Each financial institution will be required to identify and plan for the execution of a suite of recovery options to restore its long-term viability under a range of stress events.
The guidelines require platform operators to carry out due diligence on prospective issuers of digital tokens, and issuers to satisfy governance and capital requirements.
Every Malaysian aged 18 years and above, and earning less than 100,000 ringgit a year, is eligible to receive a one-off 30 ringgit through one of three e-wallet companies.
Herbert Smith Freehills breaks down Malaysia's new framework for digital banks, comparing the regime to those in Singapore and Hong Kong.
Financial institutions need BNM's prior written approval to acquire or hold 20% or more of the voting shares or voting power in a corporation. Compliance is required by 31 December 2021.
The first document is for banks, insurers, money services businesses and payments providers. The second is for NBFIs and DNFBPs, including lawyers, accountants, casinos, real estate agents and trust companies.
Supervised institutions are expected to integrate climate-related risks and considerations into their business strategies and risk management practices, BNM says.
The framework will ensure that responsibilities and accountabilities for key functions at financial institutions are clearly allocated to appropriately senior and competent individuals.
Foreign financial institutions will be allowed to hold a majority stake, but preference will be given to applications where Malaysian nationals own the controlling equity interest.
New requirements to have anti-corruption and whistle-blowing policies in place will promote better governance, accountability and transparency for investors.