Labuan Financial Services and Securities Act 2010 · Updated to 15 Oct 2022 · Part XI · Appeals
169. Surrender of licence or registration
Feedback & supportAny licensed entity under this Act may surrender its licence or registration respectively with the prior approval of the
licensed entity
“licensed entity” means a person licensed or registered to carry on any activity under any Part;
Authority.
The licensed entity shall give fourteen days’ notice to the
Authority of the surrender.
The Authority shall give its approval if it is satisfied that licensed entity has made adequate provision in respect of all its liabilities, and thereupon shall appoint a date on which the surrender is to take effect.
liabilities
“liabilities” includes debts, duties and obligations of every kind, whether present or future, or whether vested or contingent;
Where the approval of the Authority has been obtained under subsection (3), the licensed entity shall, not later than twenty-one days before the date appointed under subsection (3), publish an advertisement of the proposed surrender in at least one widely circulated Malaysian newspaper and one international financial newspaper.
The Authority shall, as soon as practicable, publish in the one widely circulated Malaysian newspaper and one international financial newspaper a notice of every surrender 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 surrender.