Malaysia legislation
Section 118
of LABUAN ISLAMIC FINANCIAL SERVICES AND SECURITIES ACT 2010
Section 118
(a)
the Islamic self-regulatory organization has failed to commence operations within three months after an arrangement under this Part has been entered into;
(b)
the Authority is not satisfied that the Islamic 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 Islamic 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 Islamic self-regulatory organization is involved in a financial crime; or
(e)
the Islamic self-regulatory organization fails to comply with the direction of the Authority.
Act 705
(2)
The Authority shall not revoke a declaration or a recognition unless the Authority has notified the Islamic self-regulatory organization of its intention and the reason for the Authority’s action, and has given the Islamic 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 an Islamic self-regulatory organization