Labuan Islamic Financial Services and Securities Act 2010 s 114
s 114 Rules of an Islamic self-regulatory organization
(1) An Islamic self-regulatory organization may make rules, not inconsistent with this Act, any regulations made under this Act or guidelines issued by the Authority or any other applicable law, with respect to the matters for which it has regulatory or supervisory functions, including such functions as may be delegated to it by the Authority.
(2) Rules made by an Islamic self-regulatory organization under subsection (1), and amendments thereto, shall be of no effect unless otherwise approved by the Authority.
(3) The Authority shall be taken to have granted approval for the purposes of subsection (1) where it has not objected to them within one month after they were submitted to the Authority for such approval.
(4) The rules of an Islamic self-regulatory organization may make provision with respect to shareholding and voting rights in the Islamic self-regulatory organization in the interests of the members of the Islamic self-regulatory organization, the consumers, investors and of the users of their services.
Malay text (authoritative)
Kaedah-kaedah organisasi kawal selia sendiri Islam
(1) Sesuatu organisasi kawal selia sendiri Islam boleh membuat kaedah-kaedah, yang selaras dengan Akta ini, apa-apa peraturan yang dibuat di bawah Akta ini atau garis panduan yang dikeluarkan oleh Lembaga atau apa-apa undang-undang lain yang terpakai, berkenaan dengan perkara yang baginya organisasi kawal selia sendiri Islam itu mempunyai fungsi pengawalseliaan atau penyeliaan, termasuk apa-apa fungsi yang diwakilkan kepadanya Lembaga.
(2) Kaedah-kaedah yang dibuat oleh sesuatu organisasi kawal selia sendiri Islam di bawah subseksyen (1) dan pindaan kepadanya, tidak mempunyai kuat kuasa melainkan jika diluluskan selainnya oleh Lembaga.
(3) Lembaga hendaklah dianggap telah memberikan kelulusan bagi maksud subseksyen (1) jika ia tidak membantah terhadap kaedah-kaedah atau pindaan kepadanya itu dalam masa satu bulan selepas kaedah-kaedah atau pindaan itu dikemukakan kepada Lembaga untuk kelulusan.
(4) Kaedah-kaedah sesuatu organisasi kawal selia sendiri Islam boleh membuat peruntukan mengenai pemegangan syer dan hak mengundi dalam organisasi kawal selia sendiri Islam itu demi kepentingan anggota organisasi kawal selia sendiri Islam, pengguna, pelabur dan pengguna perkhidmatan mereka.
Read this section in the full act → · Open Part XI →
Find Act 705 on lom.agc.gov.my ↗
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).
