Section 41
Licensing of fund administrators
of Labuan Financial Services and Securities Act 2010
No person shall carry on business as a fund administrator of a public fund unless that person is a Labuan company or
Labuan trust company and has been granted a licence to act as a fund administrator under this Act.
(2)
Notwithstanding subsection (1), the following persons may carry on business as a fund administrator of a public fund:
(a)
a bank licensee;
(b)
a Labuan trust company;
(c)
a securities licensee under Part IV;
(d)
a management company licensed under Part VIII; or
(e)
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.
(3)
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.