s 18 Withdrawal of approval of exchange holding company
(1) The Minister may, on the recommendation of the Commission, by a notice published in the Gazette, and by such other means as the Commission thinks appropriateβ (a) withdraw an approval granted under section 15 to an exchange holding company, with effect from the date specified in the notice; or (b) direct an exchange holding company to cease to provide or operate such facilities, or provide such services, as are specified in the notice, with effect from the date specified in the notice. (2) The Minister shall not withdraw an approval or issue a direction under subsection (1) unless the Minister, on the recommendation of the Commission, is satisfied that it is appropriate to do so for the protection of investors, or in the public interest or for the proper regulation of the markets in securities or futures contracts, where any of the following circumstances occurs: (a) the exchange holding company ceases to be a holding company of a stock exchange or a futures exchange, as the case may be; (b) the exchange holding company is being wound up or otherwise dissolved, whether within or outside Malaysia; (c) the exchange holding company has contravened any term or condition of its approval or is charged with any offence under any securities laws; (d) the exchange holding company has failed to comply with a condition, requirement or direction given under section 26, 354 or 355; (e) any information provided for the purposes of section 15 was false or misleading in a material particular; or (f) an exchange holding company on its own accord applies to the Minister to withdraw the approval as an exchange holding company granted to it and the Minister, on the recommendation of the Commission, thinks fit to do so. (3) Notwithstanding the withdrawal of an approval or the issuance of a direction under subsection (1), the Minister may permit the exchange holding company to continue, on or after the date on which the withdrawal or direction is to take effect, to carry on such activities affected by the withdrawal or direction as the Minister may specify in the notice published under that subsection for the purposes ofβ (a) closing down the operations of the exchange holding company or ceasing to provide the services specified in the notice; or (b) protecting the interest of the investors or the public interest. (4) Where the Minister has granted permission to an exchange holding company under subsection (3), the exchange holding company shall not, by reason of its carrying on the activities in accordance with the permission, be regarded as having contravened sections 7, 14 and 37 of this Act and section 3 of the Securities Industry (Central Depositories) Act 1991, if applicable. (5) The Minister shall not take any action under subsection (1) without giving an exchange holding company an opportunity to be heard.