Labuan Finance & Securities Laws (As at 20th May 2011)

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Labuan Finance & Securities Laws

(As at 20th May 2011)


Labuan Financial Services Authority Act 1996 (Act 545) - An Act to establish the Labuan Financial Services Authority and to provide for its functions and powers, and for matters connected therewith.

Labuan Financial Services and Securities Act 2010 (Act 704) - An Act to provide for the licensing and regulation of financial services and securities in Labuan, the establishment of an exchange and for other matters related thereto.

Labuan Islamic Financial Services and Securities Act 2010 (Act 705) - An Act to provide for the licensing and regulation of Islamic financial services and securities in Labuan and for other matters related thereto.

Detailed Contents Of Labuan Finance & Securities Laws (As at 20th May 2011) :

Labuan is a federal territory of Malaysia located off the coast of the state of Sabah in East Malaysia. Labuan is also an international business and financial center, which is regulated by the Labuan Financial Services Authority (Labuan FSA).

Labuan has its own set of finance and securities laws, which are aimed at promoting the development of the financial services industry and attracting foreign investment. The Labuan Finance Act 1996 (LFA) is the primary legislation that governs the financial services industry in Labuan. The LFA was amended in 2010, and the latest amendments came into force on 20th May 2011.

The following are some of the key provisions of the Labuan Finance and Securities Laws as at 20th May 2011:

  1. Licensing: Any person or entity that carries on any Labuan business must obtain a Labuan business license from the Labuan FSA. The Labuan business license is required for activities such as banking, insurance, fund management, trust business, and leasing.

  2. Taxation: Labuan is a tax haven, and Labuan companies are subject to favorable tax rates. Labuan companies are only subject to a 3% tax on their audited net profits or a fixed tax of RM20,000 (whichever is lower). Furthermore, Labuan companies are exempted from all Malaysian taxes, including withholding tax and stamp duty.

  3. Trusts: Labuan is also a popular destination for trust formation, and the Labuan Trusts Act 1996 governs the establishment and administration of trusts in Labuan. The Labuan Trusts Act allows for the creation of a wide range of trusts, including discretionary trusts, unit trusts, and charitable trusts.

  4. Islamic finance: Labuan has emerged as a center for Islamic finance, and the Labuan Islamic Financial Services and Securities Act 2010 provides the regulatory framework for Islamic financial services and securities in Labuan. The Act allows for the establishment of Islamic banks, takaful (Islamic insurance) companies, and other Islamic financial institutions.

  5. Securities: The Labuan Securities and Futures Act 2010 regulates the securities and futures industry in Labuan. The Act requires all securities and futures brokers and dealers to be licensed by the Labuan FSA. The Act also sets out the rules for the conduct of securities and futures trading in Labuan.

  6. Anti-money laundering: The Labuan Anti-Money Laundering and Anti-Terrorism Financing Act 2010 requires all Labuan financial institutions to implement anti-money laundering and anti-terrorism financing measures. The Act also provides for the appointment of a Labuan AML/CFT Officer to oversee the implementation of these measures.

In conclusion, Labuan is a jurisdiction that offers favorable tax and regulatory conditions for the financial services industry. The Labuan Finance and Securities Laws provide a comprehensive regulatory framework for the development of the industry, and Labuan continues to attract foreign investment and expand its financial services offerings.


Labuan Finance & Securities Laws (As at 20th May 2011) Contains:

- Labuan Financial Services Authority Act 1996 (Act 545) & Labuan Financial Services Authority (Processing and Approval Fees) (Labuan Financial Institutions) Order 2010

- Labuan Financial Services and Securities Act 2010 (Act 704) & Labuan Financial Services and Securities Regulations 2010
- Labuan Islamic Financial Services and Securities Regulations 2010 & Labuan Islamic Financial Services and Securities Regulations 2010

 

Find more statutes like Labuan Finance & Securities Laws : Statutes

ISBN: 9789678921282
 
 

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