objectives & Outline
    LEARNING OBJECTIVES
    By the end of the programme, participants will be able to:
    • Describe the legislative restrictions and requirements imposed on financial institutions under the Financial Services Act 2013 (FSA) / Islamic Financial Services Act 2013 (IFSA) and penalties for non-compliance
    • Distinguish the purpose and application of these provisions in safeguarding the interest of financial institutions in the financial market
    • Examine the extent of Bank Negara's powers of control and the regulating of commercial and investment banks (conventional / Islamic)

    PROGRAMME OUTLINE
    HISTORY LEADING TO IMPLEMENTATION OF FSA / IFSA IN MALAYSIA
    • Issuance and revocation of license to a financial institution
    • Effect of FSA / IFSA on Islamic banking operations in the financial market and its conflict with the Companies Act 2016
    • Validity and enforceability of loan and securities taken under Section 125 FSA / Section 137 IFSAe

    ILLEGAL FINANCIAL SCHEME
    • Prohibition on receiving, taking and acceptance of deposit without a valid license
    • Implication of S136-S138 FSA / S147-151 IFSA under Anti-Money Laundering, Anti-Terrorism Financing & Proceeds of Unlawful Activities Act 2001 (AMLATFPUAA 2001) and its impact on illegal financial scheme

    LIMITATION IN THE FINANCE MINISTER'S POWERS
    • Ability to check the financial affairs of others

    DUTIES OF SECRECY AND PERMITTED DISCLOSURE
    • Duties of secrecy as provided under S133 FSA 2013 / S14 IFSA 2013 and non-application of secrecy under S133 (2) FSA 2013 / S145 (2) IFSA 2013
    • Permitted disclosure under S134 FSA 2013 / S146 IFSA 2013:
      1. Schedule 11 FSA / IFSA 2013 :
        • Purposes for or circumstances in which customer documents or information may be disclosed
        • Persons to whom documents or information may be disclosed to
      2. Approved by Bank Negara Malaysia:
        • Disclosure of customer information to participants of graduate employability enhancement programmes
        • Disclosure of customer information to officers of entities within the financial group
        • Management of customer information and permitted disclosure:
          1. Board and senior management oversight and roles
          2. Control environment
          3. Customer information breaches
          4. Outsource service providers
          5. Conditions in relation to permitted disclosure 

    CORPORATE GOVERNANCE AND TRANSPARENCY REQUIREMENTS
    • Standard fit and proper person for financial institutions' board of directors and senior management 

    TRANSPARENCY REQUIREMENTS IN SELLING FINANCIAL PRODUCTS
    • To ensure that investment products sold are within the requirements of products transparency and disclosure
    • Need for clear, concise and accurate disclosure while being timely during the entering of financial contracts
    • Importance of highlighting relevant information in selling financial products
    • Being consistent and comparable by issuing product disclosure sheets 

    OWNERSHIP, CONTROL AND TRANSFER OF BUSINESS
    • Acquisition and maximum holding of shares in licensed person
    • Are financial institutions affected by shareholding limitation? 

    FINANCIAL GROUPS
    • Application, approval and control of holding companies of financial institutions
    • Holding company responsibility to financial institutions 

    OFFENCES RELATING TO ENTRIES IN BOOKS AND DOCUMENTS
    • Implication for alteration, abstracting, omitting and destruction of investment documents in financial institutions in submission to regulators

    PROHIBITED BUSINESS CONDUCT / MARKET MANIPULATION
    • Engaging in conduct that is misleading, deceptive in relation to nature, features, terms or price of financial service /product
    • Inducing or attempting to induce a financial customer to do an act or omit to an act in relation to a financial service / product by making a statement which is misleading, false or deceptive
    • Exerting undue pressure in coercing a financial customer to acquire any financial service or product as a condition to acquire another financial service or product
    • Colluding with any other person to fix or control the features or terms of any financial product to the detriment of any financial customer

    RESTRICTION OF CREDIT FACILITIES TO A SINGLE COUNTERPARTY
    • Meaning of a "Single Counterparty" under Section 50 FSA / Section 59 IFSA
    • Application of BNM Single Counterparty Exposure Limit (SCEL) on FSA / IFSA
    • Loans by financial institutions to a single counterparty – is it aggregated under SCEL?

    THE FULL EXTENT OF BNM POWERS OF SUPERVISION, INVESTIGATION, SEARCH, SEIZURE AND PROSECUTION FOR OFFENCES AND NON-COMPLIANCE

    PROHIBITED CONDUCT IN MONEY MARKET AND FOREIGN EXCHANGE MARKET
    • Impact on financial institutions' treasury business
    • Restriction on insider dealing / trading in offshore 

    DIRECTION OF COMPLIANCE BY BNM AND ITS POWERS TO ISSUE GUIDELINES
    • Effect of direction and guidelines issued by BNM to regulate conduct of financial services providers

     CREDIT TRANSACTIONS AND EXPOSURE WITH CONNECTED PARTIES
    • Credit transactions with connected parties in the financial market
    • Policies and limits on credit transactions with connected parties
    • Is a bond purchase by connected parties defined as a connected party transaction?
  • Methodology

    Combination of lectures, case laws, group exercises and case studies to ensure that participants derive the maximum learning benefits

  • Participant Profile
    All levels of staff, senior management and directors of financial institutions licenced under FSA / IFSA
  • Trainer

    Vijayaraj R Kanniah

    Vijayaraj R Kanniah is the Managing Partner of Messrs Sheila Hussain Vijay & Partners, a law firm specialising in banking. He is also the Managing Director and Principal Trainer at Visioon Business Solutions Sdn Bhd. Vijayaraj is an Advocate & Solicitor with the High Court of Malaya and remains active as a legal consultant, practitioner and trainer in the areas of credit, banking operations, corporate governance, anti-money laundering and anti-terrorism financing, and other legal compliance areas with various banks, financial service providers, enforcement agencies and corporations within the region.

    He was formerly a banker for 12 years with extensive exposure in banking operations, commercial and corporate lending. He was also a former tutor with the Open University of Malaysia for their undergraduates and a former national and state sportsman.
    Vijayaraj holds a Master of Law (LLM) from the University of Malaya. He has a Bachelor of Law (LLB) from the University of London, Bachelor of Social Science from the University of Science, Malaysia and ICSA from the Malaysian Institute of Chartered Secretaries and Administration. He also holds an Advanced Certification in AML / CFT jointly awarded by the Institute of Bankers Malaysia and International Compliance Association, in collaboration with the University of Manchester Business School. He holds several professional qualifications including a Certificate in Legal Practice, Certified Credit Professional, Certified Credit Professional – Islamic, Certificate in Life Insurance and Investment Link. He is currently pursuing his Doctor of Philosophy (PHD) in Finance and Banking at University Malaysia Sabah (UMS).
TESTIMONIALS
FINANCIAL SERVICES ACT 2013 & BNM GUIDELINES: THE LAW & COMPLIANCE
PARTICIPANTS,
Asian Banking School (ABS)

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