← Labuan Financial Services and Securities Act 2010

Labuan Financial Services and Securities Act 2010 s 185

s 185 Non-application of certain laws

(1) No bank licensee shall, in respect of any business carried on by such licensee, be subjected to any of the provisions of the Banking and Financial Institutions Act 1989 and the Islamic Banking Act 1983. (2) No insurance licensee shall, in respect of any business carried on by such licensee under Part VII, be subjected to any of the provisions of the Insurance Act 1996 and the Takaful Act 1984. (3) For the purpose of Part IX— (a) the provisions of the Capital Markets and Services Act 2007 shall not be applicable to the establishment, conduct, activity and business of any exchanges established under Division 2 of Part IX; (b) section 7, subsection 21(2), sections 24, 85, subsections 87(2), 87(4), 87(5), 87(10), 93(2), 93(6) and 93(7) of the Labuan Companies Act 1990 shall not be applicable to any exchange established under Division 2 of Part IX; and (c) the provisions of the Holidays Act 1951 [Act 369] shall not apply to any exchange established under Division 2 of Part IX and any exchange established under Division 2 of Part IX may carry on its business for twenty-four hours in each day on any and all days of each week subject to any limitation or restriction imposed by or pursuant to the by-laws or the rules, as the case may be. (4) The provisions of the Trust Companies Act 1949 shall not apply to a company registered as a Labuan trust company, a Labuan managed trust company or a Labuan private trust company.

Malay text (authoritative)

Ketidakpakaian undang-undang tertentu

(1) Tiada pemegang lesen bank boleh, berkenaan dengan apa-apa perniagaan yang dijalankan oleh pemegang lesen itu, tertakluk kepada mana-mana peruntukan Akta Bank dan Institusi- Institusi Kewangan 1989 dan Akta Bank Islam 1983. (2) Tiada pemegang lesen insurans boleh, berkenaan dengan apa-apa perniagaan yang dijalankan oleh pemegang lesen itu di bawah Bahagian VII, tertakluk kepada mana-mana peruntukan Akta Insurans 1996 dan Akta Takaful 1984. (3) Bagi maksud Bahagian IX— (a) peruntukan Akta Pasaran Modal dan Perkhidmatan 2007 tidaklah terpakai bagi penubuhan, penjalanan, aktiviti dan perniagaan apa-apa bursa yang ditubuhkan di bawah Penggal 2 Bahagian IX; (b) seksyen 7, subseksyen 21(2), seksyen 24, 85, subseksyen 87(2), 87(4), 87(5), 87(10), 93(2), 93(6) dan 93(7) Akta Syarikat Labuan 1990 tidaklah terpakai bagi apa-apa bursa yang ditubuhkan di bawah Penggal 2 Bahagian IX; dan (c) peruntukan Akta Hari Kelepasan 1951 [Akta 369] tidaklah terpakai bagi apa-apa bursa yang ditubuhkan di bawah Penggal 2 Bahagian IX dan apa-apa bursa di bawah Penggal 2 Bahagian IX boleh menjalankan perniagaannya selama dua puluh empat jam setiap hari pada mana-mana dan semua hari setiap minggu tertakluk kepada apa-apa batasan atau sekatan yang dikenakan oleh atau menurut undang-undang kecil atau kaedah-kaedah, mengikut mana-mana yang berkenaan. (4) Peruntukan Akta Syarikat Amanah 1949 tidaklah terpakai bagi sesuatu syarikat yang didaftarkan sebagai syarikat amanah Labuan, syarikat amanah diurus Labuan atau syarikat amanah persendirian Labuan.

Read this section in the full act → · Open Division 3 →

Find Act 704 on lom.agc.gov.my ↗

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).

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