Section 4
Functions and powers of the Authority
of Labuan Financial Services Authority Act 1996
(a)
to administer, enforce, carry out and give effect to the provisions of this Act and the laws specified in the
Schedule and anything incidental to such laws and to ensure that such laws are complied with;
(b)
to exercise, discharge and perform such powers, duties and functions under the laws referred to in paragraph (a);
(c)
to maintain the good repute of Labuan as an international business and financial centre;
(d)
to carry out research and commission studies on financial services in Labuan;
(e)
to make recommendations for the creation and improvement of any facility likely to enhance the attraction of Labuan as a centre for financial services;
(f)
to co-operate with Labuan financial institutions and professional and industry associations in Labuan to promote and provide financial services and to foster high standards for Labuan financial services;
Labuan Financial Services Authority 11
(g)
to advise and make recommendations to the Minister on matters relating to Labuan financial services; and
(h)
to carry out all such activities and to do all such things as are necessary or advantageous and proper for the administration of the Authority, or for such other purposes as may be directed by the Minister.
(2)
The Authority shall have power to do all things expedient or reasonably necessary for, or incidental to, the performance of its functions and, in particular, but without prejudice to the generality of the foregoing—
(a)
to appoint such agents as it deems fit for the purpose of performing its functions;
(b)
to impose fees or any other charges it deems fit for giving effect to any of its functions or powers;
(c)
to do such other things as it deems fit to enable it to carry out its functions and powers effectively.
(3)
(Deleted by Act A1365).
(4)
The Authority may, with the written approval of the Minister, establish or participate in any body corporate—
(a)
for the purpose of promoting research and training in relation to offshore financial services;
(b)
for the purpose of enhancing the development of offshore financial services; or
(c)
if such establishment or participation is expedient or reasonably necessary for, or incidental to, the performance of the Authority’s functions provided under this Act or the laws specified in the Schedule.
(5)
(Deleted by Act A1365).
12 Laws of Malaysia ACT 545
(6)
(Deleted by Act A1365).