In forceUpdated to 15 Oct 2022Read it in Bahasa Malaysia

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Labuan Financial Services and Securities Act 2010 · Updated to 15 Oct 2022 · Part XI · Appeals

185. Non-application of certain laws

(1)

No bank licensee shall, in respect of any business carried on by such licensee, be subjected to any of the provisions of the

**Banking and Financial Institutions Act 1989 and the ***Islamic

Banking Act 1983.

*NOTE—The Companies Act 1965 [Act 125] and has since been repealed by the Companies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 and P.U. (B) 50/2017.

**NOTE—The Banking and Financial Institutions Act 1989 [Act 372] has since been repealed by the Financial Services Act 2013 [Act 758] which comes into operation on 30 June 2013—

see sections 271 and 272 of Act 758.

***NOTE—The Islamic Banking Act 1983 [Act 276] has since been repealed by the Islamic Financial

Services Act 2013 [Act 759] which comes into operation on 30 June 2013—see sections 282

and 283 of Act 759.

Labuan Financial Services and Securities 177

(2)

No insurance licensee shall, in respect of any business carried on by such licensee under Part VII, be subjected to any of the provisions of the *Insurance Act 1996 and **the Takaful

Act 1984.

(3)

For the purpose of Part IX—

(a)

the provisions of the Capital Markets and Services

Act 2007 shall not be applicable to the establishment, conduct, activity and business of any exchanges established under Division 2 of Part IX;

(b)

section 7, subsection 21(2), sections 24, 85, subsections 87(2), 87(4), 87(5), 87(10), 93(2), 93(6) and 93(7) of the Labuan Companies Act 1990 shall not be applicable to any exchange established under Division 2 of

Part IX; and

(c)

the provisions of the Holidays Act 1951 [Act 369] shall not apply to any exchange established under Division 2

of Part IX and any exchange established under Division 2

of Part IX may carry on its business for twenty-four hours in each day on any and all days of each week subject to any limitation or restriction imposed by or pursuant to the by-laws or the rules, as the case may be.

(4)

The provisions of the Trust Companies Act 1949 [Act 100]

shall not apply to a company registered as a Labuan trust company, a Labuan managed trust company or a Labuan private trust company.

Terms defined in this Act

bank licensee
Defined · s 2
“bank licensee” means a Labuan bank or a Labuan investment bank licensed under Part VI;
Open s 2
by-laws
Defined · s 2
“by-laws” means the written terms by reference to which the committee regulates its own procedures and includes such terms applicable thereto as contained in the memorandum and articles of association of an exchange established under this Act;
Open s 2
established
Defined · s 2
“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;
Open s 2
establishment
Defined · s 2
“establishment”, in relation to— (a) a company, means incorporation; (b) a statutory body, means coming into existence under the law establishing, appointing or constituting it; (c) a co-operative society, means registration, incorporation or otherwise coming into legal existence as a co-operative society; (d) a partnership, including a limited partnership and a limited liability partnership, means formation; (e) a sole proprietorship, means registration of its business; and (f) any other body, association or group of persons, whether corporate or unincorporated, 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;
Open s 2
exchange
Defined · s 133
“exchange” includes a body corporate established as a securities exchange under section 134 and the Labuan International Financial Exchange that was established by the Minister under section 30 of the *Labuan Offshore Securities Industry Act 1998 that was approved and recognized immediately before the effective date;
Open s 133
insurance licensee
Defined · s 2
“insurance licensee” means a person licensed under Part VII;
Open s 2
Labuan
Defined · s 2
“Labuan” means the Federal Territory of Labuan;
Open s 2
Labuan managed trust company
Defined · s 59
“Labuan managed trust company” means a person carrying on trust company business where such business is managed by another Labuan trust company pursuant to the provisions of Division 3 of this Part;
Open s 59
Labuan private trust company
Defined · s 2
“Labuan private trust company” means a Labuan company or foreign Labuan company carrying on trust company business for a private trust and registered with the Authority under Division 4 of Part V;
Open s 2
Labuan trust company
Defined · s 2
“Labuan trust company” means a person licensed to carry on trust company business under sections 61 and 71;
Open s 2
rules
Defined · s 2
“rules”, in relation to an exchange established under Part IX, means the rules governing the conduct of the exchange or its members;
Open s 2
securities
Defined · s 2
“securities” means any investments commonly known or capable of being described as securities, and includes— (a) shares, debentures, funds, units, interests in a limited partnership or limited liability partnership or unit trust or foundation or protected cell company or corporation; (b) debentures, bonds or notes of or issued by any body (incorporated or unincorporated), government, local government or public authority; *NOTE—The Exchange Control Act 1953 has since been repealed by the Financial Services Act 2013 which comes into operation on 30 June 2013—see sections 271 and 272…
Open s 2

Report

Read on from s 186

185. Non-application of certain laws

Terms defined in this Act

Schedules