Malaysia legislation
Section 27
Section 27
(a)
the class licensee has failed to comply with any provisions of this Act or its subsidiary legislation;
(b)
the class licensee has failed to comply with any of the conditions of the class licence;
(c)
the class licensee had improperly or illegally obtained the class licence;
(d)
a receiver, receiver and manager, provisional liquidator or like official has been appointed over the whole or substantial part of the class licensee’s assets and such appointment is not revoked or annulled within a period of sixty days from the date of such appointment;
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(e)
there has been any act or default or change of circumstances such that the class licensee would no longer be entitled to be registered as a class licensee under this Act; or
(f)
the de-registration of the class licensee is in the public interest.
(2)
Before making a decision under subsection (1), the Commission shall give the class licensee—
(a)
a written notice of its decision to de-register the class licensee; and
(b)
an opportunity to make written submissions within a period specified in the written notice which shall not be less than thirty days.
(3)
After the expiry of the period specified in the notice, the
Commission shall, after considering any written submissions made by the class licensee, decide whether or not to de-register the class licensee.
(4)
The Commission shall give the class licensee a written notice of its decision under subsection (3) as soon as practicable and the de-registration of the class licensee shall take effect on the date specified in the written notice.
(5)
The class licensee who has been de-registered under subsection
(3)
shall cease all activities for which its class licence relates.
Register of class licence