Labuan Financial Services and Securities Act 2010 s 161
Labuan Financial Services and Securities Act 2010 s 161
s 161 Termination of arrangements and revocation of declaration or recognition
(1) The Authority may revoke a declaration or recognition where—
(a) the self-regulatory organisation has failed to commence operations within three months after an arrangement under this Part has been entered into;
(b) the Authority is not satisfied that the self-regulatory organisation is properly performing or is able to perform the functions or powers delegated to it, or its other functions and powers;
(c) the Authority is satisfied that the self-regulatory organisation has committed a material breach of an arrangement or of a relevant Act or other applicable law;
(d) it appears to the Authority that the self-regulatory organisation is involved in a financial crime; or
(e) the self-regulatory organisation fails to comply with a direction of the Authority.
(2) The Authority shall not revoke a declaration or a recognition unless the Authority has notified the self-regulatory organisation of its intention and the reason for the Authority’s action, and has given the self-regulatory organisation a reasonable opportunity to make representations to the Authority.
(3) The Authority shall cause notice of the revocation under subsection (1) to be published in the Gazette.
Malay text (authoritative)
Penamatan perkiraan dan pembatalan perisytiharan atau pengiktirafan
(1) Lembaga boleh membatalkan sesuatu perisytiharan atau pengiktirafan jika—
(a) organisasi kawal selia sendiri itu tidak memulakan operasi dalam masa tiga bulan selepas suatu perkiraan di bawah Bahagian ini telah dibuat;
(b) Lembaga tidak berpuas hati bahawa organisasi kawal selia sendiri itu melaksanakan dengan sepatutnya atau dapat melaksanakan fungsi atau kuasa yang diwakilkan kepadanya, atau fungsi dan kuasanya yang lain;
(c) Lembaga berpuas hati bahawa organisasi kawal selia sendiri itu telah melakukan suatu pelanggaran material sesuatu perkiraan atau Akta yang berkenaan atau undang-undang lain yang terpakai;
(d) ternyata kepada Lembaga bahawa organisasi kawal selia sendiri itu terlibat dalam suatu jenayah kewangan; atau
(e) organisasi kawal selia sendiri itu tidak mematuhi arahan Lembaga.
(2) Lembaga tidak boleh membatalkan sesuatu perisytiharan atau pengiktirafan melainkan jika Lembaga telah memberitahu organisasi kawal selia sendiri itu tentang niatnya dan sebab bagi tindakan
Lembaga itu, dan telah memberi peluang yang munasabah kepada organisasi kawal selia sendiri itu untuk membuat representasi kepada Lembaga.
(3) Lembaga hendaklah menyebabkan suatu notis mengenai pembatalan di bawah subseksyen (1) disiarkan dalam Warta.
Source: Laws of Malaysia, Attorney General's Chambers of Malaysia (lom.agc.gov.my). Not a copy of the Gazette printed by the Government Printer (Interpretation Acts 1948 and 1967, s 61).
