Section 21
Grounds for deregistration
of Financial Services Act 2013
The Bank may deregister a registered person if—
(a)
the person has provided the Bank with false, misleading, inaccurate or incomplete information for the purposes of subsection 17(1);
(b)
the person has ceased to carry on business for which it is registered;
(c)
the person has—
66 Laws of Malaysia
(i)
breached or contravened any provision of this Act or the Central Bank of Malaysia Act 2009; or
(ii)
failed to comply with any specification or standards under this Act, regardless that there has been no prosecution or other action in respect of such breach, contravention or non-compliance;
(d)
the shareholder, director or any person concerned with the operation or management of the registered person has been convicted of an offence under this Act or an offence involving fraud or dishonesty under any other written law; or
(e)
the person has been wound-up or otherwise dissolved or a receiver or manager of the property of the person has been appointed.