In assessing the written application for a license, approval or registration to carry out FSA/IFSA Activities, the CBM will consider the factors set out in Schedule 5 of the FSA and the IFSA, as well as other matters that the CBM considers relevant. These include the following:

• Reputation and experience  ̶  The applicant should have a reputation that is consistent with the standards of good governance and integrity, and the business record and experience of the applicant will also be taken into account.
• Detrimental effect  ̶  The business must not be detrimental to the interests of its future depositors, policy owners, participants, users or the public generally.
• Business plan   ̶  The applicant must convince the CBM that its business plans for the business's future conduct and developments are sound.
• Financial Resources  ̶  The applicant must be able to demonstrate sufficient financial resources as a source of continuing financial support. There may also be minimum paid-up capital requirements.
• National interest  ̶  Whether the application will be in Malaysia's best interest, with regard to, among others, the contribution of the business to the Malaysian financial ecosystem, the economy and Malaysia’s relationship with other countries, should be determined.
• Operations – The applicant must be operated responsibly by persons with suitable experience and competence.
• Effective supervision  ̶  Whether the nature, scale and activities of the applicants' corporate group will impede effective regulation and supervision, having considered the nature and degree of regulation and supervision of any financial institution within that corporate group, should be considered.

The applicant must be considered “fit and proper” by the SC to apply for a CMSL to carry out the CMSA Activities. In assessing whether an applicant is fit and proper, the SC will consider the following:

• Organizational requirements  ̶  The applicant should have a properly established business with clear lines of responsibility and authority, as well as the necessary infrastructure, policies and processes. The SC also mandates certain positions of authority; Bumiputera (i.e., the indigenous people of Malaysia) participation requirements apply to directors, CMSRL holders and employees, and job functions. The requirements for each would depend on the type of CMSA Activities undertaken.
• Shareholding composition  ̶  There are generally no prescribed shareholding requirements unless the applicant intends to carry out investment banking or undertake portfolio management in connection with fund management.
• Financial Resources  ̶  The applicant must fulfill minimum paid-up capital and shareholders’ funds requirements.
• Competency of CMSRL holders  ̶  The applicants representatives must comply with prescribed qualification, experience, academic and licensing examination requirements.
• National interest ̶  Whether the application will be in Malaysia's best interest, having regard to, among others, the expertise that can contribute to the Malaysian capital market and economy and the ability to develop strategic sectors will also be considered.