Section 178 — LABUAN FINANCIAL SERVICES AND SECURITIES ACT 2010

(a)

a mutual fund under Part III;

(b)

any customer of a Labuan trust company or a Labuan private trust company under Part V;

(c)

any customer of a bank licensee under Part VI;

(d)

any policy owner under Part VII;

(e)

an exchange established under Part IX;

(f)

a self-regulatory organization established under Part X;

and

(g)

any licensed entity under this Act.

(2)

Subsection (1) shall not apply to—

(a)

any disclosure lawfully required under section 28b of the Labuan Financial Services Authority Act 1996 or under section 22 of the Labuan Business Activity Tax

Act 1990 [Act 445];

Labuan Financial Services and Securities 173

(b)

any disclosure required under an order of the court made upon an ex parte application, provided that the person disclosing the relevant information shall notify the person affected by the order and upon receipt of such notification, the affected person may file in the necessary application to the court to contest the order or otherwise comply with the order accordingly;

(c)

information relating to a mutual fund under Part III, with the prior consent of the mutual fund and its investors concerned;

(d)

information relating to a customer of a Labuan trust company or a Labuan private trust company under Part V, with the prior written consent of the customer;

(e)

information relating to a customer of a bank licensee under Part VI, with the prior written consent of the customer or his personal representative;

(f)

information relating to a policy owner under Part VII, with the prior written consent of the policy owner or his personal representative or in the course of placement of reinsurance business;

(g)

information relating to a licensed entity, with the prior written consent of the licensed entity.

(3)

No person who has any record, book, register, correspondence or other document, material or information which to his knowledge has been disclosed in contravention of subsection (1) shall in any manner howsoever disclose the same to any other person.

(4)

All proceedings, except criminal proceedings, relating to a contravention of this section shall be commenced in any Court under the provisions of this Act and any appeal therefrom shall, unless the Court otherwise orders, be heard in camera and no details of the proceedings shall be published by any person without leave of the Court.

Act 704

(5)

Subject to subsection (6), nothing in this section shall limit any powers conferred upon the Court or a judge thereof by the Bankers’ Books (Evidence) Act 1949 [Act 33] or prohibit obedience to an order made under that Act.

(6)

Section 7 of the Bankers’ Books (Evidence) Act 1949 shall not apply to a bank licensee under Part VI, its directors or offers.

(7)

Any person who contravenes subsection (1) commits an offence and shall, on conviction, be liable to a fine not exceeding one million ringgit or to imprisonment for a term not exceeding three years or to both.

Translation