Section 117
Powers to direct an Islamic self-regulatory organization
of Labuan Islamic Financial Services and Securities Act 2010
The Authority may, after giving an Islamic self-regulatory organization reasonable opportunity to make representations about the matter, give a written direction to the Islamic self-regulatory organization—
(a)
suspending, for the period specified in the direction, a specified provision of its constitution or its rules;
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(b)
requiring, subject to the Labuan Companies Act 1990
or any other law, the amendment of its constitution as specified in the direction so as to bring it in conformity with this Act, any regulations made under this Act or any rules made by the Authority;
(c)
requiring the amendment of its rules as specified in the direction so as to bring them in conformity with the relevant Act; or
(d)
for the implementation or enforcement of its constitution or its rules.
(2)
Subsection (1) shall not limit the directions that the Authority may give to an Islamic self-regulatory organization.