A Labuan foundation shall ensure that its founder council member officer and secretary remain as fit and proper persons throughout their appointment with the foundation as may be prescribed in the Guidelines on Fit and Proper Person Requirements issued by Labuan FSA. Governance and Market Conduct Framework for Labuan Trust Companies Page 730 iii ensuring that the management comprises fit and proper persons as stipulated in the Guidelines on Fit and Proper Person Requirements and there is an adequate succession planning in place.
Labuan As An International Offshore Financial Centre Iofc
Management of the company remain fit and proper persons at all times pursuant to Section 4 of LFSSA and the Guidelines on Fit and Proper Person Requirements issued by Labuan FSA.
Fit and proper labuan. The trustee ensures that the settlor and other relevant persons associated with the trust are fit and proper persons at all times as required by the Labuan FSAs Guidelines on Fit and Proper. Guidelines on Fit and Proper Person Requirements. Labuan FSA issues market guidance in order to facilitate applications of the various requirements of the Labuan entities.
Labuan private funds that have reached their maturity period shall notify Labuan FSA in writing within one month after its maturity. You must have a Labuan registered office where business activities are carried out. There must be at least one shareholder two directors and three local employees.
Labuan Financial Services Authoritys Labuan FSA guidelines on fit and proper person comes into play. Any other additional information as requested by Labuan FSA. The revised guidelines seek to provide further clarity on the expectations of Labuan FSA on the suitability of relevant persons of a Labuan Financial Institution as defined in the Act.
1612014ALL 11 February 2014 Guidelines on Fit and Proper Person Requirements effective 1 January 2015 Circular No. These were released on 12 February 2014 and will come into effect on 1 January 2015. Among others these include detailed explaination or clarification of rules governing the business and conduct of Labuan entities.
Guidelines On Fit And Proper Person Circular No. 67 Where LITC carries on business other than the one specified under paragraph 51 a. In the case of multiple trustees the law requires that one of them must be a Labuan Trust Company.
It is expected that the employees employed to transact in the money broking business are competent and possess sound knowledge of the services offered. It is expected that the employees employed to transact in the money broking business are competent and possess sound knowledge of the services offered. Guidelines on Co-Location of Labuan Bank.
Ensure that the directors and officers responsible for the management of the proposed Labuan trust company in Labuan IBFC are fit and proper persons pursuant to Section 4 of the LFSSA and the Guidelines on Fit and Proper Person Requirements issued by Labuan FSA. Guidelines on the Establishment of Marketing Office issued by Labuan FSA March 2014 3rd revision Guidelines on Compliance Function for Licensed Entities issued by Labuan FSA November 2013. The LITC is required to submit to Labuan.
All relevant personnel is required to meet the requirements of the Labuan FSA Guidelines on Fit and Proper Person Requirements. Confirm your Work Email Address Set yourself a Password Forgot your Password Contact Us. Every foundation must ensure that the founder officers secretary and council members are proper persons and fit to hold their positions at all times pursuant to the Labuan FSAs Guidelines on Fit and Proper Person Requirements.
The burden of proof here is on the individual to establish on reasonable grounds that he she. Ensure that the persons in controls directors and principal officer meet the fit and proper person requirements as specified in the Guidelines on Fit and Proper Requirements issued by Labuan FSA. Username RSA ID Nr.
19981INS 1 July 2008 Circular On Physical Presence Requirement For Offshore Insurance And Insurance-Related Companies. Reporting Guide for Licensed Labuan Banks Statistical Management System SMS Circular to the Association of Labuan Banks. Ensure that the persons in controls directors and principal officer meet the fit and proper person requirements as specified in the Guidelines on Fit and Proper Requirements issued by Labuan FSA.
182002LIIA 30 July 2002. Guidelines on Fit and Proper Person Requirements issued by Labuan FSA February 2014. The guidelines serve as the framework to assess a Directors capacity to act as a fit and proper person to carry out his her role.
Ensure that the Principal Officer Directors and Officers responsible for the management of the company are fit and proper persons pursuant to Section 4 of LFSSA and the Guidelines on Fit and Proper Person Requirements issued by Labuan FSA. The Labuan Financial Services Authority has also issued revised Guidelines on Fit and Proper Person Requirements. To ensure shareholders and every member of the Board of the private fund including any other relevant persons are deemed fit and proper in accordance with the Guidelines on Fit and Proper Person issued by Labuan FSA.
Fit and Proper Login. Guidelines on the Classification and Impairment Provisions for LoansFinancing for Labuan Banks.
Form Lscm Labuan Securities Licensee Capital
Payment Services License In Labuan