Section 202

Any right, privilege or obligation or liability acquired, accrued or incurred before the effective date or any legal proceedings, remedy or investigation in respect of such right, privilege, obligation or liability shall not be affected by this Act and shall continue to remain in force as if this Act had not been enacted.

Act 704

First Schedule

[Subsection 2(1); definition of “director”]

First Column

(person)

Second Column

(director)

Third Column

(established)

Fourth Column

(participant)

Corporation

Co-operative society

Statutory body

Partnership

Limited partnership

Limited liability partnership a person occupying the position of director of the corporation, by whatever name called, and includes a person in accordance with whose directions or instructions the directors of the corporation are accustomed to act and an alternate or substitute director a member of the board or other governing body, howsoever called, of the co-operative society a member of the board, committee, council or other governing body, howsoever called, of the statutory body a partner the general partner (or person holding such similar role)

the designated partner

(or person holding such similar role)

incorporated registered, incorporated or otherwise coming into legal existence as a co-operative society its coming into existence under the law establishing, appointing or constituting it its formation its formation or where registration or other form of recording or recognition is required before activities or business can lawfully be commenced, its registration, recording or legal recognition under the law applicable its formation or where registration or other form of recording or recognition is required before activities or business can lawfully be commenced, its registration, recording or legal recognition under the law applicable a shareholder a member a shareholder or, where the statutory body has no share capital, a person wholly, severally or jointly with other persons owning the statutory body a partner a partner a limited partner

Labuan Financial Services and Securities 189

First Column

(person)

Second Column

(director)

Third Column

(established)

Fourth Column

(participant)

Sole-proprietorship

Any other body, a s s o c i a t i o n o r group of persons whether corporate or unincorporated the sole proprietor any person having direction or control of the management of its affairs or business where registration or other form of recording or recognition is required before activities or business can lawfully be commenced, its registration, recording or legal recognition under the law applicable where registration or other form of recording or recognition is required before activities or business can lawfully be commenced, its registration, recording or legal recognition under the law applicable the sole proprietor a member, howsoever called, of such body, association or group

Second Schedule

[subsection 2(1)]

Recognized Professional Associations in relation to the qualifications of actuaries

The Institute of Actuaries in England

The Faculty of Actuaries in Scotland

The Society of Actuaries in the United States of America

The Canadian Institute of Actuaries

The Australian Institute of Actuaries

Such other associations as may be approved by the Authority

Act 704

Third Schedule

[sections 99 and 111]

Financial information and statistics and information to be submitted to the Authority

Part A: Bank licensee

Financial statements

Within six months after the close of each financial year of a bank licensee, or such further period as the Authority may approve, a bank licensee shall submit to the Authority, in respect of its entire business operations, two copies each of its latest audited annual balance sheet, profit and loss account, a statement setting out the sources, allocation and utilization of its funds and the report of the auditor.

Statistics and information

Every bank licensee, at such frequency as may be specified by the

Authority from time to time, submit to the Authority a statement showing the assets and liabilities of the bank licensee in relation to its Labuan banking business or Labuan investment banking business, as the case may be.

A statement to be submitted under paragraph (1) shall include—

Notwithstanding paragraph (2), the Authority may publish any consolidated statement, in respect of any category, class or description of bank licensees as the Authority deems appropriate, aggregating the figures in the returns submitted under paragraph (1):

Provided that nothing in this paragraph shall authorize the Authority to designate any particular bank licensee to constitute a category, class or description of bank licensees for the purposes of this paragraph.

Labuan Financial Services and Securities 191

Where any person is required by or under this Part to submit, produce or provide to the Authority any information, statistics, return or document, the

Authority may specify that the same shall be submitted, produced or provided in such form and manner and within such period or at such intervals or times, not inconsistent with any provision of this Part or any regulations made under this Act, as the Authority may set out in the specification; and such person shall not submit, produce or provide as true or accurate any information, statistic, return or document which he knows, or has reason to believe, to be false, inaccurate or misleading.

Part B: Insurance licensee

Financial statements

Every Labuan insurer shall, within six months after the close of each financial year or such further period as the Authority may approve, submit to the Authority, in respect of its entire Labuan insurance operations, four copies each of its audited annual balance sheet, profit and loss account, revenue account and, in respect of its life insurance business, a report setting out the actuarial valuation of its assets and liabilities as approved in accordance with its constituent documents.

Every Labuan insurer shall submit to the Authority four copies each of the documents mentioned in paragraph (1) as approved in accordance with its constituent documents as soon as practicable after such approval.

Every Labuan insurer which is a foreign Labuan company shall, in addition to the financial statements which are required to be submitted to the

Authority under paragraph (1), also submit each year a certified copy of its latest audited annual balance sheet in respect of its entire operations both in and outside Labuan within three months of its being filed with the regulatory authorities in its country of establishment or origin.

Every licensed Labuan insurance manager, licensed Labuan underwriting manager and licensed Labuan insurance broker shall, within six months after the close of each financial year or such further period as the Authority may approve, submit to the Authority four copies each of its audited annual balance sheet and profit and loss account.

Notwithstanding any provision in this Act, the Authority may require an insurance licensee to submit to the Authority any document relating to its operation in such manner as may be specified in writing by the Authority.