Malaysia legislation
Section 124
of LABUAN ISLAMIC FINANCIAL SERVICES AND SECURITIES ACT 2010
Section 124
The Authority may revoke any consent, licence or registration made under this Act—
(a)
at the request of the licensed entity;
(b)
where the licensed entity—
(i)
as ceased to carry on business in or from within
Labuan;
(ii)
has contravened any provision of this Act or any terms, conditions, restrictions or limitations attached to the licence or registration as the case may be;
(iii)
the Authority has, either in connection with the application for the licence or registration, or at any time after the grant of the licence or registration, been provided with false or misleading information, document or declaration by or on behalf of the licensed entity;
(iv)
has been charged or convicted of an offence under this Act or of a criminal offence in any recognized country or jurisdiction;
Labuan Islamic Financial Services and Securities 127
(v)
has knowingly and wilfully supplied false, misleading or inaccurate information or failed to disclose information required under this Act;
(vi)
is carrying on business in a manner that the
Authority reasonably believes to be detrimental to the public interest;
(vii)
is declared bankrupt or has been wound-up or otherwise dissolved;
(viii)
a resolution for the licensed entity’s voluntary winding-up has been passed;
(ix)
in relation to an Islamic bank licensee or a takaful licensee, any guarantee or undertaking referred to in sections 63, 64, 78 and 79 has not been honoured; or
(x)
for any other reasons as the Authority may in its discretion deem fit.
Revocation procedure