Labuan Islamic Financial Services and Securities Act 2010 · Updated to 15 Oct 2022 · Part XI · Islamic Self-Regulatory Organizations
118. Termination of arrangements and revocation of declaration or recognition
Feedback & supportThe Authority may revoke a declaration or recognition where—
the Islamic self-regulatory organization has failed to commence operations within three months after an arrangement under this Part has been entered into;
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;
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;
it appears to the Authority that the Islamic self-regulatory organization is involved in a financial crime; or
the Islamic self-regulatory organization fails to comply with the direction of the Authority.
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.
declaration
“declaration” means a written statement of facts which the person making it signs and solemnly declares to be true before a commissioner or magisterial officer or notary public;
The Authority shall cause notice of the revocation under subsection (1) to be published in the Gazette.