Malaysia legislation
Section 161
Section 161
(a)
the self-regulatory organization has failed to commence operations within three months after an arrangement under this Part has been entered into;
Labuan Financial Services and Securities 155
(b)
the Authority is not satisfied that the self-regulatory organization is properly performing or is able to perform the functions or powers delegated to it, or its other functions and powers;
(c)
the Authority is satisfied that the self-regulatory organization has committed a material breach of an arrangement or of a relevant Act or other applicable law;
(d)
it appears to the Authority that the self-regulatory organization is involved in a financial crime; or
(e)
the self-regulatory organization fails to comply with a direction of the Authority.
(2)
The Authority shall not revoke a declaration or a recognition unless the Authority has notified the self-regulatory organization of its intention and the reason for the Authority’s action, and has given the self-regulatory organization a reasonable opportunity to make representations to the Authority.
(3)
The Authority shall cause notice of the revocation under subsection (1) to be published in the Gazette.
Amendments to the constitution of a self-regulatory organization