In forceUpdated to 15 Oct 2022Read it in Bahasa Malaysia

Contents

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

32. Application by public funds

(1)

An application to the Authority under subsection 31(1)

or subsection 31(2) shall be accompanied by the following:

(a)

a statement setting out the scope and nature of the business to be carried on by the applicant in or from within Labuan;

(b)

the instrument by which the applicant is constituted or such other proof as the Authority may require to be satisfied that the applicant is lawfully constituted under the laws of Malaysia relating to Labuan or under the laws of any recognized country or jurisdiction;

(c)

a statement on the following:

(i)

the address of the applicant’s place of business and its address for service relating to Labuan;

(ii)

the name and address of a person in Labuan who is authorized to represent the applicant and to accept service on its behalf;

(iii)

the address of the applicant’s place of business outside Labuan; and

(iv)

the names, addresses and relevant experience of the directors of the fund;

(d)

a signed declaration by the directors of the applicant fund on confidentiality and secrecy; and

(e)

where available, a copy of the prospectus, either in draft or final form, of the public fund.

Labuan Financial Services and Securities 57

(2)

The public fund or proposed public fund shall submit such other information as may be specified by the Authority from time to time.

(3)

If any change is made or occurs in respect of any information under subsection (1) as specified by the Authority, the applicant, after being granted registration or provisional acceptance as the case may be, shall within thirty days after the change occurs lodge with the Authority a notice specifying the change.

Terms defined in s 2

Authority
Defined · s 2
“Authority” means the Labuan Financial Services Authority established under section 3 of the Labuan Financial Services Authority Act 1996;
Open s 2
declaration
Defined · s 2
“declaration” means a written statement of facts which the person making it signs and solemnly declares to be true before a commissioner or magisterial officer or notary public;
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
Labuan
Defined · s 2
“Labuan” means the Federal Territory of Labuan;
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
prospectus
Defined · s 2
“prospectus” means any prospectus, notice, circular, advertisement or invitation inviting applications or offers to subscribe for or purchase securities, or offering any securities for subscription or purchase;
Open s 2
public fund
Defined · s 2
“public fund” means a mutual fund other than a private fund;
Open s 2
recognized country or jurisdiction
Defined · s 2
“recognized country or jurisdiction” means a country or jurisdiction as may be specified by the Authority;
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 33

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