Malaysia legislation
Section 113
of LABUAN ISLAMIC FINANCIAL SERVICES AND SECURITIES ACT 2010
Section 113
(a)
has a constitution and internal rules and policies which are consistent with this Act and any enactment applicable to such sector or industry, or part thereof;
(b)
has the capacity and the financial and administrative resources necessary or desirable to carry out its functions and the regulatory or supervisory functions it shall perform as an Islamic self-regulatory organization, including dealing with breaches of the law or of the applicable standards and guidelines;
(c)
shall not discriminate unreasonably against a person in offering access to its services or in carrying out its functions as an Islamic self-regulatory organization;
(d)
is managed or controlled by officers or persons in control who are fit and proper persons under this
Act; and
Labuan Islamic Financial Services and Securities 121
(e)
satisfies such criteria as may be specified in the rules stipulated by the Authority.
(2)
The Authority may, by written arrangement, delegate a power or function of the Authority to an Islamic self-regulatory organization.
(3)
The arrangement referred to in subsection (2), shall provide for—
(a)
any power or function delegated to the Islamic self-regulatory organization by the Authority under subsection (2);
(b)
the terms and conditions upon which the power or function has been delegated and may be exercised by the Islamic self-regulatory organization;
(c)
the persons authorized to exercise the delegation on behalf of the Islamic self-regulatory organization; and
(d)
the submission to the Authority of periodical reports in respect of the exercise of a delegated power or function by the Islamic self-regulatory organization.
Rules of an Islamic self-regulatory organization