Labuan Public Fund

Labuan mutual fund as governed under Part III of the Labuan Financial Services and Securities Act 2010 (LFSSA).

About Labuan Public Fund

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.

Labuan Public Fund Legal Requirements

Sr.

No

Element Requirement(s)
Entity Requirements The entity making the application is an Labuan company under Labuan Financial Services and Securities Act 2010 (LFSSA) Company includes:

  1. Company;
  2. LLP;
  3. PCC
  4. Any other similar body formed under the laws of Labuan
Director’s Requirements The licensee will need at least 2 (two) natural person Fit and Proper Directors of any jurisdiction.
Shareholder requirements
  • The Public 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.
Custodian No person shall carry on business as a custodian of a public fund unless it is a:

  1. Bank Licensee
  2. Labuan Trust Company
  3. 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.
fund manager
  1. A Labuan company who has been granted a licence to act as a fund manager.
  2. A qualified and authorised manager of mutual funds under the laws of any recognised country or jurisdiction.
  3. A bank licensee.
  4. A fund manager who is carrying on fund management activities in relation to a public fund
fund administrator
  • A Labuan company or Labuan trust company and has been granted a licence to act as a fund administrator.
  • A bank licensee.
  • A securities licensee
  • A management company
  • A person who is and continues to be a qualified and authorised fund administrator of mutual funds under the laws of any recognised country or jurisdiction

A fund administrator who is carrying on fund administration activities in relation to a public fund

Auditor The Licensee, within one month after becoming licensed, The Authority may approve any person to be an approved auditor.

Ongoing Obligations

  1. 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;

  2. 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-

    1. each director of the fund, if the fund is a company
    2. each trustee of the fund, if the fund is a trust
    3. Each general partner of the fund, if the fund is a limited partnership.
    4. Appointment, resignation or removal of a Director or officer

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