Section 12G

any proceedings or claims instituted or made against the intermediation business licensee which might have an adverse effect on his financial condition or on his ability to perform any condition under the licence;

38 Laws of Malaysia ACT 715

any reprimands or fines imposed on the intermediation business licensee under any written law; and

any change in the control of the intermediation business licensee.

For the purposes of this section, “control”, in relation to an intermediation business licensee, means having the power, directly or indirectly, to direct the management and policy of the intermediation business licensee.

An intermediation business licensee who fails to comply with subsection (1) commits an offence and shall, on conviction, be liable to a fine of not less than one thousand ringgit but not more than ten thousand ringgit or to imprisonment for a term not exceeding one year or to both.