Labuan Financial Services and Securities Act 2010 · Updated to 15 Oct 2022 · Part VI · Labuan Banking
92. Grant of licence by the Authority
Feedback & supportUpon receiving an application for a licence under section 88, 89 or 90 and after being provided with all such information and documents as it may require under those sections, the Authority may approve the application, with or without conditions, or reject the application.
Where the Authority rejects the application, the Authority shall notify the applicant in writing of the rejection.
Where the Authority approves the application for a licence under subsection (1), the Authority shall issue the licence to the applicant upon the applicant’s satisfaction of any condition imposed under such application for licence.
A licence granted under this section shall remain in force until it is surrendered or revoked in accordance with this Act.
No applicant shall be granted a bank licence under this section without the written consent of the Authority if its capital funds are less than ten million ringgit or its equivalent in any foreign currency in cash or such amount as may be specified in writing by the Authority.
bank licence
“bank licence” means a licence granted pursuant to an application under section 88 or section 89, as the context may require;
Labuan Financial Services and Securities 101
The Authority may, upon consultation with the Minister, by written notice to the bank licensee, vary the existing terms and conditions or impose such additional terms and conditions, in respect of a bank licence, from time to time as it deems fit.
Minister
“Minister” means the Minister charged with the responsibility for finance;