Section 44 — AKTA DAGANGAN KOMODITI 1985

(a)

that a registered person—

(i)

is committing or has committed an act of misconduct;

(ii)

is no longer a fit and proper person to continue to remain registered by reason of any other circumstances which have led, or are likely to lead, to the improper conduct of business by him or to reflect discredit on the method of conducting his business; or

(b)

that, in the case of a registered person that is a corporation or firm, a director, partner or employee accredited to the corporation or firm, as the case may be, who is a registered person—

(i)

is committing or has committed an act of misconduct; or

(ii)

is no longer a fit and proper person to continue to remain registered by reason of any other circumstances which have led, or are likely to lead, to the improper conduct of business by him or to reflect discredit on the method of conducting his business.

(2)

If after inquiring into an allegation under subsection (1) against a registered person, the Commissioner is of the opinion that the allegation is proved, he may if he thinks fit—

(a)

revoke the registration of the person;

(b)

suspend the registration of the person for such time, or until the happening of such event, as the Commissioner may determine;

(c)

reprimand the person; or

(d)

impose a penalty not exceeding five thousand ringgit.

(3)

The Commissioner shall, at the hearing of an inquiry into an allegation under subsection (1) against a registered person, give the person an opportunity of being heard.

(4)

Where the Commissioner imposes any of the penalties specified under subsection (2), he shall notify the registered person concerned and the corporation or firm to which he is accredited and the exchange company, in writing to that effect stating the reasons therefor and, in the case of a revocation or suspension of registration, specifying the date on which the revocation or suspension shall take effect.

(5)

For the purpose of this section, "misconduct" means—

(a)

any failure to comply with the requirements of this Act with respect to registered persons;

rson that is a partner oration or firm, ered person— ted an act of er person to ed by reason which have the improper or to reflect conducting under sub-ommissioner ved, he may son for such ch event, as ve thousand aring of an (1) against a portunity of any of the shall notify corporation or change comasons therespension of revocation nisconduct"

(b)

any failure to observe terms and conditions of a certificate of registration;

(c)

any act or omission relating to the conduct of business of a registered person which is or is likely to be prejudicial to the public interest.

(6)

Any sum ordered by the Commissioner to be paid by way of penalty under subsection (2), shall be deemed to be a debt due from the registered person concerned to the Commission and shall be recoverable accordingly in a court.