Malaysia legislation

Section 7

Section 7

(a)

there has been a material change of circumstance since it granted an individual exemption; or

(b)

an obligation has been breached, the Commission may, by order published in the Gazette—

(i)

cancel the individual exemption;

(ii)

vary or remove any condition or obligation; or

(iii)

impose additional condition or obligation.

Act 712

(2)

If the Commission is satisfied that—

(a)

the information on which the Commission based its decision to grant an individual exemption is false or misleading in a material particular; or

(b)

any condition has been breached, the Commission may, by order published in the Gazette, cancel the individual exemption.

(3)

Any action taken by the Commission under subsection (1)

shall have effect from the date the order is made.

(4)

An individual exemption which is cancelled—

(a)

by virtue of paragraph (2)(a) shall be void ab initio; or

(b)

by virtue of paragraph (2)(b) shall have effect from the date the condition is breached.

Block exemption