Regulated Entities

Commercial and Islamic Bank

Banking Business

Definition under FSA 2013 –

• Accepting deposits;
• Paying and collecting cheques; and
• Provision of finance
• Lending, leasing, factoring, purchase of instruments, acceptance of guarantee

​Islamic Banking Business

Definition under IFSA 2013 –

• Accepting Islamic deposits with or without the business of paying and collecting cheques;
• Accepting money under an investment account
• Provision of finance

Investment Bank

Banking Business

Definition under FSA 2013 –

• Accepting deposits;
• Provision of finance; and
• Regulated activity under Capital Markets and Services Act 2007 (CMSA)

Insurance & Reinsurance

Insurance Business

Definition under FSA 2013 –

• Life business: Concerned with life policies shall include any type of insurance business carried on as incidental only to the life insurer’s business
• General business: All insurance business which is not life business

Definition under FSA 2013 –

• Takaful: Arrangement based on mutual assistance under which takaful participants agree to contribute to a common fund providing for mutual benefits payable to the takaful participants or their beneficiaries on the occurrence of pre-agreed events

Reinsurance Business

Definition under FSA 2013 –

• Insurance cover affected by an insurer with a second insurer on the risks, wholly or partly, it has accepted and includes any similar arrangement by a branch of the insurer in Malaysia with its branch outside Malaysia

Payments

Financial Advisor

Banking Business

Definition under FSA 2013 –

• Analysing financial planning needs of a person relating to insurance product;
• Recommending appropriate insurance product to a person;
• Sourcing insurance product from a licensed insurer for a person; or
• Arranging of a contract in respect of an insurance product for a person

Money Broker

Definition under FSA 2013 –

• Arranging transactions between buyers and sellers in the money market or foreign exchange market as an intermediary in consideration of brokerage fees paid or to be paid but excludes the buying or selling of Malaysian currency or foreign currencies as a principal in such markets

Insurance Broker

Definition under FSA 2013 –

• Soliciting, negotiating or procuring a policy with an insurer, or the renewal or continuance of the policy with an insurer or the renewal or continuance of the policy by a person, for a policy owner other than for himself and includes reinsurance broking for an insurer

Adjusting Business

Definition under FSA 2013 –

• Investigating the cause and circumstances of a loss and ascertaining the quantum of the loss in relation to insurance or takaful claims.