Islamic Financial Services Act 2013 · s 273

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273.
Opportunity to make representations
(1) Where—
(a) the Minister, on the recommendation of the Bank, proposes to take any action against any person under subsection 13(1), 18(1) or (2), 39(3) or section 205; or

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(b) the Bank proposes to take any action against any person under subsection 13(1), 18(1), (2) or (3), 33(4) or 39(3), section 44 or 49, subsection 106(2), 128(2) or (3),
132(1), 152(5) or 168(1), section 174, subsection 179(1)
or 184(1), or against any person in breach referred to in subsection 245(1), the Bank shall serve on such person a written notice of the proposed action.
(2) The written notice under subsection (1) shall set out—
(a) the action that the Minister or the Bank, as the case may be, proposes to take and the grounds for such action;
(b) the period within which the person referred to in subsection (1) may make a written representation to the
Minister or the Bank, as the case may be;
(c) in the case of any proposed action under subsection 106(2),
152(5) or 245(3), the non-compliance or breach committed by the person; and
(d) where the Bank proposes to impose a monetary penalty under paragraph 245(3)(b), the right of the person in breach to pay, within a period specified in the notice, the monetary penalty stated in such notice.
(3) The person referred to in subsection (1) shall be given a reasonable opportunity to make a written representation to the
Minister or the Bank, as the case may be, by submitting such representation to the Bank within fourteen days from the date of the notice by the Bank.
(4) After the expiry of the period of fourteen days from the date of the notice by the Bank and considering any written representation under subsection (3), the Minister, on the recommendation of the
Bank, or the Bank, as the case may be, shall decide whether to—
(a) proceed with the proposed action or a variation of such action; or

244
(b) take no further action.
(5) The Minister or the Bank, as the case may be, shall give the person referred to in subsection (1) a written notice of the decision under subsection (4) and the decision shall take effect from the date specified in the notice.
(6) Notwithstanding subsection (1), the Minister or the Bank may, as the case may be, first take the proposed action and the opportunity to make representations shall be given immediately after the action has been taken if any delay in taking the proposed action would be detrimental to the interests of any authorized person, operator of a designated payment system, depositors, investment account holders, takaful participants, participants, creditors, the financial system or the public generally.
(7) The Minister or the Bank may, as the case may be, confirm, amend or revoke the exercise of action taken under subsection (6) in consequence of representations made under that subsection.
(8) Subsection (6) shall not apply to any action taken under section 245.
(9) This section shall not apply to—
(a) a proposed action under subsection 13(1) unless the proposed action is likely to prejudice the interest of the person referred to in subsection (1); and
(b) a revocation of a licence under paragraph 18(1)(f), (g) or
(h).

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s 273Opportunity to make representations

(1)

Where—

(a)

the Minister, on the recommendation of the Bank, proposes to take any action against any person under subsection 13(1), 18(1) or (2), 39(3) or section 205; or

Islamic Financial Services 243

(b)

the Bank proposes to take any action against any person under subsection 13(1), 18(1), (2) or (3), 33(4) or 39(3), section 44 or 49, subsection 106(2), 128(2) or (3),

132(1), 152(5) or 168(1), section 174, subsection 179(1)

or 184(1), or against any person in breach referred to in subsection 245(1), the Bank shall serve on such person a written notice of the proposed action.

(2)

The written notice under subsection (1) shall set out—

(a)

the action that the Minister or the Bank, as the case may be, proposes to take and the grounds for such action;

(b)

the period within which the person referred to in subsection (1) may make a written representation to the

Minister or the Bank, as the case may be;

(c)

in the case of any proposed action under subsection 106(2),

152(5) or 245(3), the non-compliance or breach committed by the person; and

(d)

where the Bank proposes to impose a monetary penalty under paragraph 245(3)(b), the right of the person in breach to pay, within a period specified in the notice, the monetary penalty stated in such notice.

(3)

The person referred to in subsection (1) shall be given a reasonable opportunity to make a written representation to the

Minister or the Bank, as the case may be, by submitting such representation to the Bank within fourteen days from the date of the notice by the Bank.

(4)

After the expiry of the period of fourteen days from the date of the notice by the Bank and considering any written representation under subsection (3), the Minister, on the recommendation of the

Bank, or the Bank, as the case may be, shall decide whether to—

(a)

proceed with the proposed action or a variation of such action; or

244

(b)

take no further action.

(5)

The Minister or the Bank, as the case may be, shall give the person referred to in subsection (1) a written notice of the decision under subsection (4) and the decision shall take effect from the date specified in the notice.

(6)

Notwithstanding subsection (1), the Minister or the Bank may, as the case may be, first take the proposed action and the opportunity to make representations shall be given immediately after the action has been taken if any delay in taking the proposed action would be detrimental to the interests of any authorized person, operator of a designated payment system, depositors, investment account holders, takaful participants, participants, creditors, the financial system or the public generally.

(7)

The Minister or the Bank may, as the case may be, confirm, amend or revoke the exercise of action taken under subsection (6) in consequence of representations made under that subsection.

(8)

Subsection (6) shall not apply to any action taken under section 245.

(9)

This section shall not apply to—

(a)

a proposed action under subsection 13(1) unless the proposed action is likely to prejudice the interest of the person referred to in subsection (1); and

(b)

a revocation of a licence under paragraph 18(1)(f), (g) or

(h)