Malaysia legislation
Section 13
of LABUAN ISLAMIC FINANCIAL SERVICES AND SECURITIES ACT 2010
Section 13
(a)
the prior written approval of the Authority; and
(b)
in relation to Sukuk, the endorsement from a Syariah adviser under subsection (9).
(2)
(Deleted by Act A1655).
(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 705
(5)
The following offers or invitations of securities are excluded from the requirement for prior written approval of the Authority under subsection (1):
(a)
offers or invitations 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 in which the offer or invitation is made thereto 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)
offers or invitations of Sukuk, where—
(i)
the first time investment of each of the initial
Sukuk 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 make a reasonable evaluation of the offer or invitation; or
(ii)
the first time investment of each of the initial
Sukuk 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 after 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)
offers or invitations of securities in an Islamic mutual fund which satisfies the Islamic mutual fund requirements under Part IV;
Labuan Islamic Financial Services and Securities 33
(d)
offers or invitations of securities pursuant to a take-over offer which complies with the relevant law applicable to such offers; and
(e)
offers or invitations of securities or such classes or categories of securities as may be specified by the
Authority.
(6)
In addition to the exclusion from the requirement for approval of the Authority under subsection (5), offers or invitations of
Sukuk under paragraph (5)(b) are excluded from the requirement for endorsement of the Syariah adviser under subsection (9).
(7)
Sections 27, 28, 29, 30 and 31 shall not apply to an offer or invitation of securities under subsection (5).
(8)
Any specification or specifications made under paragraph (5)(e)
shall be subject to any condition, restriction or limitation as the
Authority may impose.
(9)
The endorsement of the Syariah adviser referred to in paragraph (1)(b) shall include a confirmation from the Syariah adviser that the documentation, structuring, investment as well as other administrative and operational matters in relation to such
Sukuk is in compliance with Syariah principles.
(10)
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.
False or misleading statements