Section 57
Power to grant or refuse licence
of Labuan Financial Services and Securities Act 2010
Upon receiving an application under section 56, the
Authority may grant or refuse the application.
*NOTE—The Anti-Money Laundering and Anti-Terrorism Financing Act 2001 [Act 613] has been amended and referred as Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 [Act 613] which comes into operation on 1 September 2014—
see section 3 Anti-Money Laundering and Anti-Terrorism Financing (Amendment) Act 2014
[Act A1467] and P.U. (B) 400/2014.
Act 704
(2)
The grant of a licence under this Part may be made subject to any terms, conditions, limitations or restrictions.
(3)
Except with the written consent of the Authority, no change shall be made in respect of the identity, residence, domicile, ownership or shareholding of the securities licensee during the period of operation of the licence.