Islamic Financial Services Act 2013 · s 280

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280.
Application of certain provisions of Act to Labuan entities
(1) For the purpose of this section, “Labuan Financial Services
Authority” means Labuan Financial Services Authority established under section 3 of the Labuan Financial Services Authority Act 1996
[Act 545].
(2) Without prejudice to the generality of Division 2 of Part XV, the provisions in such Division shall apply to any person who is under the supervision or oversight of the Labuan Financial Services
Authority and the Bank may exercise such powers and perform such functions under this Act to ensure compliance with Division 2 of
Part XV by such person.
(3) For the purposes of the Bank exercising oversight over a financial group, a reference to—
(a) “subsidiary” in sections 127 and 128; and
(b) “related corporation” in Parts XI and XII, shall be deemed to include a person who is under the supervision or oversight of the Labuan Financial Services Authority where such person is within the financial group.
(4) Sections 178 and 185 of the Labuan Financial Services and
Securities Act 2010 and sections 139 and 146 of the Labuan Islamic
Financial Services and Securities Act 2010 shall not restrict the Bank in the exercise of powers or performance of functions under section 127 or 128, or Part XI or XII, and the Bank may exercise such powers and perform such functions under this Act to ensure compliance with section 127 or 128, or Part XI or XII.
(5) Section 146 of the Labuan Islamic Financial Services and
Securities Act 2010 shall not restrict the application of this Act to any person under the supervision or oversight of the Labuan Financial
Services Authority who, under this Act—
(a) operates a payment system, is a participant, or issues an
Islamic payment instrument; or
(b) is a market participant.

248

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s 280Application of certain provisions of Act to Labuan entities

(1)

For the purpose of this section, “Labuan Financial Services

Authority” means Labuan Financial Services Authority established under section 3 of the Labuan Financial Services Authority Act 1996

[Act 545].

(2)

Without prejudice to the generality of Division 2 of Part XV, the provisions in such Division shall apply to any person who is under the supervision or oversight of the Labuan Financial Services

Authority and the Bank may exercise such powers and perform such functions under this Act to ensure compliance with Division 2 of

Part XV by such person.

(3)

For the purposes of the Bank exercising oversight over a financial group, a reference to—

(a)

“subsidiary” in sections 127 and 128; and

(b)

“related corporation” in Parts XI and XII, shall be deemed to include a person who is under the supervision or oversight of the Labuan Financial Services Authority where such person is within the financial group.

(4)

Sections 178 and 185 of the Labuan Financial Services and

Securities Act 2010 and sections 139 and 146 of the Labuan Islamic

Financial Services and Securities Act 2010 shall not restrict the Bank in the exercise of powers or performance of functions under section 127 or 128, or Part XI or XII, and the Bank may exercise such powers and perform such functions under this Act to ensure compliance with section 127 or 128, or Part XI or XII.

(5)

Section 146 of the Labuan Islamic Financial Services and

Securities Act 2010 shall not restrict the application of this Act to any person under the supervision or oversight of the Labuan Financial

Services Authority who, under this Act—

(a)

operates a payment system, is a participant, or issues an

Islamic payment instrument; or

(b)

is a market participant.

248