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mylaw.myby aturio
In forceUpdated to 15 Oct 2022Read it in Bahasa Malaysia
Contents

Part XI · Appeals

168. Revocation procedure

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(1)

Before revoking any consent, licence or registration under section 167, the Authority shall—

(a)

give the licensed entity notice in writing of the grounds on which it intends to do so;

(b)

afford the licensed entity opportunity to make written representations to it within a period of thirty days after receipt of the notice; and

(c)

take such representations into consideration.

(2)

Where the Authority revokes any licence or registration under section 167, the Authority shall give notice in writing to the licensed entity of such revocation and the revocation shall take effect on the date specified in the notice.

(3)

Where the revocation is of a bank licence or an insurance licence, the Authority shall, as soon as practicable, publish in one widely circulated newspaper in Malaysia and one international financial newspaper a notice of the revocation of the bank licence or the insurance licence, as the case may be, under this section but any delay in publishing such notice or failure to publish such notice shall not in any manner affect the validity of such revocation.

(4)

Where the revocation is of the registration of a Labuan trust company, in addition to subsections (1) and (2)—

(a)

upon a request for revocation, the Labuan trust company shall satisfy the Authority that it has made adequate provision in respect of all its liabilities and shall also appoint a date on which the revocation is to take effect;

and

(b)

the Labuan trust company shall, not later than twenty-one days before the date appointed under paragraph (4)(a)

above, publish an advertisement of the proposed revocation of its registration in at least one widely circulated Malaysian newspaper and one international financial newspaper.

Report

Read on from s 169

Schedules