Malaysia legislation
Section 118
Section 118
(a)
in consideration of the special circumstances relating to the constituent documents of any particular person, or of any class, category or description of persons, and the nature of the business carried on by such particular person, or by such class, category or description of persons; and
(b)
if he is satisfied that it would not be—
(i)
prejudicial to the promotion of a sound financial structure in Malaysia; and
(ii)
contrary to the public interest to do so, by order published in the Gazette exempt such particular person, or such class, category or description of persons, from all or any of the provisions of this Act.
(2)
An exemption under subsection (1) shall be granted for such duration as may be specified in the order, or for the duration of the existence of the person, and may be made subject to such limitations, restrictions or conditions as the Minister may specify in the order.
(3)
The Minister may at any time, on the recommendation of the Bank, by order published in the Gazette-
(a)
revoke any order made under subsection (1) in respect of a particular person; or
(ii)
exclude from the operation of an order made under subsection (1) in respect of any class, category or description of persons, any particular person belonging to that class, category or description of persons, if he is satisfied, after giving the person concerned an opportunity to be heard, that such person has failed to observe any limitation, restriction or condition subject to which the exemption was granted, or that such person is otherwise no longer suitable to continue to be granted exemption;
(b)
revoke an order made under subsection (1) in respect of a class, category or description of persons without giving to any member of that class, category or description of persons an opportunity to be heard, if he is satisfied that it has become necessary to do so for the promotion of a sound financial structure in Malaysia or for the protection of the public interest; or
(c)
add to, delete from, vary, rescind, or otherwise amend, any limitation, restriction or condition subject to which an exemption under sub-section (1) was granted to any person, or to any class, category or description of persons, or otherwise amend any provision of an order under subsection (1):
Provided that where any such amendment relates to an order in respect of a particular person and not to an order in respect of a class, category or description of persons, and is prejudicial to such person, it shall be made only after giving such person an opportunity to be heard.
(4)
An order under subsection (1) or (3) shall be laid before the Dewan Rakyat as soon as practicable after its publication in the Gazette.
(5)
Nothing contained in this section shall empower the Minister to exempt any person from section 96 or 97.