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 III

27. Interpretation

(1)

In this Part, unless the context otherwise requires—

“investor” means a person, including a custodian and an underwriter, who is the owner of securities issued by a mutual fund but does not include a person who only takes the initiative in forming or organizing the business of the mutual fund and does not have any ownership in the fund;

“operator”, in respect of a mutual fund, means—

(a)

where the mutual fund is a corporation, a director of that corporation;

(b)

where the mutual fund is a limited partnership, a general partner in that limited partnership;

(c)

where the mutual fund is a limited liability partnership, the designated partner in that limited liability partnership;

(d)

where the mutual fund is a unit trust, a trustee of that trust;

“promoter” means a person acting alone or in conjunction with others directly or indirectly who takes the initiative in forming or organizing the business of a mutual fund, but does not include a custodian or an underwriter who receives underwriting commission without taking part in the founding or organizing of the mutual fund business;

“registered public fund” means a public fund registered under section 33;

“shares” means one or more of the shares in the share capital of a mutual fund company including, in the case of a company limited by guarantee, the interest of a member of such company and includes an interest in a mutual fund partnership and a unit in a mutual fund unit trust.

Subdivision 1

PRIVATE FUNDS

Terms defined in this Act

corporation
Defined · s 2
“corporation” means any body corporate formed or incorporated or existing within Malaysia or outside Malaysia and includes a foreign Labuan company but does not include— (a) a corporation sole; (b) a trade union registered under any written law as a trade union; and (c) a society registered under any written law relating to co-operative societies;
Open s 2
custodian
Defined · s 2
“custodian” means the person who is entrusted by a mutual fund with custody of the property of the fund pursuant to an agreement to that effect;
Open s 2
director
Defined · s 2
“director”, in relation to a person specified in the first column of the First Schedule, has the meaning set out in the second column of the First Schedule as against such person;
Open s 2
fund
Defined · s 2
“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;
Open s 2
limited liability partnership
Defined · s 2
“limited liability partnership” means a limited liability partnership formed under the Labuan Limited Partnerships and Limited Liability Partnerships Act 2010, Part X of the Labuan Islamic Financial Services and Securities Act 2010, or under the laws of any recognized country or jurisdiction notwithstanding any statutory definition to the contrary;
Open s 2
limited partnership
Defined · s 2
“limited partnership” means a limited partnership formed under the Labuan Limited Partnerships and Limited Liability Partnerships Act 2010, Part X of the Labuan Islamic Financial Services and Securities Act 2010, or under the laws of any recognized country or jurisdiction notwithstanding any statutory definition to the contrary;
Open s 2
mutual fund
Defined · s 2
“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;
Open s 2
partnership
Defined · s 2
“partnership” means a limited partnership or a limited liability partnership;
Open s 2
person
Defined · s 2
“person” includes a corporation, partnership, a body of persons, corporate or unincorporated and a corporation sole;
Open s 2
promoter
Defined · s 7
“promoter”, in relation to a prospectus issued by or in connection with a Labuan company, means a promoter of the company who was a party to the preparation of the prospectus or any relevant portion thereof, but does not include any person by reason only of his acting in a professional or advisory capacity; and
Open s 7
public fund
Defined · s 2
“public fund” means a mutual fund other than a private fund;
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
unit trust
Defined · s 2
“unit trust” means a trust established under the laws of Malaysia relating to Labuan or the laws of any recognized country or jurisdiction for the purpose, or having the effect, of providing facilities for the participation by persons as beneficiaries under the trust in any profits or income arising from the acquisition, holding, management or disposal of any property.
Open s 2

Report

Read on from s 28

Part IV

Market Intermediaries

Read on from Part IV

Part V

Labuan Trust Companies

Read on from Part V

Part VI

Labuan Banking

Read on from Part VI

Part VII

Labuan Insurance

Part VIII

Company Management

Read on from Part VIII

Part IX

Read on from Part IX

Part X

Self-Regulatory Organizations

Read on from Part X

Part XI

Appeals

Read on from Part XI