Malaysia legislation
Section 105
Section 105
The principal Act is amended by inserting after section 123
the following sections:
“Provisions relating to approvals, consents, standards, specifications, notices, requirements or directions 123a. (1) Unless otherwise expressly provided, any approval or consent granted, or any standards, specification, notice,
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requirement or direction specified or issued under this
(a)
may be either general or specific;
(b)
may be amended or revoked by the Minister or the
Bank, as the case may be; or
(c)
shall be issued or communicated in such manner as the Bank thinks appropriate and shall be valid for all purposes.
(2)
Any approval or consent under subsection (1) may be—
(a)
absolute or conditional; or
(b)
limited so as to expire on a specified date, unless renewed.
(3)
Where power is given to the Minister or the Bank under this Act to make any specification, the Minister or the
Bank shall have the power to specify differently for different persons or different classes, categories or descriptions of persons.
Opportunity to make representations 123b. (1) Where the Minister, on the recommendation of the
Bank, or the Bank proposes to take any action against any person under subsection 8(2), 26(1), 33i(4), 54(1), section 55
or subsection 106a(3), 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 106a(3), the non-compliance or breach committed by the person; and
(d)
where the Bank proposes to impose a monetary penalty under paragraph 106a(3)(b), the right of the person in breach to pay, within a specified period 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
(b)
take no further action.
(5)
The Minister or the Bank, as the case may be, shall inform the person referred to in subsection (1) by 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, as the case may be, may 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 prescribed institution, its stakeholders, the financial system or the public generally.
(7)
The Minister or the Bank, as the case may be, may confirm, amend or revoke the action taken under subsection (6)
in consequence of the representations made under that subsection.
(8)
Subsection (6) shall not apply to any action taken under section 106a.”.
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Substitution of section 124