Labuan Financial Services and Securities Act 2010 · Updated to 15 Oct 2022 · Part V · Labuan Trust Companies
62. Terms and conditions of licence
Feedback & supportThe Authority may approve the application for a licence as a Labuan trust company subject to such terms and conditions, if any, as it may deem fit.
Every Labuan trust company shall lodge a notice in the specified form with the Authority of—
Labuan trust company
“Labuan trust company” means a person licensed to carry on trust company business under sections 61 and 71;
any change to its place of business in Labuan; and
any change to its trust officers, within seven days from the effective date of change specified.
Every Labuan trust company shall remain indemnified under a professional indemnity insurance policy with a coverage of not less than one million ringgit or its equivalent in any foreign currency or such other amount as may be determined by the Authority throughout its operation as a Labuan trust company.
policy
“policy” means an insurance policy and includes a cover note or any written contract of insurance whether or not embodied in or evidenced by an instrument in the form of an insurance policy; and any reference to a policy of an insurer includes a reference to any policy in respect of which the insurer is under any liability, whether the policy was issued by the insurer or the liability was transferred to the insurer from another insurer;
No Labuan trust company shall open any office or acquire or establish any subsidiary outside Labuan without the prior written consent of the Authority.
Any person who contravenes subsection (4) 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 one year or to both.
person
“person” includes a corporation, partnership, a body of persons, corporate or unincorporated and a corporation sole;