Labuan Islamic Financial Services and Securities Act 2010 · Updated to 15 Oct 2022 · Part XI · Islamic Self-Regulatory Organizations
114. Rules of an Islamic self-regulatory organization
Feedback & supportAn Islamic self-regulatory organization may make rules, not inconsistent with this Act, any regulations made under this
Islamic self-regulatory organization
“Islamic self-regulatory organization” means a self-regulatory organization established under Part XI expressly with a view that the aims and operations of such self-regulatory organization are in compliance with Syariah principles, whose object is to regulate the operations of its members or of the users of its services, their standards or practice and business conduct in order to better protect investors and consumer of securities or related services and includes such other organizations as may be declared or recognized as such by the Authority;
Act or guidelines issued by the Authority or any other applicable law, with respect to the matters for which it has regulatory or supervisory functions, including such functions as may be delegated to it by the Authority.
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.
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.
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.