Labuan Financial Services and Securities Act 2010 · Updated to 15 Oct 2022 · Part III
41. Licensing of fund administrators
Feedback & supportNo person shall carry on business as a fund administrator of a public fund unless that person is a Labuan company or
person
“person” includes a corporation, partnership, a body of persons, corporate or unincorporated and a corporation sole;
Labuan trust company and has been granted a licence to act as a fund administrator under this Act.
Labuan trust company
“Labuan trust company” means a person licensed to carry on trust company business under sections 61 and 71;
Notwithstanding subsection (1), the following persons may carry on business as a fund administrator of a public fund:
fund administrator
“fund administrator” means a person who, for valuable consideration, provides a mutual fund with administrative services or facilities alone or with accounting services;
a bank licensee;
a Labuan trust company;
a securities licensee under Part IV;
a management company licensed under Part VIII; or
a person who is and continues to be a qualified and authorized fund administrator of mutual funds under the laws of any recognized country or jurisdiction and has received written permission from the Authority to carry on business as a fund administrator of public funds.
A fund administrator who is carrying on fund administration activities in relation to a private fund only is not required to be licensed under this Part.
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;