Malaysia legislation
Section 114
of LABUAN ISLAMIC FINANCIAL SERVICES AND SECURITIES ACT 2010
Section 114
(2)
Rules made by an Islamic self-regulatory organization under subsection (1), and amendments thereto, shall be of no effect unless otherwise approved by the Authority.
(3)
The Authority shall be taken to have granted approval for the purposes of subsection (1) where it has not objected to them within one month after they were submitted to the Authority for such approval.
Act 705
(4)
The rules of an Islamic self-regulatory organization may make provision with respect to shareholding and voting rights in the Islamic self-regulatory organization in the interests of the members of the Islamic self-regulatory organization, the consumers, investors and of the users of their services.
Restriction on decision-making