Labuan Financial Services and Securities Act 2010 · Updated to 15 Oct 2022 · Part XI · Appeals
190. Fees and penalties to be paid into Fund
Feedback & supportAll fees and penalties paid to the Authority under this
Act and all sums of money paid under this section shall be paid into and form part of the Fund established under section 29 of the Labuan Financial Services Authority Act 1996.
fund
“mutual fund” or “fund” means a Labuan company, a corporation incorporated under the laws of any recognized country or jurisdiction, a partnership, a protected cell company, a foundation, or a unit trust which— (a) collects and pools funds for the purpose of collective investment with the aim of spreading investment risk; and (b) issues interests in a mutual fund which entitles the holder to redeem his investments that is agreed upon by the parties and receive an amount computed by reference to the value of a proportionate interest in the whole or part of the net assets of the aforesaid types of entities, as the case may be, and includes an umbrella fund whose interests in a mutual fund or units are split into a number of different class funds or sub-funds and whose participants are entitled to exchange rights in one part for rights in another;
Notwithstanding subsection (1), all fees paid under section 140 of Part IX shall be paid into the fund of the Exchange or such other exchanges established pursuant to Part IX and may be used in accordance with the provisions of the by-laws of the
exchange
“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;
Exchange or such other exchange.