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LABUAN FINANCIAL SERVICES AND SECURITIES ACT 2010

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1 PART I PRELIMINARY-1. Short title and commencement.
2 PART I PRELIMINARY-2. Interpretation.
3 PART I PRELIMINARY-3. Administration of the Act.
4 PART I PRELIMINARY-4. Fit and proper person.
5 PART I PRELIMINARY-5. Business in, from or through Labuan.
6 PART I PRELIMINARY-6. Shariah matters.
7 PART II SECURITIES DIVISION 1 PRELIMINARY-7. Interpretation.
8 DIVISION 2 OFFERS-8. Offers or invitations which require the approval of the Authority.
9 DIVISION 2 OFFERS-9. False or misleading statements.
10 DIVISION 2 OFFERS-10. Advertisements.
11 DIVISION 2 OFFERS-11. Registration of prospectus.
12 DIVISION 2 OFFERS-12. Document containing offer of securities to be made via Labuan trust company or bank licensee and to be deemed prospectus.
13 DIVISION 2 OFFERS-13. Expert's consent to issue of prospectus containing statement by him.
14 DIVISION 2 OFFERS-14. Civil liability for mis-statement in prospectus.
15 DIVISION 2 OFFERS-15. Criminal liability for mis-statement in prospectus.
16 DIVISION 2 OFFERS-16. Labuan trust company or bank licensee as agent in offer.
17 DIVISION 2 OFFERS-17. Prohibition of allotment unless minimum subscription received.
18 DIVISION 2 OFFERS-18. Application monies to be held in trust until issuance or allotment.
19 DIVISION 3 DEBENTURES-19. Power to issue debentures.
20 DIVISION 3 DEBENTURES-20. Trustee for debenture holders.
21 DIVISION 3 DEBENTURES-21. Exemptions and indemnifications of trustee from liability.
22 DIVISION 3 DEBENTURES-22. Duties of trustee.
23 DIVISION 3 DEBENTURES-23. Obligations of directors of borrowing company.
24 DIVISION 3 DEBENTURES-24. Obligation of guarantor company to furnish information.
25 DIVISION 3 DEBENTURES-25. Loan and deposits to be immediately repayable on certain events.
26 DIVISION 3 DEBENTURES-26. Retention of over-subscriptions in debenture issues.
27 PART III MUTUAL FUNDS DIVISION 1 PRELIMINARY-27. Interpretation.
28 DIVISION 2 MUTUAL FUNDS SUBDIVISION 1 PRIVATE FUNDS-28. Notification by private funds.
29 DIVISION 2 MUTUAL FUNDS SUBDIVISION 1 PRIVATE FUNDS-29. Private fund to lodge an information memorandum or such other offering document.
30 DIVISION 2 MUTUAL FUNDS SUBDIVISION 1 PRIVATE FUNDS-30. Exclusion of liability for errors or omission in the information memorandum or such other offering document.
31 SUBDIVISION 2 PUBLIC FUNDS-31. Public funds shall be registered.
32 SUBDIVISION 2 PUBLIC FUNDS-32. Application by public funds.
33 SUBDIVISION 2 PUBLIC FUNDS-33. Power to grant or refuse registration of public funds.
34 SUBDIVISION 2 PUBLIC FUNDS-34. Registration procedure.
35 SUBDIVISION 2 PUBLIC FUNDS-35. Prospectus relating to public fund.
36 SUBDIVISION 2 PUBLIC FUNDS-36. Investors' rights.
37 SUBDIVISION 2 PUBLIC FUNDS-37. Limitation.
38 SUBDIVISION 2 PUBLIC FUNDS-38. Certificate of compliance.
39 SUBDIVISION 2 PUBLIC FUNDS-39. Foreign public fund may be managed or administered in Labuan.
40 DIVISION 3 LICENSING SUBDIVISION 1 FUND MANAGERS AND FUND ADMINISTRATORS-40. Licensing of fund managers.
41 DIVISION 3 LICENSING SUBDIVISION 1 FUND MANAGERS AND FUND ADMINISTRATORS-41. Licensing of fund administrators.
42 DIVISION 3 LICENSING SUBDIVISION 1 FUND MANAGERS AND FUND ADMINISTRATORS-42. Application for fund manager's licence.
43 DIVISION 3 LICENSING SUBDIVISION 1 FUND MANAGERS AND FUND ADMINISTRATORS-43. Application for fund administrator's licence.
44 DIVISION 3 LICENSING SUBDIVISION 1 FUND MANAGERS AND FUND ADMINISTRATORS-44. Power to grant or refuse licence.
45 SUBDIVISION 2 TRUSTEES OR CUSTODIANS-45. Eligibility of trustees or custodians of public funds.
46 SUBDIVISION 3 GRANT OF LICENCE OR REGISTRATION-46. Licence or registration.
47 DIVISION 4 DUTIES-47. Duties of fund managers and fund administrators of public funds.
48 DIVISION 4 DUTIES-48. Duties of fund managers, fund administrators, trustees or custodians and directors under applicable law.
49 DIVISION 4 DUTIES-49. Specific duties of fund managers of public funds.
50 DIVISION 4 DUTIES-50. Duty to segregate client's assets.
51 DIVISION 4 DUTIES-51. Duty of fund manager and custodian or trustee to be independent of each other.
52 DIVISION 5 REGISTERS AND ACCOUNTING-52. Registers.
53 DIVISION 5 REGISTERS AND ACCOUNTING-53. Accounts and audit.
54 PART IV MARKET INTERMEDIARIES DIVISION 1 PRELIMINARY-54. Interpretation.
55 DIVISION 2 SECURITIES LICENSEE-55. Securities licensee.
56 DIVISION 2 SECURITIES LICENSEE-56. Application for licence.
57 DIVISION 2 SECURITIES LICENSEE-57. Power to grant or refuse licence.
58 DIVISION 3 GRANT OF LICENCE-58. Licence.
59 PART V LABUAN TRUST COMPANIES DIVISION 1 PRELIMINARY-59. Interpretation.
60 PART V LABUAN TRUST COMPANIES DIVISION 1 PRELIMINARY-60. Licence required to carry on trust company business in Labuan.
61 PART V LABUAN TRUST COMPANIES DIVISION 1 PRELIMINARY-61. Licensing of trust companies.
62 PART V LABUAN TRUST COMPANIES DIVISION 1 PRELIMINARY-62. Terms and conditions of licence.
63 PART V LABUAN TRUST COMPANIES DIVISION 1 PRELIMINARY-63. Temporary continuation for winding-up.
64 DIVISION 2 POWERS OF LABUAN TRUST COMPANIES-64. Disclosure of interests in relation to Labuan trust company.
65 DIVISION 2 POWERS OF LABUAN TRUST COMPANIES-65. Labuan trust company's power to act as executor.
66 DIVISION 2 POWERS OF LABUAN TRUST COMPANIES-66. Labuan trust company's power to act as administrator.
67 DIVISION 2 POWERS OF LABUAN TRUST COMPANIES-67. Additional powers of a Labuan trust company.
68 DIVISION 2 POWERS OF LABUAN TRUST COMPANIES-68. Labuan trust company's power to act as sole trustee.
69 DIVISION 2 POWERS OF LABUAN TRUST COMPANIES-69. Labuan trust company's power to act as joint trustee with another.
70 DIVISION 2 POWERS OF LABUAN TRUST COMPANIES-70. Delegation to Labuan trust company.
71 DIVISION 3 LABUAN MANAGED TRUST COMPANIES-71. Licensing of Labuan managed trust companies.
72 DIVISION 3 LABUAN MANAGED TRUST COMPANIES-72. Terms and conditions of licence as Labuan managed trust company.
73 DIVISION 4 LABUAN PRIVATE TRUST COMPANIES-73. Meaning of "connected persons".
74 DIVISION 4 LABUAN PRIVATE TRUST COMPANIES-74. Registration as Labuan private trust company.
75 DIVISION 4 LABUAN PRIVATE TRUST COMPANIES-75. Terms and conditions of registration as a Labuan private trust company.
76 DIVISION 4 LABUAN PRIVATE TRUST COMPANIES-76. Duties of agent of Labuan private trust company.
77 DIVISION 4 LABUAN PRIVATE TRUST COMPANIES-77. Powers of the Authority.
78 DIVISION 4 LABUAN PRIVATE TRUST COMPANIES-78. Non-application of the provisions of this Part.
79 DIVISION 5 MISCELLANEOUS-79. Labuan trust company subject to same control as any other executor.
80 DIVISION 5 MISCELLANEOUS-80. Affidavit of officer.
81 DIVISION 5 MISCELLANEOUS-81. Examination of books and accounts of a Labuan trust company.
82 DIVISION 5 MISCELLANEOUS-82. Retention of records.
83 DIVISION 5 MISCELLANEOUS-83. Money paid to a Labuan trust company to be held in trust.
84 DIVISION 5 MISCELLANEOUS-84. Commission, fees, charges and expenses levied by a Labuan trust company.
85 DIVISION 5 MISCELLANEOUS-85. Translation of accounts and records.
86 PART VI LABUAN BANKING DIVISION 1 PRELIMINARY-86. Interpretation.
87 DIVISION 2 LICENSING-87. Labuan banking business, Labuan investment banking business and Labuan financial business to be carried on only under licence.
88 DIVISION 2 LICENSING-88. Application for licence to carry on Labuan banking business.
89 DIVISION 2 LICENSING-89. Application for licence to carry on Labuan investment banking business.
90 DIVISION 2 LICENSING-90. Application for licence to carry on Labuan financial business.
91 DIVISION 2 LICENSING-91. Additional information.
92 DIVISION 2 LICENSING-92. Grant of licence by the Authority.
93 DIVISION 2 LICENSING-93. Requirement to use, and restriction on use of, the words "licensed Labuan bank", etc.
94 DIVISION 2 LICENSING-94. Maintenance of capital adequacy ratio.
95 DIVISION 2 LICENSING-95. Amendment or alteration of constituent documents of bank licensees.
96 DIVISION 2 LICENSING-96. Authority to publish list of Labuan banks and Labuan investment banks.
97 DIVISION 3 DUTIES OF BANK LICENSEES-97. Offices and subsidiaries.
98 DIVISION 3 DUTIES OF BANK LICENSEES-98. Prohibition of certain accounts.
99 DIVISION 3 DUTIES OF BANK LICENSEES-99. Financial statements, statistics and information to be submitted to the Authority.
100 DIVISION 4 GENERAL PROVISION-100. Payment from a deceased person's account.
101 PART VII LABUAN INSURANCE DIVISION I PRELIMINARY-101. Interpretation.
102 DIVISION 2 LICENSING OF LABUAN INSURANCE BUSINESS AND LABUAN INSURANCE-RELATED ACTIVITIES-102. Licensing of Labuan insurance business and Labuan insurancerelated activities.
103 DIVISION 2 LICENSING OF LABUAN INSURANCE BUSINESS AND LABUAN INSURANCE-RELATED ACTIVITIES-103. Application for insurance licence to carry on Labuan insurance business.
104 DIVISION 2 LICENSING OF LABUAN INSURANCE BUSINESS AND LABUAN INSURANCE-RELATED ACTIVITIES-104. Application for insurance licence to carry on Labuan insurancerelated activities.
105 DIVISION 2 LICENSING OF LABUAN INSURANCE BUSINESS AND LABUAN INSURANCE-RELATED ACTIVITIES-105. Grant of insurance licence.
106 DIVISION 2 LICENSING OF LABUAN INSURANCE BUSINESS AND LABUAN INSURANCE-RELATED ACTIVITIES-106. Publication of list of all insurance licensees.
107 DIVISION 2 LICENSING OF LABUAN INSURANCE BUSINESS AND LABUAN INSURANCE-RELATED ACTIVITIES-107. Continuing licensing requirements.
108 DIVISION 3 FINANCIAL REQUIREMENTS AND DUTIES OF AND RESTRICTIONS ON INSURANCE LICENSEES-108. Appointment of actuary.
109 DIVISION 3 FINANCIAL REQUIREMENTS AND DUTIES OF AND RESTRICTIONS ON INSURANCE LICENSEES-109. Margin of solvency.
110 DIVISION 3 FINANCIAL REQUIREMENTS AND DUTIES OF AND RESTRICTIONS ON INSURANCE LICENSEES-110. Separate accounts to be kept by Labuan insurer.
111 DIVISION 3 FINANCIAL REQUIREMENTS AND DUTIES OF AND RESTRICTIONS ON INSURANCE LICENSEES-111. Submission of financial statements.
112 DIVISION 3 FINANCIAL REQUIREMENTS AND DUTIES OF AND RESTRICTIONS ON INSURANCE LICENSEES-112. Subsidiaries and offices of insurance licensee.
113 DIVISION 3 FINANCIAL REQUIREMENTS AND DUTIES OF AND RESTRICTIONS ON INSURANCE LICENSEES-113. Restriction on business by Labuan insurer.
114 DIVISION 3 FINANCIAL REQUIREMENTS AND DUTIES OF AND RESTRICTIONS ON INSURANCE LICENSEES-114. Restrictions on and duties of Labuan insurance manager, Labuan underwriting manager and Labuan insurance broker.
115 DIVISION 3 FINANCIAL REQUIREMENTS AND DUTIES OF AND RESTRICTIONS ON INSURANCE LICENSEES-115. List of Labuan insurers to be supplied by Labuan insurance manager and Labuan underwriting manager.
116 DIVISION 3 FINANCIAL REQUIREMENTS AND DUTIES OF AND RESTRICTIONS ON INSURANCE LICENSEES-116. Conduct of business.
117 DIVISION 4 PAYMENT OF POLICY MONIES UNDER A LIFE POLICY AND PERSONAL ACCIDENT POLICY-117. Application of this Division.
118 DIVISION 4 PAYMENT OF POLICY MONIES UNDER A LIFE POLICY AND PERSONAL ACCIDENT POLICY-118. Power to make nomination.
119 DIVISION 4 PAYMENT OF POLICY MONIES UNDER A LIFE POLICY AND PERSONAL ACCIDENT POLICY-119. Revocation of nomination.
120 DIVISION 4 PAYMENT OF POLICY MONIES UNDER A LIFE POLICY AND PERSONAL ACCIDENT POLICY-120. Payment of policy monies.
121 DIVISION 4 PAYMENT OF POLICY MONIES UNDER A LIFE POLICY AND PERSONAL ACCIDENT POLICY-121. Trustee of policy monies.
122 DIVISION 4 PAYMENT OF POLICY MONIES UNDER A LIFE POLICY AND PERSONAL ACCIDENT POLICY-122. Nominee other than a nominee under section 121.
123 DIVISION 4 PAYMENT OF POLICY MONIES UNDER A LIFE POLICY AND PERSONAL ACCIDENT POLICY-123. Assigned or pledged policy monies.
124 DIVISION 4 PAYMENT OF POLICY MONIES UNDER A LIFE POLICY AND PERSONAL ACCIDENT POLICY-124. Payment of policy monies where there is no nomination.
125 DIVISION 4 PAYMENT OF POLICY MONIES UNDER A LIFE POLICY AND PERSONAL ACCIDENT POLICY-125. Payment to person incompetent to contract.
126 DIVISION 4 PAYMENT OF POLICY MONIES UNDER A LIFE POLICY AND PERSONAL ACCIDENT POLICY-126. Distribution of policy monies in due course of administration.
127 DIVISION 4 PAYMENT OF POLICY MONIES UNDER A LIFE POLICY AND PERSONAL ACCIDENT POLICY-127. This Division to prevail over policy and any other written law.
128 DIVISION 5 WINDING-UP-128. Winding-up of Labuan insurer.
129 PART VIII COMPANY MANAGEMENT-129. Interpretation.
130 PART VIII COMPANY MANAGEMENT-130. Register of management companies.
131 PART VIII COMPANY MANAGEMENT-131. Application for licence.
132 PART VIII COMPANY MANAGEMENT-132. Grant of licence.
133 PART IX EXCHANGES DIVISION 1 PRELIMINARY-133. Interpretation.
134 DIVISION 2 EXCHANGES-134. Establishment of exchanges.
135 DIVISION 2 EXCHANGES-135. By-laws of exchanges.
136 DIVISION 2 EXCHANGES-136. Rules of exchanges.
137 DIVISION 2 EXCHANGES-137. Regulatory functions of exchanges.
138 DIVISION 2 EXCHANGES-138. Powers of the committee.
139 DIVISION 2 EXCHANGES-139. Dealing in securities.
140 DIVISION 2 EXCHANGES-140. Register of trading agents and listing sponsors.
141 DIVISION 2 EXCHANGES-141. Financial statements of an exchange.
142 DIVISION 2 EXCHANGES-142. Persons not deemed to be carrying on business in Malaysia.
143 DIVISION 2 EXCHANGES-143. Suspension of trading on exchanges.
144 DIVISION 2 EXCHANGES-144. Minister's power to suspend trading.
145 DIVISION 2 EXCHANGES-145. Powers of the Authority.
146 DIVISION 3 FALSE OR MISLEADING MARKET AND INSIDER DEALING-146. Creation of false or misleading market.
147 DIVISION 3 FALSE OR MISLEADING MARKET AND INSIDER DEALING-147. Insider dealing.
148 DIVISION 3 FALSE OR MISLEADING MARKET AND INSIDER DEALING-148. Defences.
149 DIVISION 3 FALSE OR MISLEADING MARKET AND INSIDER DEALING-149. For the purposes of this Division, a person deals in securities if:-
150 DIVISION 3 FALSE OR MISLEADING MARKET AND INSIDER DEALING-150. Procuring the acquisition or disposal of securities.
151 DIVISION 3 FALSE OR MISLEADING MARKET AND INSIDER DEALING-151. Inside information.
152 DIVISION 3 FALSE OR MISLEADING MARKET AND INSIDER DEALING-152. "Price-affected securities" and "price-sensitive information".
153 DIVISION 3 FALSE OR MISLEADING MARKET AND INSIDER DEALING-153. Information as an insider.
154 DIVISION 3 FALSE OR MISLEADING MARKET AND INSIDER DEALING-154. Definition of "made public".
155 DIVISION 3 FALSE OR MISLEADING MARKET AND INSIDER DEALING-155. Exceptions.
156 PART X SELF-REGULATORY ORGANISATIONS-156. Declaration or recognition of a self-regulatory organisation.
157 PART X SELF-REGULATORY ORGANISATIONS-157. Rules of a self-regulatory organisation.
158 PART X SELF-REGULATORY ORGANISATIONS-158. Restriction on decision-making.
159 PART X SELF-REGULATORY ORGANISATIONS-159. Obligations of and in relation to officers of a self-regulatory organisation.
160 PART X SELF-REGULATORY ORGANISATIONS-160. Powers to direct a self-regulatory organisation.
161 PART X SELF-REGULATORY ORGANISATIONS-161. Termination of arrangements and revocation of declaration or recognition.
162 PART X SELF-REGULATORY ORGANISATIONS-162. Amendments to the constitution of a self-regulatory organisation.
163 PART X SELF-REGULATORY ORGANISATIONS-163. Protection for a self-regulatory organisation.
164 PART X SELF-REGULATORY ORGANISATIONS-164. Financial statements of the self-regulatory organisation.
165 PART X SELF-REGULATORY ORGANISATIONS-165. Powers of Authority with respect to self-regulatory organisations.
166 PART XI MISCELLANEOUS DIVISION 1 APPEALS-166. Appeals.
167 DIVISION 2 REVOCATION AND SURRENDER-167. Revocation of consent, licence or registration.
168 DIVISION 2 REVOCATION AND SURRENDER-168. Revocation procedure.
169 DIVISION 2 REVOCATION AND SURRENDER-169. Surrender of licence or registration.
170 DIVISION 2 REVOCATION AND SURRENDER-170. Consequences of revocation or surrender of licence.
171 DIVISION 3 GENERAL-171. Payment systems.
172 DIVISION 3 GENERAL-172. Transfer of business.
173 DIVISION 3 GENERAL-173. Internal audit.
174 DIVISION 3 GENERAL-174. External auditor.
175 DIVISION 3 GENERAL-175. Accounts and records.
176 DIVISION 3 GENERAL-176. Money or other property from illegal activities.
177 DIVISION 3 GENERAL-177. Examination and inspection of books and documents of licensed entities.
178 DIVISION 3 GENERAL-178. Secrecy.
179 DIVISION 3 GENERAL-179. Translation.
180 DIVISION 3 GENERAL-180. Application of Labuan Financial Services Authority Act 1996.
181 DIVISION 3 GENERAL-181. Application of Labuan Islamic Financial Services and Securities Act 2009.
182 DIVISION 3 GENERAL-182. Application of Exchange Control Act 1953.
183 DIVISION 3 GENERAL-183. Application of Capital Markets and Services Act 2007.
184 DIVISION 3 GENERAL-184. Application of Labuan Companies Act 1990 and Companies Act 1965.
185 DIVISION 3 GENERAL-185. Non-application of certain laws.
186 DIVISION 3 GENERAL-186. Immunity.
187 DIVISION 3 GENERAL-187. General penalty.
188 DIVISION 3 GENERAL-188. Offences by body corporate.
189 DIVISION 3 GENERAL-189. Annual and licence fees.
190 DIVISION 3 GENERAL-190. Fees and penalties to be paid into Fund.
191 DIVISION 3 GENERAL-191. Procedure where none laid down.
192 DIVISION 3 GENERAL-192. Misrepresentation.
193 DIVISION 3 GENERAL-193. Enforcement
194 DIVISION 3 GENERAL-194. Power to compound.
195 DIVISION 3 GENERAL-195. Service of documents.
196 DIVISION 3 GENERAL-196. Power of the Minister to make regulations.
197 DIVISION 3 GENERAL-197. Power of Minister to issue directions.
198 DIVISION 3 GENERAL-198. Power of the Minister to amend schedules.
199 DIVISION 3 GENERAL-199. Power of the Minister to grant exemptions.
200 DIVISION 3 GENERAL-200. Publication of notification, Gazette.
201 DIVISION 3 GENERAL-201. Repeal, savings and transitional.
202 DIVISION 3 GENERAL-202. Continuance of other rights, liabilities, etc., under the repealed Acts.
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