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

74. Registration as Labuan private trust company

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(1)

No person may be registered as a Labuan private trust company unless it is—

(a)

a Labuan company; or

(b)

a foreign Labuan company.

(2)

An applicant may apply to the Authority, in the specified form for registration as a Labuan private trust company in Labuan by meeting the following criteria:

(a)

it satisfies the Authority that it shall provide the services of a trust company only for a private trust or private trusts created or to be created by or at the direction of a settlor or an individual or individuals who are connected persons to the settlor described in the trust instrument;

(b)

submission of a certified copy of the executed trust instrument and any subsequently executed trust instrument;

(c)

submission of a letter of undertaking that it shall not carry out any trust company business other than with respect to the private trust or private trusts; and

(d)

it shall appoint a Labuan trust company as its agent.

(3)

The Authority may refuse to register an applicant as a

Labuan private trust company if it has reason to believe that the applicant is likely to carry on business in a manner detrimental to public interest or the interests of the beneficiaries of any private trust with respect to which it provides services.

(4)

The Authority may, as it deems necessary, impose, vary or revoke any terms or conditions on any registration under this

Division by specifying it in writing.

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
foreign Labuan company
Defined · s 2
“foreign Labuan company” means a foreign company registered under Part VIII of the Labuan Companies Act 1990;
Open s 2
Labuan
Defined · s 2
“Labuan” means the Federal Territory of Labuan;
Open s 2
Labuan company
Defined · s 2
“Labuan company” has the meaning assigned to it in the Labuan Companies Act 1990;
Open s 2
Labuan private trust company
Defined · s 2
“Labuan private trust company” means a Labuan company or foreign Labuan company carrying on trust company business for a private trust and registered with the Authority under Division 4 of Part V;
Open s 2
Labuan trust company
Defined · s 2
“Labuan trust company” means a person licensed to carry on trust company business under sections 61 and 71;
Open s 2
person
Defined · s 2
“person” includes a corporation, partnership, a body of persons, corporate or unincorporated and a corporation sole;
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settlor
Defined · s 59
“settlor” means— (a) a person who provides trust property or makes a testamentary disposition on trust or to a trust, but does not include a person who contributes to a unit trust and described as such within a trust instrument; and (b) if there is more than one settlor named in the trust instrument, the named settlors must be connected persons;
Open s 59
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;
Open s 59
trust instrument
Defined · s 59
“trust instrument” means an instrument in writing by which a trust is created and includes a unilateral declaration of trust and an instrument varying the terms of the trust. Licence required to carry on trust company business in Labuan
Open s 59

Report

Read on from s 75

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