Labuan Islamic Financial Services and Securities Act 2010 · Updated to 15 Oct 2022 · Chapter 1
14. False or misleading statements
Feedback & supportWhere any statement or information is required to be submitted to the Authority in relation to any offers or invitations of securities submitted pursuant to section 13, an applicant or any of its officers shall not—
submit or cause to be submitted any statement or information that is false or misleading;
submit or cause to be submitted any statement or information from which there is a material omission; or
engage in or aid or abet conduct that he knows to be misleading or deceptive or is likely to mislead or deceive the Authority.
It shall be a defence to a prosecution or any proceedings for a contravention of subsection (1) if it is proved that the defendant, after making enquiries as were reasonable in the circumstances, had reasonable grounds to believe, and did until the time of the making of the statement or provision of the information or engaging in the conduct was of the belief that—
the statement or information was true and not misleading;
the omission was not material;
there was no material omission; or
the conduct in question was not misleading or deceptive.
Any person who contravenes subsection (1) commits an offence and shall, on conviction, be liable to a fine not exceeding one million ringgit or to imprisonment for a term not exceeding three years or to both.