Section 158. Written notices circulars, conditions or guidelines.
(1) The Commission may, generally in respect of this Act or any securities law or in respect of any particular provision of this Act or any securities law, issue such written notices, circulars or guidelines as the Commission considers desirable.
(2) Subject to this Act or unless the contrary intention is expressly stated, the Commission may require a person to whom the provisions of Part I and Part IV apply to give effect to all written notices, circulars, conditions or guidelines issued by the Commission within such period as may be specified by the Commission.
[Am. Act A1217:s.12]
(3) A person to whom the provisions of Part I and Part IV apply shall give effect to all written notices, circulars, conditions or guidelines issued by the Commission under subsection (1) within such period as may be prescribed by the Commission.
[Am. Act A1217:s.12]
(4) Where a person referred to in subsection (2) fails to give effect to any written notice, circular, condition or guideline issued by the Commission, the Commission may, after giving such person a reasonable opportunity to be heard, take such action as the Commission deems fit.
(5) For the purposes of subsection (4) , the Commission may take any one or more of the following actions against a person for failing to give effect to any written notice, circular, condition or guideline issued by the Commission under Part I and Divisions 1, 3, 4 and 5 of Part IV:
[Am. Act A1217:s.12]
(a) direct the person failing to give effect to any written notice, circular, condition or guideline to comply with, observe, enforce or give effect to such written notice, circular, condition or guideline;
(b) impose a penalty, in proportion to the severity or gravity of the failure to give effect to any written notice, circular, condition or guideline, on the person failing to give effect to such written notice, circular, condition or guideline, but in any event not exceeding one million ringgit;
[Subs. Act A1217:s.12]
(c) issue a public reprimand against the person failing to give effect to any written notice, circular, condition or guideline;
(d) issue a caution letter or a reprimand letter against the person failing to give effect to any written notice, circular, condition or guideline;
(e) refuse to accept or consider any submission under section 32;
(f) in the case of a promoter or a director of a corporation, in addition to the actions that may be taken under paragraphs (a) to (e) , the following actions may be taken by the Commission:
(i) impose a moratorium on, or prohibit any trading of or any dealing in, the corporation's securities or in any other securities which the Commission deems fit by the promoter or director or any persons connected with the promoter or director; or
(ii) issue a public statement to the effect that, in the Commission's opinion, the retention of office by the director is prejudicial to the public interest;
[Am. Act A1074:s.37]
(g) require the person failing to give effect to any written notice, circular, condition or guideline to take such steps as the Commission may direct to remedy the failure or mitigate the effect of such failure, including making restitution to any other person aggrieved by such failure.
[Ins. Act A1217:s.12]
(6) For the purposes of paragraph (5)(g), in determining whether or not restitution is to be made by a person failing to give effect to any written notice, circular, condition or guideline, the Commission shall have regard to—
(a) the profits that have accrued to such person failing to give effect to any written notice, circular, condition or guideline; or
(b) whether one or more persons have suffered loss or have otherwise been adversely affected as a result of the failure to give effect to any written notice, circular, condition or guideline.
[Ins. Act A1217:s.12]
(7) The Commission shall give written notice to any person who has failed to give effect to any written notice, circular, condition or guideline of its intention to take action under subsection (5) and shall give such person an opportunity to be heard prior to it taking any action under subsection (5).
[Ins. Act A1217:s.12]
(8) Nothing in this section shall preclude the Commission from taking any of the actions that it is empowered to take under this Act or any of the provisions of the securities laws against the person failing to give effect to any written notice, circular, condition or guideline.