Section 185
Non-application of certain laws
of Labuan Financial Services and Securities Act 2010
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*NOTE—The Companies Act 1965 [Act 125] and has since been repealed by the Companies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**NOTE—The Banking and Financial Institutions Act 1989 [Act 372] has since been repealed by the Financial Services Act 2013 [Act 758] which comes into operation on 30 June 2013—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***NOTE—The Islamic Banking Act 1983 [Act 276] has since been repealed by the Islamic Financial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