Section 20
Grounds for revocation of authorization
of Financial Services Act 2013
(1)
The Minister may, on the recommendation of the Bank, revoke the licence of a licensed person, and the Bank may revoke the approval of an approved person, on the grounds that—
(a)
the Bank has, in connection with the application under section 9, been provided with false, misleading, inaccurate or incomplete information;
(b)
the person has not commenced the business in respect of which it is licensed or approved within the period specified by the Minister under subsection 10(6) or by the Bank under subsection 11(5);
64 Laws of Malaysia
(c)
the person has ceased to carry on business for which it is licensed or approved;
(d)
the person has—
(i)
breached or contravened any provision of this Act or the Central Bank of Malaysia Act 2009;
(ii)
failed to comply with any condition of its licence or approval; or
(iii)
failed to comply with any direction issued by the
Bank under section 156 or an order under the
Central Bank of Malaysia Act 2009, regardless that there has been no prosecution or other action in respect of such breach, contravention or non-compliance;
(e)
the person has ceased to be viable in the opinion of the Bank;
(f)
the Bank, pursuant to the exercise of its powers under
Part XIII relating to such person, has substantially completed all the transfer of business, assets or liabilities of the person;
(g)
the person has been wound-up or otherwise dissolved; or
(h)
it is in the interest of consumers of financial services and products to do so.
(2)
The Minister may, on the recommendation of the Bank, revoke the licence of a licensed person, and the Bank may with the concurrence of the Minister revoke an approval of an approved person, if it is in the interest of the public to do so.
(3)
In addition to subsections (1) and (2), the Bank may revoke the approval of an approved person on the grounds that—
(a)
in the opinion of the Bank the person is committing or is about to commit an act, or is pursuing or is about to pursue
Financial Services 65
any course of conduct, that is unsafe or unsound or has failed to commit an act or pursue a course of conduct that is necessary to maintain the safety and soundness of the person;
(b)
in the opinion of the Bank, the person is carrying on business in a manner detrimental to the interests of its customers, creditors, participants, users or the public generally;
(c)
a receiver or manager of the property of the person has been appointed; or
(d)
possession of the property of the person has been taken by or on behalf of a debenture holder pursuant to a charge on the property.
(4)
The Bank—
(a)
shall publish in the Gazette, as soon as practicable, a notice of a revocation of a licence under subsection (1) or (2); or
(b)
may publish a notice of a revocation of an approval under subsection (1), (2) or (3) in such form as the Bank deems appropriate.