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In forceUpdated to 15 Oct 2022Read it in Bahasa Malaysia
Contents

Part XI · Appeals

167. Revocation of consent, licence or registration

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The Authority may revoke any consent, licence or registration made under this Act—

(a)

at the request of the licensed entity;

(b)

where—

(i)

the licensed entity has ceased to carry on business in or from within Labuan;

(ii)

the licensed entity has contravened any provision of this Act or any terms, conditions, restrictions or limitations attached to the licence or registration as the case may be;

(iii)

the Authority has, either in connection with the application for the licence or registration, or at any time after the grant of the licence or registration, been provided with false or misleading information, document or declaration by or on behalf of the licensed entity;

(iv)

the licensed entity has been convicted of an offence under this Act or of a criminal offence in any recognized country or jurisdiction;

(v)

the licensed entity has knowingly and willfully supplied false, misleading or inaccurate information or failed to disclose information required under this Act;

(vi)

the licensed entity is carrying on business in a manner that the Authority reasonably believes to be detrimental to the interests of, in the case of licensed entities under Part III, investors of mutual funds, or to the public interest;

(vii)

the licensed entity is declared bankrupt or has been wound-up or otherwise dissolved;

(viii)

a resolution for the licensed entity’s voluntary winding-up has been passed;

(ix)

in relation to a bank licensee or an insurance licensee, where any guarantee or undertaking referred to in sections 88 and 89 or sections 103

and 104 has not been honoured; or

(x)

the Authority in its discretion deems fit for any other reason.

Labuan Financial Services and Securities 159

Report

Read on from s 168

Schedules