Labuan Islamic Financial Services and Securities Act 2010 · Updated to 15 Oct 2022 · Part XI · Islamic Self-Regulatory Organizations
117. Powers to direct an Islamic self-regulatory organization
Feedback & supportThe 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—
suspending, for the period specified in the direction, a specified provision of its constitution or its rules;
Labuan Islamic Financial Services and Securities 123
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;
requiring the amendment of its rules as specified in the direction so as to bring them in conformity with the relevant Act; or
for the implementation or enforcement of its constitution or its rules.
Subsection (1) shall not limit the directions that the Authority may give to an Islamic self-regulatory organization.
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;