Labuan Private Fund
Labuan Private Fund
Labuan mutual fund as governed under Part III of the Labuan Financial Services and Securities Act 2010 (LFSSA).
About Labuan Private Fund
Labuan private funds are mutual funds whose securities are not offered to the general public and are owned or held by:
- Not more than 50 investors where the first time investment of each of such investors is not less than RM250,000 equivalent in any foreign currency; or
- Any number of investors where the first time investment of each such investors is not less than RM 500,000 equivalent in any foreign currency.
Labuan Private Fund Legal Requirements
The entity making the application is an Labuan company under Labuan Financial Services and Securities Act 2010 (LFSSA) Company includes:
|Director’s Requirements||The licensee will need at least 2 (two) natural person Fit and Proper Directors of any jurisdiction.|
The Private Fund will need at least one shareholder.
Corporate shareholding is allowed and 100% foreign ownership is permitted.
|Compliance Officer||The Licensee 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 private fund unless it is a:
|Auditor||The Licensee, within one month after becoming licensed, The Authority may approve any person to be an approved auditor.|
|Minimum Capital Requirements||
The Applicant must have the prescribed minimum subscription and is able to meet the prescribed minimum net liquid capital requirement in cash or readily marketable securities.
The prescribed minimum subscription is RM250,000 (USD 63,000)
Annual obligations: Maintain such accounting records and financial
statements available for examination by the
Registrar or any person authorized under his hand
at its principal place of business or registered
office in Labuan;
- Ensure compliance with the Anti-Money Laundering and Anti-Terrorism Financing Act 2001 and Guidelines on Anti-Money Laundering and Counter Financing of Terrorism which is relevant to Labuan FSA
- Notify Minister within a reasonable period of any of the following changes:
- Changes in any Key Functionary in the Fund.
- Change in the registered office address
- Change of its agent in Labuan
Change in name or address of-
- each director of the fund, if the fund is a company
- each trustee of the fund, if the fund is a trust
- Each general partner of the fund, if the fund is a limited partnership.
- Appointment, resignation or removal of a Director or officer
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