Labuan Financial Services and Securities Act 2010 s 76
s 76 Duties of agent of Labuan private trust company
(1) A Labuan trust company shall not act as the agent of a Labuan private trust company unless it has taken all reasonable steps to satisfy itself that the Labuan private trust companyβ
(a) complies with paragraph 74(2)(a); or
(b) where the Labuan private trust company is not at that time carrying on private trust business, that the Labuan private trust company will, on commencing its private trust business, comply with paragraph 74(2)(a).
(2) The agent of a Labuan private trust company shall on a periodic basis take all reasonable steps to satisfy itself that the Labuan private trust company continues to comply with paragraph 74(2)(a).
(3) The frequency with which the agent reviews the compliance of a Labuan private trust company with paragraph 74(2)(a) shall be determined by the agent on the basis of its assessment of the risk that the Labuan private trust company may fail to comply with that section.
(4) The agent shall take all reasonable steps to ensure that the most recent copies of the following records with respect to each Labuan private trust company for which it acts as agent are kept at its office in Labuan at all times:
(a) the trust instrument and any deed or document varying the terms of the trust, for each relevant trust; and
(b) the documentation and other information on which it has relied to satisfy itself that the Labuan private trust company complies with paragraph 74(2)(a).
(5) If at any time the agent of a Labuan private trust company forms the opinion that the Labuan private trust company does not comply with paragraph 74(2)(a), it shall immediately notify the Authority in writing of its opinion.
Malay text (authoritative)
Kewajipan ejen syarikat amanah persendirian Labuan
(1) Suatu syarikat amanah Labuan tidak boleh bertindak sebagai ejen suatu syarikat amanah persendirian Labuan melainkan jika ejen itu telah mengambil segala langkah yang munasabah untuk memuaskan hatinya bahawa syarikat amanah persendirian Labuan ituβ
(a) mematuhi perenggan 74(2)(a); atau
(b) jika syarikat amanah persendirian Labuan itu tidak pada masa itu menjalankan perniagaan amanah persendirian, bahawa syarikat amanah persendirian Labuan itu akan, apabila bermulanya perniagaan amanah persendiriannya, mematuhi perenggan 74(2)(a).
(2) Ejen syarikat amanah persendirian Labuan hendaklah secara berkala mengambil segala langkah yang munasabah untuk memuaskan hatinya bahawa syarikat amanah persendirian Labuan itu terus mematuhi perenggan 74(2)(a).
(3) Kekerapan ejen itu mengkaji semula pematuhan oleh syarikat amanah persendirian Labuan itu terhadap perenggan 74(2)(a) hendaklah ditentukan oleh ejen itu berdasarkan penilaiannya mengenai risiko syarikat amanah persendirian Labuan itu tidak mematuhi seksyen itu.
(4) Ejen itu hendaklah mengambil segala langkah yang munasabah untuk memastikan bahawa salinan paling terkini rekod yang berikut berkenaan dengan setiap syarikat amanah persendirian Labuan yang baginya dia bertindak sebagai ejen disimpan di pejabatnya di Labuan pada setiap masa:
(a) surat cara amanah dan apa-apa surat ikatan atau dokumen yang mengubah terma amanah itu, bagi setiap amanah yang berkenaan; dan
(b) dokumentasi dan maklumat lain yang padanya dia telah bergantung untuk memuaskan hatinya bahawa syarikat amanah persendirian Labuan itu mematuhi perenggan 74(2)(a).
(5) Jika pada bila-bila masa ejen suatu syarikat amanah persendirian Labuan berpendapat bahawa syarikat amanah persendirian Labuan itu tidak mematuhi perenggan 74(2)(a), ejen itu hendaklah dengan segera memberitahu Lembaga secara bertulis mengenai pendapatnya itu.
Read this section in the full act β Β· Open Division 4 β
Find Act 704 on lom.agc.gov.my β
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).
