Malaysia legislation
Section 160
Section 160
Powers to direct a self-regulatory organization
(a)
suspending, for the period specified in the direction, a specified provision of its constitution or its rules;
Act 704
(b)
requiring, subject to the Labuan Companies Act 1990
or any other law, the amendment of its constitution as specified in the direction so as to bring it in conformity with this Act, any regulations made under this Act or any rules made by the Authority;
(c)
requiring the amendment of its rules as specified in the direction so as to bring them in conformity with the relevant Act; or
(d)
for the implementation or enforcement of its constitution or its rules.
(2)
Where the Authority has reasonable grounds to believe that—
(a)
an officer of a self-regulatory organization is not a fit and proper person under this Act; or
(b)
a particular person’s appointment or continuing in office as an officer of a self-regulatory organization is likely to be detrimental to the self-regulatory organization or to affect prejudicially the interest of the investors and consumers of financial services or of members of the relevant sector or industry, the Authority may, after giving the officer and the self-regulatory organization reasonable opportunity to make representations, direct the self-regulatory organization not to appoint the officer, or to remove the officer from office.
(3)
Subsections (1) and (2) shall not limit the directions that the Authority may give to a self-regulatory organization.
Termination of arrangements and revocation of declaration or recognition