Labuan Financial Services and Securities Act 2010 · Updated to 15 Oct 2022 · Part III
51. Duty of fund manager and custodian or trustee to be independent of each other
Feedback & supportThe fund manager and the custodian or trustee of a public fund shall—
fund manager
“fund manager” means a person who, for valuable consideration, provides management services alone or with investment advice or administrative services in respect of securities for the purposes of investment, including dealing in securities or such other activity as may be specified by the Authority;
be different persons and act independently of each other;
not be a related corporation of the other; and
not have executive directors or other officers in common.
Any person who contravenes this section commits an offence and shall, on conviction, be liable to a fine not exceeding three million ringgit or to imprisonment for a term not exceeding five years or to both.
person
“person” includes a corporation, partnership, a body of persons, corporate or unincorporated and a corporation sole;