In the ECM Notices, unless the context otherwise requires, the following words and phrases shall have the meaning assigned -
"Approved Operational Headquarters" means a resident company which has been given the status of an approved operational headquarters by the Minister of Finance.
"authorised dealer" means a person for the time being authorised by an order of the Controller to act for the purposes of the Act as an authorised dealer in relation to foreign currency. The authorised dealers are listed in Appendix I.
"banking institution" means a licensed bank, a licensed merchant bank or a licensed finance company.
"bearer certificate" means a certificate of title to securities by the delivery of which (with or without endorsement) the title to the securities is transferable.
"Controller" means the Controller of Foreign Exchange.
"coupon" means a coupon representing dividend or interest on a security.
"concessional credit facilities" means credit facilities which have the characteristics of near equity as may be determined by the Controller.
"credit facilities" means any advance, loan, trade financing, hire purchase,
factoring, leasing facilities, redeemable preference shares issued to non-ordinary
shareholders, guarantees, or similar facility in whatever name or form,
other than -
- a loan arising from a payment made pursuant to a guarantee, provided thetransactions in relation to which the guarantee is provided are bona fide;
- trade credit terms extended by a supplier for all types of goods and services;
- forward exchange contracts entered into with authorised dealers; or
- one personal housing loan and one vehicle loan obtained from residents.
"dealings in foreign currency" means buying or selling, whether spot or forward, borrowing or lending in foreign currency.
"Designated Bank" means an authorised dealer which has been designated by Bank Negara Malaysia to open foreign currency accounts for residents as permitted in ECM7 and ECM16. The Designated Banks are listed in Appendix II.
"domestic credit facilities" means credit facilities obtained from any resident.
"exporter" means, in relation to goods exported, the person in Malaysia(including a firm or company) who sells such goods to the non-resident buyer of the goods.
"External Account" means a Ringgit account maintained with a financial institution in accordance with the provisions of ECM 3.
"financial guarantee" means a guarantee to secure the repayment of an advance, a loan or other similar credit facility.
"financial institution" means a licensed bank, a licensed merchant bank, a licensed finance company, a licensed discount house, a scheduled institution as defined in the Banking and Financial Institutions Act 1989, an Islamic bank established under the Islamic Banking Act 1983, an insurer registered under the Insurance Act 1963, a takaful operator registered under the Takaful Act 1984, a co-operative society established under the Co-operative Societies Act 1993, Bank Simpanan Nasional established under the Bank Simpanan Nasional Act 1974, Bank Pertanian Malaysia established under the Bank Pertanian Malaysia Act 1969, the Employees Provident Fund Board established under the Employees Provident Fund Act 1991, the Social Securities Organisation established under the Employees Social Security Act 1969, the Armed Forces Fund established under the Armed Forces Act 1972, Malaysian Industrial Estates Sdn. Berhad, or such other institution which carries on any form of financial business as may be specified as a financial institution by the Controller.
"foreign currency" means a currency of any territory other than Malaysia and includes travelers cheques and any right to receive foreign currency in respect of any credit or balance with a licensed bank, licensed merchant bank or non-resident.
"Foreign Offshore Company" means a foreign company registered under the Offshore Companies Act 1990.
"forward" means the purchase or sale of foreign currency for delivery after two business days, including outright forward contracts, swaps, futures, options, financial derivatives and any other arrangement to obtain a foreign currency, whether settlement is to be made in full or on a net basis.
"gold" means gold coin and bullion and includes gold in whatever state or form.
"licensed bank" means a commercial bank which is licensed under the Banking and Financial Institutions Act 1989 or an Islamic bank licensed under the Islamic Banking Act 1983.
"licensed finance company" means a finance company which is licensed under the Banking and Financial Institutions Act 1989.
"licensed merchant bank" means a merchant bank which is licensed under the Banking and Financial Institutions Act 1989.
"Licensed Offshore Bank" means an offshore bank which is licensed under the Offshore Banking Act 1990.
"Licensed Offshore Insurance Entity" means an Offshore Company, a Foreign Offshore Company or a branch of a Malaysian insurer licensed under the Offshore Insurance Act 1990.
"non-bank resident" means a resident which is not an authorised dealer.
"non-resident" means:
-any person other than a resident;
-an overseas branch/regional office/sales office/representative office of aresident
company;
-Embassies, Consulates, High Commissions, supranational or internationalorganisation;
or
-a Malaysian citizen who has obtained permanent resident status of a territoryoutside
Malaysia and is residing outside Malaysia.
"Offshore Company" means a company incorporated or deemed to be incorporated under the Offshore Companies Act 1990.
"participating financial institution" means a financial institution which submits information to Bank Negara Malaysia under the Borrower Loan Information System.
"payment" means payment by any means or form, including remittances and transfers.
"permitted foreign currency accounts" means a foreign currency account permitted in ECM 7 and ECM 16.
"resident" means:
- a citizen of Malaysia, excluding a person who has obtained permanentresident status
of a territory outside Malaysia and is residing outsideMalaysia;
- a non-citizen of Malaysia who has obtained permanent resident status ofMalaysia
and is residing permanently in Malaysia; or
- a person, whether body corporate or unincorporate, whether head office orbranch,
incorporated or registered with, or approved by any authority inMalaysia.
"Restricted Currencies" means the currencies of Israel, Serbia and Montenegro.
"Ringgit" means the currency which is the legal tender in Malaysia.
"securities" means shares, stocks, bonds notes(other than personal promissory notes issued by individuals), debentures, debenture stock, units under a unit trust scheme, shares in an oil royalty, letters of allotment which may be renounced, letters of rights, coupons conferring rights to acquire securities, options, warrants or certificates of deposit(other than receipts issued by authorised depositories for any certificate of title deposited in pursuance of Part IV of the Act).
"shipment" means the quantity of goods, transported on the same carrier or convoy of carriers, bound for the same destination and for the same buyer.
"Specified Account" means an account maintained with a financial institution in Malaysia by a Specified Person.
"Specified Persons" means:
-Israel, Serbia or Montenegro or their residents;
-The authorities of Israel, Serbia or Montenegro;
-The agencies and instrumentalities of Israel, Serbia or Montenegro or theirresidents;
or
-Any entity owned or controlled, directly or indirectly, by Israel, Serbia or Montenegro
or their residents.
"Specified Securities" means securities which are:
-Registered in Israel, Serbia or Montenegro;
-Denominated in any Restricted Currency;
-Beneficially owned by a Specified Person; or
-Issued by any Specified Person.
"spot" means the purchase or sale of foreign currency where delivery is within two business days.
1. ABN AMRO Bank Berhad
2. AlliedBank(Malaysia) Berhad
3. Arab-Malaysian Bank Berhad
4. Ban Hin Lee Bank Berhad
5. Bangkok Bank Berhad
6. Bank Bumiputra Malaysia Berhad
7. Bank Buruh (Malaysia) Berhad
8. Bank Islam Malaysia Berhad
9. Bank of America Malaysia Berhad
10. Bank of Commerce (M) Berhad
11. Bank of Tokyo (Malaysia) Berhad
12. Bank Utama (Malaysia) Berhad
13. Chung Khiaw Bank(Malaysia) Berhad
14. Citibank Berhad
15. Deutsche Bank(Malaysia) Berhad
16. Development and Commercial Bank Berhad
17. EON Bank Berhad
18. Hock Hua Bank Berhad
19. Hock Hua Bank (Sabah) Berhad
20. Hong Leong Bank Berhad
21. Hongkong Bank Malaysia Berhad
22. Kwong Yik Bank Berhad
23. Malayan Banking Berhad
24. Malaysian French Bank Berhad
25. OCBC Bank(Malaysia) Berhad
26. Oriental Bank Berhad
27. Overseas Union Bank (Malaysia) Berhad
28. Perwira Affin Bank Berhad
29. Public Bank Berhad
30. Sabah Bank Berhad
31. Southern Bank Berhad
32. Standard Chartered Bank Malaysia Berhad
33. The Bank of Nova Scotia Berhad
34. The Chase Manhattan Bank (M) Berhad
35. The Pacific Bank Berhad
36. United Malayan Banking Corporation Berhad
37. United Overseas Bank (Malaysia) Berhad
38. Wah Tat Bank Berhad
1. Bank Bumiputra Malaysia Berhad
2. Bank of Commerce (M) Berhad
3. Development and Commercial Bank Berhad
4. Hongkong Bank Malaysia Berhad
5. Malayan Banking Berhad
6. OCBC Bank (Malaysia) Berhad
7. Public Bank Berhad