# GUIDELINES ON SUBMISSION OF DEPOSIT PRODUCT INFORMATION

**ISSUE DATE : 18 MAY 2022**

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**Ref No:** DI/GL7-A3/2022(DPI) **Issued on:** 18 May 2022
**TITLE:** Guidelines on Submission of Deposit Product Information

## TABLE OF CONTENTS

SECTION 1: INTRODUCTION ........................................................................................................... 1
Background ....................................................................................................................... 1
Enquiries ........................................................................................................................... 1

SECTION 2: INSURABILITY CRITERIA ............................................................................................. 1
Insurability Criteria ........................................................................................................... 1
Excluded Deposits ............................................................................................................. 2

SECTION 3: ELECTRONIC DEPOSIT PRODUCT REGISTRATION FORM ............................................ 2
Electronic Deposit Product Registration Forms ............................................................... 2

SECTION 4: CONVENTIONAL DEPOSIT PRODUCTS ........................................................................ 3
Submission of Conventional eDPR Form .......................................................................... 3
Negotiable Instruments of Deposits ................................................................................. 3
Repurchase Agreements .................................................................................................. 5
Investments Linked to Derivatives ................................................................................... 6
Combination-Type Deposit Products ............................................................................... 7
Guide to Completing the Conventional eDPR Form ......................................................... 7

SECTION 5: ISLAMIC DEPOSIT PRODUCTS ..................................................................................... 8
Submission of Islamic eDPR Form .................................................................................... 8
Islamic Negotiable Instruments ........................................................................................ 8
Sell and Buy Back Agreements and any Agreement on Shariah Compliant Transactions that are Equivalent to a Repurchase Agreement ........................................................... 10
Islamic Investments Linked to Derivatives ..................................................................... 10
Combination-Type Islamic Deposit Products ................................................................. 12
Guide to Completing the Islamic eDPR Form ................................................................. 12

SECTION 6: ISSUANCE OF DEPOSIT PRODUCT CODES ................................................................. 13

SECTION 7: INSURABILITY REPORT ............................................................................................... 13

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## SECTION 1: INTRODUCTION

### Background
1.1 These Guidelines on Submission of Deposit Product Information (“Guidelines”) are issued pursuant to sections 202 and 209 of the Malaysia Deposit Insurance Corporation Act 2011 (“Act”) and apply to both Islamic and conventional deposit-taking members (“members”). The Guidelines provide guidance and requirement to the members in submitting information on certain products offered by the members in order for Perbadanan Insurans Deposit Malaysia (“PIDM”) to certify the insurability status of the products.

1.2 The Guidelines are effective 18 May 2022 and will supersede the Guidelines on Submission of Deposit Product Information dated 14 February 2020.

1.3 Unless expressly stated otherwise, any information or document required to be submitted to PIDM under these Guidelines, including any letter, brochure, term sheet, contract terms and conditions and form, shall be submitted online through PIDM’s portal.

1.4 A reference to a statute or other law includes regulations and other instruments under it and consolidations, amendments, re-enactments or replacements of any of them.

### Enquiries
1.5 Enquiries on the Guidelines may be directed to [email protected].

## SECTION 2: INSURABILITY CRITERIA

### Insurability Criteria
2.1 A deposit product is insured by PIDM if it satisfies the insurability criteria in the Guidelines on Deposit Insurance Coverage for Deposits.[^1]

[^1]: Please refer to the Guidelines on Deposit Insurance Coverage for Deposits, which is available at PIDM’s website at www.pidm.gov.my.

### Excluded Deposits
2.2 The following do not constitute insured deposits:[^2]
(a) a deposit that is not payable in Malaysia;
(b) a money market deposit;
(c) a negotiable instrument of deposit and any other bearer deposit;
(d) a repurchase agreement;
(e) a deposit that is payable by a member in the course of its Labuan banking business conducted under the Labuan Financial Services and Securities Act 2010 (“LFSA”) or its Labuan Islamic banking business conducted under the Labuan Islamic Financial Services and Securities Act 2010 (“LIFSA”);
(f) an investment linked to derivatives; and
(g) any other liability or financial instrument as may be specified by PIDM.

2.3 The Guidelines will not apply to a deposit that is payable by a member in the course of its Labuan banking business conducted under the LFSA or its Labuan Islamic banking business conducted under the LIFSA.

[^2]: Please refer to the Guidelines on Deposit Insurance Coverage for Deposits, which is available at PIDM’s website at www.pidm.gov.my.

## SECTION 3: ELECTRONIC DEPOSIT PRODUCT REGISTRATION FORM

### Electronic Deposit Product Registration Forms
3.1 Members are required to submit information on deposit products to PIDM to certify their insurability status by using the Electronic Deposit Product Registration (“eDPR”) forms which are accessible online through PIDM’s portal.

3.2 Members are required to complete one eDPR form for every deposit product to be offered. Members are to use conventional eDPR form for conventional deposit products and Islamic eDPR form for Islamic deposit products.

3.3 The eDPR forms may be revised from time to time. PIDM will make available the latest version of the eDPR forms at its portal.

## SECTION 4: CONVENTIONAL DEPOSIT PRODUCTS

### Submission of Conventional eDPR Form
4.1 The conventional eDPR form sets out the questions to be completed by members in respect of conventional deposit products.

4.2 In general, members are required to complete one eDPR form for every deposit product to be offered, subject to the specific provisions on:
(a) negotiable instruments of deposits (see paragraphs 4.3 – 4.6 below);
(b) repurchase agreements (see paragraphs 4.7 – 4.9 below);
(c) investments linked to derivatives (see paragraphs 4.10 – 4.14 below); and
(d) combination-type of deposit products (see paragraph 4.15 below).

### Negotiable Instruments of Deposits
4.3 Conventional negotiable instruments of deposits (“NIDs”) are not insured by PIDM.

4.4 For conventional NIDs, the eDPR form is to be submitted according to the type of the NID[^3] or a combination of the type of the NIDs, and the currency category (i.e., Ringgit Malaysia (RM) only or Foreign Currency (FX) only, or Multicurrency[^4]) that the NID is offered in.

4.5 Members are required to submit one eDPR form, on a collective basis, for each type of NID[^5] or combination of the type of the NIDs that is offered in the same currency category (i.e., RM or FX, or Multicurrency[^6]).

**Example: A member issues numerous NIDs as follows:**

| Type | Currency Category | Description |
| :--- | :--- | :--- |
| Zero coupon NIDs | Multicurrency | One eDPR form is to be submitted, on a collective basis, in respect of the zero coupon NIDs in Multicurrency. |
| | | The member is not required to submit a new eDPR form in respect of new or subsequent launches or issuance of zero coupon NIDs which are offered in Multicurrency. |
| Zero coupon NIDs | FX only | One eDPR form is to be submitted, on a collective basis, in respect of the zero coupon NIDs in FX. The member is not required to submit a new eDPR form in respect of new or subsequent launches or issuance of zero coupon NIDs which are offered in FX only. |
| Fixed rate NIDs | FX only | One eDPR form is to be submitted, on a collective basis, in respect of the fixed rate NIDs in FX. The member is not required to submit a new eDPR form in respect of new or subsequent launches or issuance of fixed rate NIDs which are offered in FX only. |

[^3]: Examples on the “type of NIDs” are zero coupon, fixed rate and floating rate.
[^4]: Multicurrency refers to a combination of RM and FX.
[^5]: Examples on the “type of NIDs” are zero coupon, fixed rate and floating rate.
[^6]: Multicurrency refers to a combination of RM and FX.

4.6 In naming the product in the eDPR form, members are to add the following in brackets after the product’s name:
(a) the words “Collective Submission – NID”;
(b) the applicable type of NID or combination of type of NID; and
(c) the currency category the product is offered in.

**Example 1:** For zero coupon NID product named “Action Packed NID” available to customers in Multicurrency, the member is to rename the product as “Action Packed NID (Collective Submission – NID; Zero coupon; RM & FX)” in the eDPR form.

**Example 2:** For fixed rate NID product named “Rival Plus NID” available to customers in RM, the member is to rename the product as “Rival Plus NID (Collective Submission – NID; Fixed rate; RM)” in the eDPR form.

**Example 3:** For floating rate NID product named “Floating Rate Shiny Pool NID” available to customers in FX, the member is to rename the product as “Floating Rate Shiny Pool NID (Collective Submission – NID; Floating Rate; FX)” in the eDPR form.

### Repurchase Agreements
4.7 Conventional repurchase agreements (“conventional Repos”) are not insured by PIDM.

4.8 Members are required to submit one eDPR form, on a collective basis, according to the currency category (i.e., RM or FX or Multicurrency[^7]) that the product is offered in.

**Example: A member issues numerous conventional Repos as follows:**

| Currency Category | Description |
| :--- | :--- |
| FX only | One eDPR form is to be submitted, on a collective basis, in respect of the conventional Repos in FX. The member is not required to submit a new eDPR form in respect of new or subsequent launches or issuance of conventional Repos which are offered in FX only. |
| Multicurrency | One eDPR form is to be submitted, on a collective basis, in respect of the conventional Repos in Multicurrency. The member is not required to submit a new eDPR form in respect of new or subsequent launches or issuance of conventional Repos which are offered in Multicurrency. |

4.9 In naming the product in the eDPR form, members are to add the following in brackets after the product’s name:
(a) the words “Collective Submission – Repos”; and
(b) the currency category the product is offered in.

**Example:** For repurchase agreements named “Repurchase Agreements Slingback” offered to customers in RM, the member is to name the product “Repurchase Agreements Slingback (Collective Submission – Repos; RM)” in the eDPR form.

For repurchase agreements named “Classic Repurchase Agreements” offered to customers in Multicurrency, the member is to name the product “Classic Repurchase Agreements (Collective Submission – Repos; RM & FX)” in the eDPR form.

[^7]: Multicurrency refers to a combination of RM and FX.

### Investments Linked to Derivatives
4.10 Conventional investments linked to derivatives or structured products (“conventional ILDs”) are not insured by PIDM.

4.11 For conventional ILDs, the eDPR forms are to be submitted according to the type of underlying reference or type of combination of underlying references and the currency category (i.e., RM or FX, or Multicurrency[^8]) that the conventional ILD is offered in, regardless of whether it is principal protected or non-principal protected.

4.12 Members are required to submit one eDPR form, on a collective basis, for each group of conventional ILDs as follows:
(a) that derive their values by reference to the same type of underlying reference[^9] or same type of combination of underlying references; and
(b) that is offered in the same currency category.

4.13 Members are not required to submit a new eDPR form in respect of future launches of that group of ILDs that derive their values by reference to the same type of underlying reference or same type of combination of underlying references and that is offered in the same currency category.

**Example:** If a member issues numerous conventional ILDs that derive their values by reference to the price of commodity, and are offered in RM, then only one eDPR form is to be submitted for this group of ILDs. The member does not need to submit a new eDPR form in respect of future launches of conventional ILDs that derive their values by reference to the price of commodity and that is also offered in RM.

However, if the member makes subsequent launches of conventional ILDs that derive their values from a combination of the price of commodity and another reference, the member will have to submit a new eDPR form in respect of that group of ILDs.

Similarly, if the subsequent launches of these ILDs are in FX, the member will also need to submit a new eDPR form in respect of that group of ILDs.

[^8]: Multicurrency refers to a combination of RM and FX.
[^9]: Examples of underlying references include commodity, equity, currency/foreign exchange rate, index and interest rate.

4.14 In naming the product in the eDPR form, members are to add the following in brackets after the product’s name:
(a) the words “Collective Submission – ILD”;
(b) the applicable type of underlying reference or type of combination of underlying references; and
(c) the currency category the product is offered in.

**Example 1:** For a conventional ILD named “Series 1 Mount Goon” that derives its value by reference to interest rate and the product is offered in FX, the member is to name the product “Series 1 Mount Goon (Collective Submission – ILD; Interest rate; FX)”.

**Example 2:** For a conventional ILD named “ABC Scissors Paper Rock” that derives its value by reference to equity and the product is offered in Multicurrency, the member is to name the product “ABC Scissors Paper Rock (Collective Submission – ILD; Equity; RM & FX)”.

### Combination-Type Deposit Products
4.15 These refer to deposit products that are made up of two or more deposit products (“component deposit product”) but are “packaged” together and marketed under one brand or name. Under these circumstances, the member is to submit one eDPR form for each component of the deposit product.

**Example 1:** A member offers a foreign currency savings account and a foreign currency fixed deposit account. These accounts are marketed under one brand name. The member is required to submit one eDPR form for the foreign currency savings account and another eDPR form for the foreign currency fixed deposit account.

**Example 2:** A member offers a cheque book facility in respect of its savings account. Only one eDPR form is to be submitted in respect of the savings account. This is not a combination-type account.

### Guide to Completing the Conventional eDPR Form
4.16 The step-by-step instructions and guidance to assist members to complete the conventional eDPR form are set out in the Guide to Using the Electronic Deposit Product Registration Form for Member Institutions.[^10]

4.17 Please ensure that all the required documents are correctly attached to the eDPR form prior to submission.

4.18 PIDM may request for additional documentation, if the required documents attached to the conventional eDPR form are insufficient to support the submission. Where requested by PIDM, members are required to provide such additional documentation to PIDM in accordance with the mode as stipulated by PIDM.

[^10]: The Guide to Using the Electronic Deposit Product Registration Form for Member Institutions is available at PIDM’s website at www.pidm.gov.my.

## SECTION 5: ISLAMIC DEPOSIT PRODUCTS

### Submission of Islamic eDPR Form
5.1 The Islamic eDPR form sets out the questions to be completed by the members in respect of Islamic deposit products.

5.2 In general, members are required to complete one eDPR form for every Islamic deposit product to be offered, subject to the specific provisions on:
(a) Islamic negotiable instruments (see paragraphs 5.3 – 5.6 below);
(b) sell and buy back agreements and any agreement on Shariah compliant transactions that are equivalent to a repurchase agreement (see paragraphs 5.7 – 5.9 below);
(c) Islamic investments linked to derivatives (see paragraphs 5.10 – 5.14 below); and
(d) combination-type of Islamic deposit products (see paragraph 5.15 below).

### Islamic Negotiable Instruments
5.3 Islamic negotiable instruments (“INIs”) are not insured by PIDM.

5.4 For INIs, the Islamic eDPR form is to be submitted according to the Shariah contract or contracts governing the INI and the currency category (i.e., RM or FX, or Multicurrency[^11]) that the INI is offered in.

5.5 Members are required to submit one eDPR form, on a collective basis, for each group of INIs:
(a) that applies the same Shariah contract or contracts; and
(b) that is offered in the same currency category.

**Example: A member issues numerous INIs as follows:**

| Shariah Contract(s) | Currency Category | Description |
| :--- | :--- | :--- |
| Bai Bithamin Ajil | RM only | One eDPR form is to be submitted, on a collective basis, in respect of this INI that is offered in RM and based on Shariah contract of Bai Bithamin Ajil. The member is not required to submit a new eDPR form in respect of new or subsequent launches or issuance of INIs that are offered in RM and based on the Shariah contract of Bai Bithamin Ajil. If the member subsequently issues an INI in RM but according to a different Shariah contract, the member is required to submit a new eDPR form in respect of this type of INI as the Shariah contract is different from the existing submission. |
| Bai Bithamin Ajil | FX only | One eDPR form is to be submitted, on a collective basis, in respect of this INI that is offered in FX and based on Shariah contract of Bai Bithamin Ajil. The member is not required to submit a new eDPR form in respect of new or subsequent launches or issuance of INIs that are offered in FX and based on the Shariah contract of Bai Bithamin Ajil. |

[^11]: Multicurrency refers to a combination of RM and FX.

5.6 In naming the product in the eDPR form, members are to add the following in brackets after the product’s name:
(a) the words “Collective Submission – INI”;
(b) the applicable Shariah contract or contracts; and
(c) the currency category the product is offered in.

**Example:** For an INI named “Negotiable Islamic Debt Certificate” with the underlying Shariah contract of Bai Al-Inah offered to its customers in Multicurrency, the member is to name the product “Negotiable Islamic Debt Certificate (Collective Submission – INI; Bai Al-Inah; RM & FX)” in the eDPR form.

### Sell and Buy Back Agreements and any Agreement on Shariah Compliant Transactions that are Equivalent to a Repurchase Agreement
5.7 Sell and buy back agreements and any agreement on Shariah compliant transactions that are equivalent to a repurchase agreement (“Islamic Repos”) are not insured by PIDM.

5.8 Members are required to submit one eDPR form, on a collective basis, according to the Shariah contract or contracts governing the Islamic Repos, and according to the currency category (i.e., RM or FX or Multicurrency[^12]) that the product is offered in.

5.9 In naming the product in the eDPR form, members are to add the following in brackets after the product’s name:
(a) the words “Collective Submission – Islamic Repos”;
(b) the applicable Shariah contract or contracts; and
(c) the currency category the product is offered in.

**Example:** For products named “Sell and Buy Back Agreements” with underlying Shariah contract of Murabahah and offered to customers in Multicurrency, the member is to name the product “Sell and Buy Back Agreements (Collective Submission – Islamic Repos; Murabahah; RM & FX)” in the eDPR form.

### Islamic Investments Linked to Derivatives
5.10 Islamic investments linked to derivatives or structured products (“Islamic ILDs”) are not insured by PIDM.

5.11 For Islamic ILDs, the eDPR forms are to be submitted according to the type of underlying reference or type of combination of underlying references, the Shariah contract or contracts governing the Islamic ILDs and the currency category (i.e., RM or FX, or Multicurrency[^13]) that the Islamic ILD is offered in, regardless of whether it is principal protected or non-principal protected.

[^12]: Multicurrency refers to a combination of RM and FX.
[^13]: Multicurrency refers to a combination of RM and FX.

5.12 Members are required to submit one eDPR form, on a collective basis, for each group of Islamic ILDs as follows:
(a) that derive its values by reference to the same type of underlying reference or same type of combination of underlying references;
(b) that applies the same Shariah contract or contracts; and
(c) that is offered in the same currency category.

5.13 Members are not required to submit a new eDPR form in respect of future launches of that group of Islamic ILDs that derive their values by reference to the same type of underlying reference or same type of combination of underlying references, that apply the same Shariah contract or contracts, and that is offered in the same currency category.

**Example:** If a member issues numerous Islamic ILDs in RM and these Islamic ILDs derive their values by reference to the price of commodity and the underlying Shariah contract is Mudharabah, then only one eDPR form is to be submitted for this group of ILDs on a collective basis. The member does not need to submit a new eDPR form in respect of future launches of Islamic ILDs in RM that derive their values by reference to the price of commodity and which the underlying Shariah contract is Mudharabah.

However, if the member makes subsequent launches of Islamic ILDs that derive their values by reference to a combination of the price of commodity and equity, or the underlying Shariah contract for such Islamic ILDs is Wakalah, the member will have to submit a new eDPR form in respect of that group of ILDs.

Similarly, if the subsequent launches of this group of Islamic ILDs are offered in FX, the member will need to submit a new eDPR form in respect of that group of ILDs.

5.14 In naming the product in the eDPR form, members are to add the following in brackets after the product’s name:
(a) the words “Collective Submission – Islamic ILD”;
(b) the applicable type of underlying reference or type of combination of underlying references;
(c) the applicable Shariah contract or contracts; and
(d) the currency category the product is offered in.

**Example 1:** A member issues an Islamic ILD named “5-Year Skyline-i ILD” in Multicurrency. This Islamic ILD derives its values by reference to currency/foreign exchange rate and the underlying Shariah contract is Mudharabah. The member is to name the product “5-Year Skyline-i ILD (Collective Submission – Investment Account-ILD; currency/foreign exchange rate; Mudharabah; RM & FX)” in the eDPR form.

**Example 2:** For an Islamic ILD named “XYZ Rivermoon-i” with the underlying Shariah contract of Tawarruq offered in Ringgit, and the underlying reference is interest rate, the member is to name the product “XYZ Rivermoon-i (Collective Submission – Islamic ILD; interest rate; Tawarruq; RM)” in the eDPR form.

### Combination-Type Islamic Deposit Products
5.15 These refer to Islamic deposit products that are made up of two or more Islamic deposit products (“component Islamic deposit product”) but are “packaged” together and marketed under one brand or name. Under these circumstances, the member is to submit one eDPR form for each component of the Islamic deposit product.

**Example 1:** A member offers a foreign currency savings account-i and a foreign currency fixed deposit account-i. These accounts are marketed under one brand. The member is required to submit one eDPR form for the foreign currency savings account-i and another eDPR form for the foreign currency fixed deposit account-i.

**Example 2:** A member offers a cheque book facility in respect of its savings account-i. Only one eDPR form is to be submitted in respect of the savings account-i. This is not a combination-type account.

### Guide to Completing the Islamic eDPR Form
5.16 The step-by-step instructions and guidance to assist members to complete the Islamic eDPR form are set out in the Guide to Using the Electronic Deposit Product Registration Form for Member Institutions.[^14]

5.17 Please ensure that all the required documents are correctly attached to the eDPR form prior to submission.

5.18 PIDM may request for additional documentation, if the required documents attached to the Islamic eDPR form are insufficient to support the submission. Where requested by PIDM, members are required to provide such additional documentation to PIDM in accordance with the mode as stipulated by PIDM.

[^14]: The Guide to Using the Electronic Deposit Product Registration Form for Member Institutions is available at PIDM’s website at www.pidm.gov.my.

## SECTION 6: ISSUANCE OF DEPOSIT PRODUCT CODES

6.1 A deposit product code will be issued upon the successful registration of a product by PIDM.

6.2 Members are to inform PIDM by sending an email to [email protected] where:
(a) there are any changes to a deposit product’s information after registration of the product by PIDM;
(b) member decides not to launch a deposit product after registration of the product by PIDM; or
(c) member discontinues, or transfers to another person, deposit products which were registered by PIDM.

## SECTION 7: INSURABILITY REPORT

7.1 An insurability report together with a declaration form will be issued to each member annually or at such intervals as PIDM deems fit. The insurability report will contain information on the names of the active deposit products registered with PIDM and the deposit product codes. The declaration form is to be signed by a senior officer designated by the member, holding a senior position in Management or charged with the responsibility of a department within the member, and is able to engage PIDM in discussions and clarification on the deposit product. Members are required to return the signed declaration to PIDM in accordance with the mode and date as stipulated by PIDM.

Perbadanan Insurans Deposit Malaysia
18 May 2022