Malaysia legislation
Section 4
of LABUAN ISLAMIC FINANCIAL SERVICES AND SECURITIES ACT 2010
Section 4
(2)
If a director, principal officer or trust officer, where applicable, ceases to be a fit and proper person, the licensed entity and such director, principal officer or trust officer shall as soon as reasonably practicable notify the Authority in writing of the same, together with details of the change.
(3)
In determining whether a person is a fit and proper person under this Act, the Authority may take into consideration the following:
(a)
integrity, competence, soundness of judgment and financial standing of such person;
(b)
whether that person has been adjudged a bankrupt, in
Malaysia or elsewhere;
(c)
whether that person has been convicted of a criminal offence in Malaysia or elsewhere and where the penalty imposed is imprisonment of one year or more, whether by itself or in addition to a fine; and
Labuan Islamic Financial Services and Securities 27
(d)
such other criteria as may be specified in guidelines issued by the Authority.
(4)
A person shall be under a duty to give notice in writing to the Authority, as soon as practicable, of any material event that could reasonably be expected to affect his status as a fit and proper person.
(5)
Where the Authority is satisfied that any person is not fit and proper, the Authority may disqualify such person from acting in his capacity of a licensed entity.
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