Section 114
Rules of an Islamic self-regulatory organization
of Labuan Islamic Financial Services and Securities Act 2010
An Islamic self-regulatory organization may make rules, not inconsistent with this Act, any regulations made under this
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.
(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.