Section 81
Modifications
The Minister of Finance may, upon the recommendation of the competent authority who shall consult with the Labuan Financial
118 Laws of Malaysia
Services Authority, by order published in the Gazette, provide that any provision of this Act or part of the provision, specified in the order, shall not apply in relation to a financial institution registered under the
Labuan Financial Services and Securities Act 2010 or the Labuan
Islamic Financial Services and Securities Act 2010 or shall apply with such modifications as may be set out in the order.
(2)
The terms of the order made under subsection (1) must be consistent with the intent and purpose of this Act.
(3)
In this section, “modification” includes amendment, adaptation, alteration, variation, addition, division, substitution or exclusion.