Section 23
of Financial Services Act 2013
Section 23
Where—
(a)
the Minister revokes a licence of a licensed person under section 20;
(b)
the Bank—
(i)
revokes an approval of an approved representative office under subsection 19(6) or (7) or an approved person under section 20; or
(ii)
deregisters a registered person under section 21;
(c)
a surrender of a licence by a licensed person or notification by an approved person or registered person on the cessation of its business or an approved representative office on the cessation of its operations has taken effect under subsection 22(4); or
(d)
an approval granted to an approved person under section 11
has expired, such person or representative office shall immediately cease to carry
68 Laws of Malaysia on its business or operations, as the case may be.
(2)
Notwithstanding the revocation, deregistration, surrender, notification on the cessation of business or operations, or expiry referred to in subsection (1), the person or representative office referred to in subsection (1) shall continue—
(a)
to be subject to this Act to the same extent as an authorized person, a registered person or an approved representative office, as the case may be; and
(b)
to discharge its obligations, until the Bank is satisfied that the person or representative office has discharged its obligations, or that adequate arrangements have been made to discharge its obligations, which remain undischarged at the time of revocation, deregistration, surrender, notification on the cessation of business or operations or expiry, as the case may be.
(3)
A revocation, deregistration, surrender, notification on the cessation of business or operations or expiry referred to in subsection (1) shall not operate so as to—
(a)
avoid or affect any agreement, arrangement or transaction entered into by the person or representative office referred to in subsection (1) with any person; or
(b)
affect any right, obligation or liability arising under any such agreement, arrangement or transaction.
(4)
Any person who contravenes subsection (1) or fails to discharge its obligations under subsection (2) commits an offence and shall, on conviction, be liable to imprisonment for a term not exceeding five years or to a fine not exceeding ten million ringgit or to both.
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