It is from this perspective that an incentive package is being considered by the Bank to subsidize the costs related to minimum professional qualifications for FAs. We hope that it will entice more agents to consider upgrading themselves to become successful FAs. Growing demand for independent financial advisory services As our economy continues its track towards high income nation status, and as our society becomes more affluent and discerning, we envisage an increasing demand and preference for high-quality, independent and personalized advisory services among financially-savvy consumers. Apart from rising levels of disposable income and financial sophistication, Malaysians are expected to live longer now than ever before. It is projected that by 2040, 17% of the Malaysian population will live beyond the age of 60 years old compared to about only 8% of the total population in 2010. This creates the need for more effective long-term financial planning on the part of consumers to ensure they have sufficient funds to see them through their golden years. In this respect, as part of the Government’s initiative to encourage savings among Malaysians to better prepare for their retirement, the Government had announced a tax relief of RM3,000 for individuals who have bought an annuity plan for the next 10 years commencing in 2012. 2  BIS central bankers’ speeches  An increased competition within the financial sector and evolving demographic structures has also led to the introduction of new and more complex financial products offered by financial service providers.
6 The US Bankruptcy Code refers to Title 11 of the United States Code, as amended. 7 See, e.g., S. Rep. No. 111–176, at 6 (2010) (“The Federal Reserve’s emergency lending authority, under section  13(3) of the Federal Reserve Act, in the past allowed the Federal Reserve to make loans to individual entities like AIG. While such lending played an important role in ending the recent financial crisis, it also created potential moral hazard.”). 8 Dodd-Frank Wall Street Reform and Consumer Protection Act, Pub. L. No. 111–203 (2010). 9 See 12 U.S.C. §§ 5365 & 5383. 10 See 12 U.S.C. § 5384; H.R. Rep. No. 111–517, at 865 (2010) (Conf. Rep.) (“When the authority is used, the FDIC  is appointed receiver and must liquidate the company in a manner that mitigates significant risks to financial stability and minimizes moral hazard.”). 11 See Joint Report to Congress: Economic Growth and Regulatory Paperwork Reduction Act of 1996, 82 Fed. Reg. 15900 (March 30, 2017). 12 See Simplifications to the Capital Rule Pursuant to the Economic Growth and Regulatory Paperwork Reduction  Act of 1996, 82 Fed. Reg. 49984 (proposed Oct. 27, 2017). 13 See H.R. 10, 115th Cong. (as passed by House, June 8, 2017); H.R. 1667, 115th Cong. (as passed by House,  Apr, 5, 2017). 6/6  BIS central bankers' speeches