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Questions and Answers

What is the purpose of the Financial Services Act 2013?

  • To consolidate the regulatory and supervisory framework for Malaysia's banking industry, insurance industry, payment systems, and other relevant entities (correct)
  • To promote the development of effective and efficient development financial institutions
  • To set out the regulatory framework for Malaysia's Islamic financial sector
  • To regulate the money services business industry
  • What is the difference between the Central Bank of Malaysia Act 1958 and the Central Bank of Malaysia Act 2009?

  • The Central Bank of Malaysia Act 1958 promoted the development of effective and efficient development financial institutions, while the Central Bank of Malaysia Act 2009 did not
  • The Central Bank of Malaysia Act 2009 provides for the establishment, administration and powers of the bank, while the Central Bank of Malaysia Act 1958 does not (correct)
  • The Central Bank of Malaysia Act 2009 provides for the regulation of money services business industry, while the Central Bank of Malaysia Act 1958 does not
  • The Central Bank of Malaysia Act 1958 repealed the Development Financial Institutions Act 2002, while the Central Bank of Malaysia Act 2009 did not
  • What is the Islamic Financial Services Act 2013?

  • An act that sets out the regulatory framework for Malaysia's Islamic financial sector (correct)
  • An act that promotes the development of effective and efficient development financial institutions
  • An act that provides for regulation of money services business industry
  • An act that consolidates the regulatory and supervisory framework for Malaysia's banking industry, insurance industry, payment systems, and other relevant entities
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