Labuan Financial Services Authority Act 1996 · s 4B

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4B.
Power to issue directions
(1)   Notwithstanding any provision to the contrary in any other law relating to Labuan financial services, when the Authority is satisfied that it is necessary to do so for the purpose of giving effect to the objectives of the Authority, the Authority may issue directions to a Labuan financial institution in respect of all or any of the following matters:
(a)
the policy to be followed by the Labuan financial institution relating to the conduct of the institution’s business in Labuan;
(b)
the supervision and regulation of the Labuan financial institution pursuant to the laws relating to Labuan financial services;
(c)
the monetary policy to be given effect to by the Labuan financial institution; and
(d)
the action to be taken by the Labuan financial institution relating to its members or servants.

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(2)  Any Labuan financial institution who fails to comply with any direction issued under subsection (1) shall be guilty of an offence and shall be liable, on conviction—
(a)  in the case of an individual person—
(i) to a fine not exceeding two hundred and fifty thousand ringgit; and
(ii) for a continuing offence, to a fine not exceeding two thousand and five hundred ringgit for every day during which the offence continues after conviction; and
(b) in the case of a body corporate or partnership—
(i) to a fine not exceeding five hundred thousand ringgit;
and
(ii)  for a continuing offence, to a fine not exceeding five thousand ringgit for everyday during which the offence continues after conviction.

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s 4BPower to issue directions

(1)

Notwithstanding any provision to the contrary in any other law relating to Labuan financial services, when the Authority is satisfied that it is necessary to do so for the purpose of giving effect to the objectives of the Authority, the Authority may issue directions to a Labuan financial institution in respect of all or any of the following matters:

(a)

the policy to be followed by the Labuan financial institution relating to the conduct of the institution’s business in Labuan;

(b)

the supervision and regulation of the Labuan financial institution pursuant to the laws relating to Labuan financial services;

(c)

the monetary policy to be given effect to by the Labuan financial institution; and

(d)

the action to be taken by the Labuan financial institution relating to its members or servants.

Labuan Financial Services Authority 13

(2)

Any Labuan financial institution who fails to comply with any direction issued under subsection (1) shall be guilty of an offence and shall be liable, on conviction—

(a)

in the case of an individual person—

(i)

to a fine not exceeding two hundred and fifty thousand ringgit; and

(ii)

for a continuing offence, to a fine not exceeding two thousand and five hundred ringgit for every day during which the offence continues after conviction; and

(b)

in the case of a body corporate or partnership—

(i)

to a fine not exceeding five hundred thousand ringgit;

and

(ii)

for a continuing offence, to a fine not exceeding five thousand ringgit for everyday during which the offence continues after conviction.