Malaysia legislation
Section 144
Section 144
Labuan Financial Services and Securities 141
(a)
the functions of an exchange or its committee;
(b)
the functions of any subcommittee established by the committee referred to in paragraph (a); or
(c)
the functions of the principal officer, by whatever name called, who is responsible for the conduct of the business and operations of an exchange or any committee, as the case may be.
Act 704
(2)
For so long as the suspension order is in force, the following provisions shall apply:
(a)
none of the functions to which the order relates shall be performed by such exchange or committee or any subcommittee established by the committee or by any officer of such exchange or the committee or any such subcommittee;
(b)
any function to which paragraph (a) applies may be performed by such person as shall be specified in the order in relation to that function; and
(c)
a person or body referred to in paragraph (a) shall not, by act or omission, either directly or indirectly, affect the manner in which the functions referred to in the order are performed unless the person referred to in paragraph (b) requests for his or its assistance.
(3)
Subject to subsection (6), a suspension order shall continue to be in force for such period, being a period not exceeding six months, as shall be specified in the order.
(4)
A suspension order or any extension thereof under subsection (6)
shall take effect when a copy of the order or notice of the extension is served under paragraph (7)(a) to such exchange, committee or the subcommittee established by the committee to which the order relates.
(5)
Without prejudice to subsection (4), where a suspension order is made or such an order is extended under subsection (6), the Authority shall, as soon as it may be practicable, give a copy of the order or, as the case may be, the notice of its extension, to the principal officer of such exchange, the committee or a subcommittee established by the committee as the Authority may consider appropriate in the circumstances.
(6)
The Minister may, on the recommendation of the Authority, extend the period during which a suspension order is to remain in force for any further periods each not exceeding three months.
Labuan Financial Services and Securities 143
(7)
Where a suspension order is made or extended under this section, the Authority shall—
(a)
forthwith serve a copy of the order or notice in writing of the extension on such exchange, committee or the subcommittee to which the order relates; and
(b)
cause a suspension order or the notice of the extension as the case may be, to be published in the Gazette.
(8)
Any person who contravenes a suspension order issued under subsection (1) commits an offence and shall, on conviction, be liable to a fine not exceeding five million ringgit or to imprisonment for a term not exceeding five years or to both.
(9)
For the purposes of this section, “principal officer” includes a person, by whatever name called, who either individually or jointly with one or more other persons, is responsible for matters relating to listing, licensing, securities or dealings on such exchange or the committee.
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