Section 71
Licensing of Labuan managed trust companies
of Labuan Financial Services and Securities Act 2010
No person may be licensed as a Labuan managed trust company unless it is—
(a)
a Labuan company or a foreign Labuan company; or
(b)
a foreign company licensed, registered or approved to carry out trust company business in other jurisdictions.
(2)
The Authority may grant or refuse to grant a licence to such person as a Labuan managed trust company and impose any terms and conditions on such licence as it deems necessary.
(3)
An application for a licence under this Part shall be accompanied by—
(a)
submission of a proposed detailed management agreement between the applicant and the Labuan trust company;
(b)
submission of a certified copy of the certificate of incorporation or constituent document of the applicant;
and
(c)
submission of a letter of good standing or such other document of this nature from the relevant authority of the applicant’s home country where applicable.
Act 704