Labuan mutual fund as governed under Part III of the Labuan Financial Services and Securities Act 2010 (LFSSA).
Labuan public funds are those whose securities are offered for subscription to any member of the general public. Labuan public funds may commence business after being registered with the Labuan Financial Services Authority (Labuan FSA) with an approved prospectus of the public fund.
The entity making the application is an Labuan company under Labuan Financial Services and Securities Act 2010 (LFSSA) Company includes:
a) Company;
b) LLP;
c) PCC
d) Any other similar body formed under the laws of Labuan
The license will need at least 2 (two) natural person Fit and Proper Directors of any jurisdiction.
• The Public Fund will need at least one shareholder.
• Corporate shareholding is allowed and 100% foreign ownership is permitted.
The License must establish and maintain an appropriate and effective compliance function within the firm which operates independently of all operational and business line functions and senior or supervisory management.
No person shall carry on business as a custodian of a public fund unless it is a:
a) Bank License
b) Labuan Trust Company
c) A qualified and authorised trustee or custodian of public
funds under the laws of any recognised country or jurisdiction and has received written permission
from the Authority to carry on business as a trustee or custodian of a public fund.
a) A Labuan company who has been granted a licence to act as a fund manager.
b) A qualified and authorised manager of mutual funds under the laws of any recognised country or jurisdiction.
c) A bank license.
d) A fund manager who is carrying on fund management activities in relation to a public fund
The License, within one month after becoming licensed, The Authority may approve any person to be an approved auditor.