Section 22
Surrender of licence or notification on cessation of business or operations
of Financial Services Act 2013
(1)
A licensed person may surrender its licence to the Bank and upon surrendering, the licensed person shall provide a written notice of its surrender to the Bank.
(2)
An approved person or a registered person, as the case may be, shall submit a written notice to the Bank if it ceases to carry on its business.
(3)
An approved representative office shall submit a written notice to the Bank if it ceases operations.
(4)
The surrender under subsection (1) or the notification under subsection (2) or (3) shall take effect on the date the Bank receives such notice or where a later date is specified in the notice, on that date.
(5)
The Bank—
Financial Services 67
(a)
shall publish in the Gazette, as soon as practicable, a notice of a surrender of a licence under subsection (1); or
(b)
may publish a notice of cessation of business under subsection (2) or cessation of operations under subsection (3)
in such form as the Bank deems appropriate.
(6)
Any person who contravenes subsection (1), (2) or (3) commits an offence and shall, on conviction, be liable to imprisonment for a term not exceeding one year or to a fine not exceeding five million ringgit or to both.
Effect of revocation, deregistration, surrender, notification on cessation of business or operations, and expiry