JUlY 1 – Ush­er­ing in a new era of fi­nan­cial over­sight

The Star Malaysia - Star2 - - BIZ -

The wide-rang­ing Fi­nan­cial Ser­vices Act came into force, giv­ing reg­u­la­tors stronger pow­ers aimed at cre­at­ing bet­ter gov­er­nance plus checks and bal­ances among Malaysia’s fi­nan­cial

in­sti­tu­tions. The Act gave Bank Ne­gara over­sight over non-banks and

par­ent com­pa­nies of fi­nan­cial in­sti­tu­tions sub­ject­ing them to the same reg­u­la­tory re­quire­ments as banks as their role had gained

promi­nence in re­cent years.

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