Labuan Financial Services and Securities Act 2010 · Updated to 15 Oct 2022 · Part III
45. Eligibility of trustees or custodians of public funds
Feedback & supportNo person shall carry on business as a trustee of a public fund unless that person is a Labuan trust company.
person
“person” includes a corporation, partnership, a body of persons, corporate or unincorporated and a corporation sole;
No person shall carry on business as a custodian of a public fund unless it is a bank licensee or a Labuan trust company.
custodian
“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;
This section does not apply to a person who is and continues to be a qualified and authorized trustee or custodian of public funds under the laws of any recognized country or jurisdiction and has received written permission from the Authority to carry on business as a trustee or custodian of a public fund.
Subdivision 3
GRANT OF LICENCE OR REGISTRATION