Section 118
Termination of arrangements and revocation of declaration or recognition
of Labuan Islamic Financial Services and Securities Act 2010
The Authority may revoke a declaration or recognition where—
(a)
the Islamic self-regulatory organization has failed to commence operations within three months after an arrangement under this Part has been entered into;
(b)
the Authority is not satisfied that the Islamic self-regulatory organization is properly performing or is able to perform the functions or powers delegated to it, or its other functions and powers;
(c)
the Authority is satisfied that the Islamic self-regulatory organization has committed a material breach of an arrangement or of a relevant Act or other applicable law;
(d)
it appears to the Authority that the Islamic self-regulatory organization is involved in a financial crime; or
(e)
the Islamic self-regulatory organization fails to comply with the direction of the Authority.
Act 705
(2)
The Authority shall not revoke a declaration or a recognition unless the Authority has notified the Islamic self-regulatory organization of its intention and the reason for the Authority’s action, and has given the Islamic self-regulatory organization a reasonable opportunity to make representations to the Authority.
(3)
The Authority shall cause notice of the revocation under subsection (1) to be published in the Gazette.