Malaysia legislation
Section 123B
Section 123B
(2)
The written notice under subsection (1) shall set out—
(a)
the action that the Minister or the Bank, as the case may be, proposes to take and the grounds for such action;
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(b)
the period within which the person referred to in subsection (1) may make a written representation to the
Minister or the Bank, as the case may be;
(c)
in the case of any proposed action under subsection 106A(3), the non-compliance or breach committed by the person; and
(d)
where the Bank proposes to impose a monetary penalty under paragraph 106A(3)(b), the right of the person in breach to pay, within a specified period in the notice, the monetary penalty stated in such notice.
(3)
The person referred to in subsection (1) shall be given a reasonable opportunity to make a written representation to the Minister or the Bank, as the case may be, by submitting such representation to the Bank within fourteen days from the date of the notice by the Bank.
(4)
After the expiry of the period of fourteen days from the date of the notice by the Bank and considering any written representation under subsection (3), the Minister, on the recommendation of the Bank, or the Bank, as the case may be, shall decide whether to—
(a)
proceed with the proposed action or a variation of such action; or
(b)
take no further action.
(5)
The Minister or the Bank, as the case may be, shall inform the person referred to in subsection (1) by a written notice of the decision under subsection (4) and the decision shall take effect from the date specified in the notice.
(6)
Notwithstanding subsection (1), the Minister or the Bank, as the case may be, may first take the proposed action and the opportunity to make representations shall be given immediately after the action has been taken if any delay in taking the proposed action would be detrimental to the interests of any prescribed institution, its stakeholders, the financial system or the public generally.
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(7)
The Minister or the Bank, as the case may be, may confirm, amend or revoke the action taken under subsection (6) in consequence of the representations made under that subsection.
(8)
Subsection (6) shall not apply to any action taken under section 106A.
Amendment of Schedule