In forceUpdated to 15 Oct 2022Read it in Bahasa Malaysia

Contents

Labuan Financial Services and Securities Act 2010 · Updated to 15 Oct 2022 · Part VI · Labuan Banking

93. Requirement to use, and restriction on use of, the words “licensed Labuan bank”, etc.

(1)

A bank licensee shall at all times affix or paint, and keep affixed or painted, in a prominent position on the outside of each of its offices and so as to be easily legible, its name, licence number and the words “licensed Labuan bank” or “licensed

Labuan investment bank”, as the case may be.

(2)

A bank licensee shall, in any bill-head, printed form, letter paper, notice, advertisement, or any other document issued from its office and in the course of its business, prominently print its name, licence number and the words “licensed Labuan bank” or

“licensed Labuan investment bank”, as the case may be.

(3)

No person, not being a bank licensee, shall, without the written consent of the Authority, assume or use the words

“licensed Labuan bank”, “licensed Labuan investment bank” or any derivative of such words in any language capable of being construed as indicating the carrying on of Labuan banking business or Labuan investment banking business by such person.

(4)

Any person who contravenes subsection (3) commits an offence and shall, on conviction, be liable to a fine not exceeding ten million ringgit or to imprisonment for a term not exceeding five years or to both, and in the case of a continuing offence, shall in addition, be liable to a daily fine not exceeding ten thousand ringgit for each day the offence continues to be committed.

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
bank licensee
Defined · s 2
“bank licensee” means a Labuan bank or a Labuan investment bank licensed under Part VI;
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Labuan bank
Defined · s 2
“Labuan bank” means a person who is licensed to carry on Labuan banking business under Part VI;
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Labuan banking business
Defined · s 86
“Labuan banking business” means— (a) the business of receiving deposits on current account, deposit account, savings account or any other account as may be specified by the Authority; (b) Labuan investment banking business; (c) Labuan financial business; (d) Labuan Islamic banking business; (e) such other business as the Authority, with the approval of the Minister, may specify, in any currency (including ringgit where permitted by the *Exchange Control Act 1953 or such other relevant law in force);
Open s 86
Labuan investment bank
Defined · s 2
“Labuan investment bank” means a person who is licensed to carry on Labuan investment banking business under Part VI;
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Labuan investment banking business
Defined · s 86
“Labuan investment banking business” means— (a) the business of providing credit facilities; (b) the business of providing consultancy and advisory services relating to corporate and investment matters, including dealing in securities, or making and managing investments on behalf of any person; (c) the business of undertaking foreign exchange transactions, interest rate swaps, dealings in derivative instruments or derivative financial instruments or any other similar risk management activities; (d) Labuan Islamic investment banking business; *NOTE—The Exchange Control Act 1953 has since been repealed by the Financial Services Act 2013 which comes into operation on 30 June 2013—see sections 271 and 272…
Open s 86
licence
Defined · s 2
“licence” means a licence granted or renewed under this Act;
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office
Defined · s 2
“office” includes the principal place of business, a branch, an agency, a mobile place of business, a place of business set up and maintained for a limited period only, an electronic terminal and any other place of business;
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person
Defined · s 2
“person” includes a corporation, partnership, a body of persons, corporate or unincorporated and a corporation sole;
Open s 2
ringgit
Defined · s 2
“ringgit” means a ringgit in the currency of Malaysia;
Open s 2

Report

Read on from s 94

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