Interpretation
In this Part, unless the content otherwise requires, “Islamic securities licensee” means a person, who for valuable consideration, provides investment advice or administrative services in respect of securities for the purposes of investment, including dealing in securities or such other activity as may be specified by the Authority, which is in compliance with Shariah principles in Labuan.
Islamic securities licensee
(1) No person shall carry on business as an Islamic securities licensee unless that person is a Labuan company who has been granted a licence to act as an Islamic securities licensee under this section. (2) Notwithstanding subsection (1), the following persons can carry on business as an Islamic securities licensee: (a) a person referred to in subsections 55(1) and (2) of the Labuan Financial Services and Securities Act 2010 and has obtained the prior approval of the Authority; and (b) an Islamic bank licensee.
Application for licence
(1) An application to the Authority to carry on business as an Islamic securities licensee under this Part shall be made in writing by or on behalf of the applicant to the Authority. (2) An application for a licence shall be— (a) made in such form as may be specified by the Authority; and (b) accompanied by— (i) an application fee as may be prescribed; (ii) particulars of the financial and human resources and administrative facilities available to the applicant for the competent and efficient conduct of its business; (iii) a statement on the following: (aa) the address of the applicant’s place of business and its address for service relating to Labuan; (bb) the name and address of a person in Labuan who is authorized to represent the applicant and to accept service on its behalf; and (cc) the address of the applicant’s place of business outside Labuan; (iv) a statement to the effect that the applicant has declared its compliance with the Anti-Money Laundering and Anti-Terrorism Financing Act 2001 [Act 613] and shall ensure that it shall update its policies and procedures periodically so as to comply with its requirements; and (v) such other information or documents as the Authority may reasonably require for the purpose of determining the application.
Power to grant or refuse application for licence
(1) Upon receiving an application under section 57, the Authority may grant or refuse the application. (2) The grant of a licence under this Part may be made subject to any terms, conditions, limitations or restrictions. (3) Except with the written consent of the Authority, no change shall be made in respect of the identity, residence, domicile, ownership or shareholding of the Islamic securities licensee during the period of operation of the licence.
Form of licence
A licence granted under this Part shall— (a) be in such form as may be specified; (b) specify any terms, conditions, restrictions or limitations; (c) remain in force until it is revoked; and (d) be admissible in all courts as prima facie evidence of the facts stated in it.
Provisions on this page are reproduced verbatim from official open data. See the attribution line.
Source: Laws of Malaysia, Attorney General's Chambers of Malaysia (lom.agc.gov.my). Not a copy of the Gazette printed by the Government Printer (Interpretation Acts 1948 and 1967, s 61).