Bank Negara Malaysia issued an exposure draft on 29 July 2022 concerning enhanced registration requirements for a person intending to carry out adjusting business, as well as prudential and conduct requirements that registered adjusters must always comply with.

Paragraph 1.2 of the proposed policy document provides that this document is intended to set out:

  • the registration requirements applicable to a person intending to carry out adjusting business, as defined in subsection 2(1) of the Financial Services Act 2013;
  • the fees payable; and
  • its ongoing obligations once registered by Bank Negara Malaysia as a registered adjuster.

Among the proposed requirements that Bank Negara Malaysia intends to introduce are:

  • new obligations on meeting minimum continuous, professional development requirements annually to ensure adjusting employees of the registered adjuster keep abreast with relevant market and industry developments;
  • additional requirements imposed on the board of directors of a registered adjuster and senior management to ensure effective implementation of proper governance and control measures; and
  • imposition of rigorous, fit and proper requirements on shareholders and the key responsible person (ie, a director and chief executive officer) of a registered adjuster.

For further information on this topic please contact Pamela Kung at Shearn Delamore & Co by telephone (+60 3 2027 2911) or email ([email protected]). The Shearn Delamore & Co website can be accessed at