BNM Issues Exposure Drafts Of Policy Documents Relating To Financial Advisers

Bank Negara Malaysia ('BNM') has on 12 August 2021 issued exposure drafts on the following policy documents:

1.Prudent and Professional Conduct by Financial Advisers ('Exposure Draft No. 1'); and

2. Application Procedures to Carry On Financial Advisory Business and Islamic Financial Advisory Business ('Exposure Draft No. 2').

This article highlights some of the main points in Exposure Draft No. 1 and Exposure Draft No. 2 (collectively 'Exposure Drafts').

Scope of application

The Exposure Drafts apply to approved financial advisers under the Financial Services Act 2013 ('FSA') and approved Islamic financial advisers under the Islamic Financial Services Act 2013 ('IFSA'). In addition, Exposure Draft No. 2 also applies to persons intending to become approved financial advisers or approved Islamic financial advisers.