Malaysia legislation
Section 36
Section 36
A recognized market operator shall—
(a)
comply with any direction issued by the Commission, whether of a general or specific nature, and the recognized market operator shall give effect to such directions; and
(b)
provide such assistance to the Commission, or to a person acting on behalf of or with the authority of the Commission, as the Commission or such person reasonably requires.
Capital Markets and Services (Amendment)
11
Withdrawal of registration 36a. (1) Subject to subsection (4), where the Commission is satisfied that it is appropriate to do so in the interest of the investors, in the public interest or for the maintenance of an orderly and fair market, the Commission may, by notice in writing, withdraw the registration with effect from a date that is specified in the notice.
(2)
Such notice referred to in subsection (1) shall state the grounds in support of the withdrawal.
(3)
Notwithstanding the withdrawal under subsection (1), the Commission may permit the person to continue, on or after the date on which the withdrawal is to take effect, to carry on such activities affected by the withdrawal as the Commission may specify in the notice for the purpose of—
(a)
closing down the operations of the recognized market to which the withdrawal relates; or
(b)
protecting the interest of the investors or the public interest.
(4)
Where the Commission has granted permission to a person under subsection (3), the person shall not, by reason of its carrying on the activities in accordance with the permission, be regarded as having contravened section 34.
(5)
The Commission shall not exercise its power under subsection (1) in relation to a recognized market operator that has been registered under subsection 34(1) unless it has given the recognized market operator an opportunity to be heard.
(6)
Any withdrawal of registration made under this section shall not operate so as to—
(a)
avoid or affect any agreement, transaction or arrangement entered into by the recognized market operator whether the agreement, transaction or arrangement was entered into before or after the withdrawal of the registration under subsection (1); or
(b)
affect any right, obligation or liability arising under such agreement, transaction or arrangement.
Change in status 36b. (1) The Commission may, on application by a recognized market operator or on its own initiative, from time to time, review the status of a recognized market operator under this
Subdivision.
(2)
The Commission may, following the review conducted under subsection (1), require the recognized market operator to make an application for the recognized market to be an approved stock exchange or derivatives exchange under section 8.
(3)
The Commission shall not exercise its powers under subsection (2) without giving the person an opportunity to be heard.”.
New Subdivision 5a of Division 2 of Part II