| Securities Licensee Part IV of the Labuan Financial Services and Securities Act 2010 provides the licensing of securities licensee with the following scope of business: - Provide investment advice or administration services in respect of securities for purpose of investment; or
- Deal in securities; or
- Provide other activity as may be specified by Labuan FSA.
Part V of the Labuan Islamic Financial Services and Securities Act 2010 provides the licensing of Islamic securities licensee with the same scope of business as per the securities licensee above. In addition, the Islamic securities licensee shall also comply with the following requirements:
- Carry on business in compliance with Shariah principles; and
- Appoint qualified person(s) to its internal Shariah Advisory Board and notify in writing to Labuan FSA on the appointment. The applicant may also opt to appoint Labuan FSA's Shariah Supervisory Council as its own SAB.
Application Requirement In general, the submission should include the following: - particulars of the financial and human resources and administrative facilities available to the applicant for the competent and efficient conduct of its business;
- statement on the address of the applicant's place of business and its address for service relating in Labuan, the name and address of a person in Labuan who is authorised to represent the applicant and to accept service on its behalf and the address of the applicant's place of business outside Labuan;
- statement to the effect that applicant has declared its compliance with the Anti-Money Laundering and Anti-Terrorism Financing Act 2001 and shall ensure that it shall update its policies and procedures periodically so as to comply with their requirements; and
- such other information or documents as Labuan FSA may reasonably require for the purpose of determining the application.
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