Section 8 — LABUAN FINANCIAL SERVICES AND SECURITIES ACT 2010

(2)

(Deleted by Act A1654).

(3)

An applicant shall submit to the Authority such documents and such other information in relation to the offer or invitation in such form and manner and at such times as the Authority may require.

(4)

Where an application has been submitted to the Authority under this section, the Authority may—

(a)

approve an offer or invitation with or without revisions and subject to such terms and conditions as it thinks fit; or

(b)

reject an offer or invitation.

Act 704

(5)

The following offers or invitations of securities are excluded from the requirement to obtain the approval of the

Authority under subsection (1):

(a)

an offer or invitation of securities, where—

(i)

the offer or invitation is addressed to an identifiable category of persons to whom it is directly communicated by the person making the offer or invitation or by his appointed agent; or

(ii)

the members of that category to which the offer or invitation is made are the only persons who may accept the offer or invitation and they are in possession of sufficient information to be able to make a reasonable evaluation of the offer or invitation, and the number of persons to whom the offer or invitation is communicated does not exceed fifty;

(b)

an offer or invitation of debentures, where—

(i)

the first-time investment of each of the initial debenture holders is not less than two hundred and fifty thousand ringgit or the equivalent in any other currency and they are in possession of sufficient information to be able to make a reasonable evaluation of the offer or invitation;

or

(ii)

the first-time investment of each of the initial debenture holders is less than two hundred and fifty thousand ringgit or the equivalent in any other currency and the number of persons to whom the offer or invitation is communicated does not exceed fifty and they are in possession of sufficient information to be able to make a reasonable evaluation of the offer or invitation;

(c)

an offer or invitation of securities in a mutual fund which satisfies the mutual fund requirements under Part III;

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(d)

an offer or invitation of securities pursuant to a take-over offer which complies with the relevant law applicable to such offer; and

(e)

an offer or invitation of securities or such classes or categories of securities as may be specified by the

Authority.

(6)

Any specification or specifications made under paragraph (5)(e) shall be subject to any condition, restriction or limitation as the Authority may impose.

(7)

Any person who makes an offer or invitation of securities in contravention of 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.

(8)

(Deleted by Act A1654).

False or misleading statements