In forceUpdated to 15 Oct 2022Read it in Bahasa Malaysia

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Labuan Financial Services and Securities Act 2010 · Updated to 15 Oct 2022 · Part V · Labuan Trust Companies

72. Terms and conditions of licence as Labuan managed trust company

(1)

Prior to commencing business as a Labuan managed trust company, every Labuan managed trust company shall appoint a

Labuan trust company as its Labuan managed trust manager to give effect to its trust company business.

(2)

Every Labuan managed trust company shall at all times, ensure that the Labuan trust company is and continues to be licensed as a Labuan trust company under this Act.

(3)

For the avoidance of doubt, save for sections 61 and 62

and Division 4 of this Part, all the provisions that apply to a

Labuan trust company under this Act shall similarly apply to a

Labuan managed trust company.

(4)

If, subsequent to its appointment as the Labuan managed trust manager of a Labuan managed trust company, the licence of such managed trust manager is revoked under section 168, the managed trust company shall appoint a new managed trust manager within the period of four weeks following the date on which the licence of the managed trust company is revoked, failing which the licence of the managed trust company shall be automatically revoked by the Authority.

LABUAN PRIVATE TRUST COMPANIES

Terms defined in this Act

Authority
Defined · s 2
“Authority” means the Labuan Financial Services Authority established under section 3 of the Labuan Financial Services Authority Act 1996;
Open s 2
Labuan
Defined · s 2
“Labuan” means the Federal Territory of Labuan;
Open s 2
Labuan managed trust company
Defined · s 59
“Labuan managed trust company” means a person carrying on trust company business where such business is managed by another Labuan trust company pursuant to the provisions of Division 3 of this Part;
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Labuan trust company
Defined · s 2
“Labuan trust company” means a person licensed to carry on trust company business under sections 61 and 71;
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licence
Defined · s 2
“licence” means a licence granted or renewed under this Act;
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trust company business
Defined · s 59
“trust company business” means— (a) establishing or using a share transfer office or share registration office; (b) administering, managing or otherwise dealing with property as an agent, legal personal representative or trustee, whether by servant or agent or otherwise; (c) maintaining an agent for the purpose of soliciting or procuring business, whether or not the agent is continuously resident in Labuan; (d) maintaining an office, agency or branch, whether or not that office, agency or branch is also used for any purpose by another entity; (e) the provision of— (i) management and accounting services to; or (ii) directors, secretaries and registered offices for, Labuan companies incorporated or registered under the Labuan Companies Act 1990 and foreign Labuan companies registered under that Act; (f) incorporating or registering companies under the Labuan Companies Act 1990 and generally acting as a lodging agent for any document required to be lodged by a company or person under that Act; and (g) providing such other services as may be approved by the Authority from time to time, to or on behalf or any person;
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Report

Read on from s 73

Part VI

Labuan Banking

Read on from Part VI

Part VII

Labuan Insurance

Part VIII

Company Management

Read on from Part VIII

Part IX

Read on from Part IX

Part X

Self-Regulatory Organizations

Read on from Part X

Part XI

Appeals

Read on from Part XI