← Labuan Islamic Financial Services and Securities Act 2010

Labuan Islamic Financial Services and Securities Act 2010 s 124

s 124 Revocation of consent, licence or registration

The Authority may revoke any consent, licence or registration made under this Act— (a) at the request of the licensed entity; (b) where the licensed entity:— (i) has ceased to carry on business in or from within Labuan; (ii) has contravened any provision of this Act or any terms, conditions, restrictions or limitations attached to the licence or registration as the case may be; (iii) the Authority has, either in connection with the application for the licence or registration, or at any time after the grant of the licence or registration, been provided with false or misleading information, document or declaration by or on behalf of the licensed entity; (iv) has been charged or convicted of an offence under this Act or of a criminal offence in any recognized country or jurisdiction; (v) has knowingly and wilfully supplied false, misleading or inaccurate information or failed to disclose information required under this Act; (vi) is carrying on business in a manner that the Authority reasonably believes to be detrimental to the public interest; (vii) is declared bankrupt or has been wound-up or otherwise dissolved; (viii) a resolution for the licensed entity’s voluntary winding up has been passed; (ix) in relation to an Islamic bank licensee or a takaful licensee, any guarantee or undertaking referred to in sections 63, 64, 78 and 79 has not been honoured; or (x) for any other reasons as the Authority may in its discretion deem fit.

Malay text (authoritative)

Pembatalan keizinan, lesen atau pendaftaran

(1) Lembaga boleh membatalkan apa-apa keizinan, lesen atau pendaftaran yang dibuat di bawah Akta ini— (a) atas permintaan entiti berlesen; (b) jika entiti berlesen— (i) telah terhenti daripada menjalankan perniagaaan dalam atau dari dalam Labuan; (ii) telah melanggar mana-mana peruntukan Akta ini atau apa-apa terma, syarat, sekatan atau batasan yang disertakan bersama-sama dengan lesen atau pendaftaran, mengikut mana-mana yang berkenaan; (iii) Lembaga telah, sama ada berkaitan dengan permohonan bagi mendapatkan lesen atau pendaftaran, atau pada bila-bila masa selepas pemberian lesen atau pendaftaran, diberikan maklumat, dokumen atau akuan yang palsu atau mengelirukan oleh atau bagi pihak entiti berlesen; (iv) telah dipertuduh atau disabitkan atas suatu kesalahan di bawah Akta ini atau kesalahan jenayah dalam mana-mana negara atau bidang kuasa yang diiktiraf; (v) telah dengan diketahuinya dan dengan sengaja memberikan maklumat yang palsu, mengelirukan atau tidak tepat atau tidak mendedahkan maklumat yang dikehendaki di bawah Akta ini; (vi) menjalankan perniagaan mengikut cara yang Lembaga dengan semunasabahnya mempercayai akan memudaratkan kepentingan awam; (vii) diisytiharkan bankrap atau telah digulung atau selainnya dibubarkan; (viii) suatu resolusi bagi penggulungan entiti berlesen secara sukarela telah diluluskan; (ix) berhubung dengan pemegang lesen bank Islam atau pemegang lesen takaful, apa-apa jaminan atau aku janji yang disebut dalam seksyen 63, 64, 78 dan 79 yang belum dilunaskan; atau (x) bagi apa-apa sebab lain sebagaimana yang difikirkan patut oleh Lembaga mengikut budi bicaranya.

Read this section in the full act → · Open Part XII →

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).

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