Labuan Islamic Financial Services and Securities Act 2010 s 118
s 118 Termination of arrangements and revocation of declaration or recognition
(1) The Authority may revoke a declaration or recognition where—
(a) the Islamic self-regulatory organization 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 Islamic selfregulatory organization 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 Islamic self-regulatory organization 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 Islamic self-regulatory organization is involved in a financial crime; or
(e) the Islamic self-regulatory organization fails to comply with the direction of the Authority.
(2) The Authority shall not revoke a declaration or a recognition unless the Authority has notified the Islamic self-regulatory organization of its intention and the reason for the Authority’s action, and has given the Islamic self-regulatory organization 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 Islam telah gagal untuk 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 Islam itu sedang melaksanakan dengan sewajarnya atau boleh melaksanakan fungsi atau kuasa yang diwakilkan kepadanya, atau fungsi dan kuasanya yang lain;
(c) Lembaga berpuas hati bahawa organisasi kawal selia sendiri Islam telah melakukan pelanggaran material sesuatu perkiraan atau Akta berkaitan atau undang-undang terpakai lain;
(d) ternyata kepada Lembaga bahawa organisasi kawal selia sendiri Islam itu terlibat dalam jenayah kewangan; atau
(e) organisasi kawal selia sendiri Islam tidak mematuhi arahan Lembaga.
(2) Lembaga tidak boleh membatalkan sesuatu perisytiharan atau pengiktirafan melainkan jika Lembaga telah memberitahu organisasi kawal selia sendiri Islam itu mengenai niatnya dan sebab bagi tindakan Lembaga itu, dan telah memberi organisasi kawal selia sendiri Islam itu suatu peluang yang munasabah untuk membuat representasi kepada Lembaga.
(3) Lembaga hendaklah menyebabkan notis pembatalan di bawah subseksyen (1) disiarkan dalam Warta.
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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).
