International Banking Order, 2000 · As enacted · Part III
Section 16
Official textFrom Attorney General's Chambers, unchanged
The Authority may exercise any of the powers conferred by section 15
the Authority
"the Authority" means such person or body as is appointed by His Majesty the Sultan and Yang Di-Pertuan to be the Authority for the purposes of this Order;
for the purpose of assisting a designated supervisory authority in the performance of any of its material supervisory function.
Where subsection (1) applies-
{a}
any reference in section 15 to the functions of the Authority under this Order includes a reference to the material supervisory functions of the designated supervisory authority; and
{b)
the references in section 15(1){a} to the Authority include a reference to a duly appointed senior officer or agent of a designated supervisory authority.
Any reference in this Part to a designated supervisory authority is a reference to that authority which, in a country or territory designated by the
Minister for the purposes of this Order, exercises in that country or territory functions corresponding to those of the Authority under this Order or the Minister under the Banking Act (Chapter 95) or the Islamic Banking Act (Chapter 168) and, in relation to such an authority, "material supervisory functions" means functions which so correspond.
The Minister shall not designate any country or territory for the purposes of this Order unless he is satisfied that the supervisory authority there is subject to provisions of confidentiality which are at least equivalent to those which apply to the Authority, whether under this Order or otherwise.
Any reference in section 15 to a licensee includes a reference to-
licensee
"licensee" means a bank which is for the time being the holder of a licence;
{a}
any institution which has been a licensee;
institution
"institution" means a company incorporated or registered under the Companies Act, an international business company or a foreign international company;
{b)
any person who is or was an associate, director, manager, officer or a controller of a licensee or former licensee;
director
"director" includes any person occupying the position of director of a comp{lny, by whatever name called, and includes an alternate or substitute director;
{c)
any undertaking which is a parent or subsidiary undertaking of a licensee or former licensee; and
{d)
any undertaking with which a licensee or former licensee is closely linked.
1058
Contravention of Order, serious crime, money-laundering.
Terms defined in s 2
director
Defined · s 2"director" includes any person occupying the position of director of a comp{lny, by whatever name called, and includes an alternate or substitute director;
institution
Defined · s 2"institution" means a company incorporated or registered under the Companies Act, an international business company or a foreign international company;
licensee
Defined · s 2"licensee" means a bank which is for the time being the holder of a licence;
the Authority
Defined · s 2"the Authority" means such person or body as is appointed by His Majesty the Sultan and Yang Di-Pertuan to be the Authority for the purposes of this Order;