Malaysia legislation
Section 26
of Act 627
Section 26
(a)
the issuer has contravened or is contravening any of the provisions of this Act;
(b)
the issuer has contravened any restrictions, limitations or conditions of the approval;
(c)
the issuer has failed to comply with any guidelines, circulars, standards or notices issued by the Bank under section 70;
Payments Systems
(d)
the issuer has made a false or an incorrect statement in the documents or information submitted under paragraph 25(1)(a) or particulars of any change to documents and information submitted under subsection 29(1);
(e)
the issuer has ceased issuing the designated payment instruments for any continuous period of six months; or
(f)
the issuer goes into liquidation or is wound up or is otherwise dissolved.
(2)
The Bank shall give the issuer a reasonable opportunity to make representations before making a decision to revoke the approval.
Requirements for Issuance of Designated Payment Instruments
Governance arrangements