Labuan Islamic Financial Services and Securities Act 2010 · Updated to 15 Oct 2022 · Part XI · Islamic Self-Regulatory Organizations
115. Restriction on decision-making
Feedback & supportAn Islamic self-regulatory organization shall not make a decision under its rules that adversely affects the rights of a person unless—
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;
the Islamic self-regulatory organization has given the person an opportunity to make representations about the matter; or
the Islamic self-regulatory organization considers, on reasonable grounds, that any delay in making the decision will prejudicially affect a class of consumers, investors or members of the sector or industry as may be applicable.