Money Services Business Act 2011 · s 9

Suggest a correction

Tell us what is wrong in this text. We check every suggestion against the official version before we change anything.

What is wrong?Wrong or mistyped wordsWrong structure or numberingWrong title or detailsText that appears twice

What should change, and whyUp to 2,000 characters.The text as it should read (optional)

9.
Renewal of Licence
(1)
An application by a licensee for renewal of its licence shall be made in writing to the Bank—
(a) in such form and manner together with such documents as the Bank may specify; and
(b) by submitting such information as the Bank may prescribe.
(2)
The Bank may, by written notice, require the licensee or a director, controller or chief executive officer of the licensee to provide additional information or documents.
(3)
The Bank may, after considering the application for renewal of licence under subsection (1)—
(a) renew the licence, with or without conditions; or
(b) refuse to renew the licence.

Money Services Business                                      21
(4)
The Bank may refuse the application for renewal of a licence made under this section if—
(a) the application is received by the Bank after the expiry of the licence;
(b) the application was not made in accordance with subsection (1);
(c) the licensee has failed to submit the additional information or documents as required under subsection (2);
(d) the licensee has not complied with the requirements of this Act, or regulations, guidelines, circulars, standards or notices under this Act; or
(e) the business conduct of the licensee, in the opinion of the
Bank, was unsatisfactory.
(5)
Where a licensee submits an application for renewal of its licence as provided under subsection (1), the licence shall continue to be in force until a decision is made by the Bank on the application for the renewal of the licence.
(6)
Where the Bank proposes to refuse to renew the licence, the
Bank shall give the licensee a written notice setting out the grounds for the refusal as soon as practicable.
(7)
The licensee shall be given an opportunity to make a written representation to the Bank within fourteen days from the date of the written notice under subsection (6).
(8)  Where no written representation is received by the Bank within the period specified under subsection (7), the Bank shall refuse the application for renewal of the licence by written notice.
(9)  Where written representation is received, the Bank shall, after considering the written representation, give the licensee written notice of its decision as soon as practicable.

22                                          Laws of Malaysia
(10)  A refusal to renew the licence under subsection (8) or (9) shall not take effect until the expiry of the licence or if the licence is still valid pursuant to subsection (5), until the expiry of a period of fourteen days from the date of the written notice under subsection (8)
or (9), as the case may be.
(11)  A licensee who fails to comply with any condition imposed under paragraph (3)(a) commits an offence and shall, on conviction, be liable to a fine not exceeding five million ringgit or to imprisonment for a term not exceeding ten years or to both.

Edit the text above. Up to 20,000 characters.Where you checked it (optional)A link to the official version, if you have one.

The text as we hold it

Open the official text

s 9Renewal of Licence

(1)

An application by a licensee for renewal of its licence shall be made in writing to the Bank—

(a)

in such form and manner together with such documents as the Bank may specify; and

(b)

by submitting such information as the Bank may prescribe.

(2)

The Bank may, by written notice, require the licensee or a director, controller or chief executive officer of the licensee to provide additional information or documents.

(3)

The Bank may, after considering the application for renewal of licence under subsection (1)—

(a)

renew the licence, with or without conditions; or

(b)

refuse to renew the licence.

Money Services Business 21

(4)

The Bank may refuse the application for renewal of a licence made under this section if—

(a)

the application is received by the Bank after the expiry of the licence;

(b)

the application was not made in accordance with subsection (1);

(c)

the licensee has failed to submit the additional information or documents as required under subsection (2);

(d)

the licensee has not complied with the requirements of this Act, or regulations, guidelines, circulars, standards or notices under this Act; or

(e)

the business conduct of the licensee, in the opinion of the

Bank, was unsatisfactory.

(5)

Where a licensee submits an application for renewal of its licence as provided under subsection (1), the licence shall continue to be in force until a decision is made by the Bank on the application for the renewal of the licence.

(6)

Where the Bank proposes to refuse to renew the licence, the

Bank shall give the licensee a written notice setting out the grounds for the refusal as soon as practicable.

(7)

The licensee shall be given an opportunity to make a written representation to the Bank within fourteen days from the date of the written notice under subsection (6).

(8)

Where no written representation is received by the Bank within the period specified under subsection (7), the Bank shall refuse the application for renewal of the licence by written notice.

(9)

Where written representation is received, the Bank shall, after considering the written representation, give the licensee written notice of its decision as soon as practicable.

22 Laws of Malaysia

(10)

A refusal to renew the licence under subsection (8) or (9) shall not take effect until the expiry of the licence or if the licence is still valid pursuant to subsection (5), until the expiry of a period of fourteen days from the date of the written notice under subsection (8)

or (9), as the case may be.

(11)

A licensee who fails to comply with any condition imposed under paragraph (3)(a) commits an offence and shall, on conviction, be liable to a fine not exceeding five million ringgit or to imprisonment for a term not exceeding ten years or to both.