Section 2

a fellow of any of the professional associations listed in the Second Schedule or other associations as may be approved by the Authority; or

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a person recognized by the Authority as an actuary for the purposes of this Part, who appears on the list of actuaries maintained by the Authority;

“approved auditor” means an approved auditor under section 10

of the Labuan Companies Act 1990 [Act 441];

“Authority” means the Labuan Financial Services Authority established under section 3 of the Labuan Financial Services

Authority Act 1996 [Act 545];

“authorized officer” means an officer duly authorized by the

Authority;

“bank licensee” means a Labuan bank or a Labuan investment bank licensed under Part VI of the Labuan Financial Services and

Securities Act 2010 [Act 704];

“constituent documents” means the statute, charter, memorandum of association and articles of association, rules, by-laws, partnership agreement, or other instrument, under or by which a person is established and the scope of that person’s functions, business, powers and duties are set out, whether contained in one or more documents;

“corporation” means a body corporate formed or incorporated or existing within Malaysia or outside Malaysia and includes any foreign Labuan company but does not include—

a corporation sole;

a trade union registered under any written law as a trade union; or

a society registered under any written law as a co-operative society;

“court” means a court of competent jurisdiction;

“Court” means the High Court or a judge thereof;

“custodian” means a person who is entrusted by an Islamic mutual fund with custody of the property of the fund pursuant to an agreement to that effect;

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“dealing in securities” means, whether as principal or agent, making or offering to make with any person or inducing or attempting to induce any person to enter into or to offer to enter into—

any agreement for, or with a view to, acquiring, disposing of, subscribing for, or underwriting securities; or

any agreement the purpose or avowed purpose of which is to secure a profit to any of the parties from the yield of securities or by reference to fluctuations in the value of securities;

“declaration” means a written statement of facts which the person making it signs and solemnly declares to be true before a commissioner or magisterial officer or notary public;

“director”, in relation to a person specified in the first column of the First Schedule, has the meaning set out in the second column of the First Schedule as against such person;

“Director General” means the Director General of the Authority;

“domestic company” means a company incorporated under the

*Companies Act 1965 [Act 125];

“established”, in relation to a person specified in the first column of the First Schedule, has the meaning set out in the third column of the First Schedule as against such person;

“establishment”, in relation to—

a company, means incorporation;

a statutory body, means the coming into existence under the law establishing, appointing or constituting it;

co-operative society, means registration, incorporation or otherwise the coming into legal existence as a co-operative society;

*NOTE—The Companies Act 1965 [Act 125] has since been repealed by the Companies Act 2016

[Act 777] which comes into operation on 31 January 2017—see subsection 620(1) of Act 777.

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a partnership, including a limited partnership and a limited liability partnership, means formation;

a sole-proprietorship, means registration of its business;

and

any other body, association or group of persons, whether corporate or unincorporate, which requires registration or any other form of recording or recognition under any written law before it can lawfully commence its activities, means registration, recording or recognition under such written law;

“expert” includes any engineer, accountant, solicitor, valuer, auditor or any other person whose profession or reputation gives authority to a statement made by him;

“financial year” means the period not exceeding fifty-three weeks at the end of which the balance of the fund’s accounts is struck or, if no such balance is struck or if the period of fifty-three weeks for so doing is exceeded, the calendar year;

“foreign company” means—

a company, a corporation, a society, association or other body incorporated outside Malaysia; or

an unincorporated society, association or other body which under the law of its place of origin may sue or be sued, or hold property in the name of the secretary or other officer of the society, association or body duly appointed for that purpose, and which does not have its head office or principal place of business in Malaysia;

“foreign currency” means any currency other than ringgit;

“foreign Labuan company” means a foreign company registered under Part VIII of the Labuan Companies Act 1990;

“foundation” means a foundation established under the Labuan

Foundations Act 2010 [Act 706], Part IX or such similar entity established under the laws of any recognized country or jurisdiction notwithstanding any statutory definition to the contrary;

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“fund administrator” means a person who, for valuable consideration, provides an Islamic mutual fund with administrative services or facilities alone or with accounting services;

“fund manager” means a person who, for valuable consideration, provides management services alone or with investment advice or administrative services in respect of securities for the purposes of investment, including dealing in securities or such other activity as may be specified by the Authority;

“home supervisory authority” means any relevant authority or body in Malaysia or of any other country which exercises supervisory functions similar to those of the Authority or any person exercising such supervisory functions as may be deemed appropriate by the Authority after taking into account the representations made by the person as to the desirability of or the necessity for the examination;

“internal Syariah advisory board” means the board established under section 130;

“Islamic bank licensee” means a Labuan Islamic bank and a

Labuan Islamic investment bank;

“Islamic bank licence” means a licence granted pursuant to an application under section 63 or 64, as the case may be;

“Islamic mutual fund” or “Islamic fund” means a mutual fund or fund which is established expressly with a view that the aims and operations of such fund shall be in compliance with Syariah principles;

“Islamic private fund” means an Islamic mutual fund—

whose securities are owned or held by—

not more than fifty investors where the first time investment of each of such investors is not less than two hundred and fifty thousand ringgit or such other sum as may be prescribed by the Authority or the equivalent in any foreign currency; or

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which is designated as an Islamic private fund under regulations made by the Minister, and which is established expressly with a view that the aims and operations of such fund shall be in compliance with Syariah principles;

“Islamic public fund” means an Islamic mutual fund other than an Islamic private fund;

“Islamic self-regulatory organization” means a self-regulatory organization established under Part XI expressly with a view that the aims and operations of such self-regulatory organization are in compliance with Syariah principles, whose object is to regulate the operations of its members or of the users of its services, their standards or practice and business conduct in order to better protect investors and consumer of securities or related services and includes such other organizations as may be declared or recognized as such by the Authority;

“Labuan” means the Federal Territory of Labuan;

“Labuan bank” means a person who is licensed to carry on

Labuan banking business under Part VI of the Labuan Financial

Services and Securities Act 2010;

“Labuan company” has the meaning assigned to it in the Labuan

Companies Act 1990;

“Labuan investment bank” means a person who is licensed to carry on Labuan investment banking business under Part VI of the Labuan Financial Services and Securities Act 2010;

“Labuan Islamic bank” means a person who is licensed to carry on Labuan Islamic banking business under Part VI;

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“Labuan Islamic foundation” means a foundation established under section 107;

“Labuan Islamic investment bank” means a person who is licensed to carry on Labuan Islamic investment banking business under Part VI;

“Labuan Islamic licensed institution” means a person who is licensed to carry on Labuan Islamic financial business under