自由容器
SERVICE
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自由容器-副本3-副本1-副本1-副本1
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INTRODUCTION TO LABUAN PRIVATE FUND
Securities investment fund (the subject is stocks), Futures investment funds (the subject is futures contracts), Monetary investment (money market), Gold investment, FOF fund of fund, REITs trust, Trust of trust (TOT), Hedge funds
Activities
Collects and pools funds for the purpose of collective investment with aim of spreading investment risk; and Issues interest in a mutual fund which entitles the holder to redeem his investments that is agreed upon by the parties and receives an amount computed by reference to the value of a proportionate interest in the whole or part of the net assets of the aforesaid types of entities, as the case may be, includes an umbrella fund whose interests in a mutual fund or units are split into a few different classes of funds or sub funds and whose participants are entitled to exchange rights in one part for rights in another.
Governance
The setting up of mutual funds and Islamic mutual funds in Labuan IBFC is governed under Part III of the LFSSA from Sections 27 to 39, and Part IV of the LIFSSA from Sections 32 to 44
Structure
A partnership, a protected cell company, a foundation, a unit trust or a corporation incorporated under the laws of any recognized country or jurisdiction, who is a member of the International Organisation of Securities Commissions (IOSCO)
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Private Fund
Labuan private funds are securities that are offered privately, which the investors shall meet either one of the following requirements:
Maximum 50 investors - 1st time investment of each of such investors is not less than MYR250,000 equivalent in any foreign currency; or
Unlimited investors - 1st time investment of each such investors is not less than MYR500,000 equivalent in any foreign currency.
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The operational requirement for Labuan private fund are as follows:
Operational requirement
a.Notify Labuan FSA in writing prior to its launch together with information memorandum.
b.Submit an audited financial statements of its promoter and fund manager, where applicable, for 3 preceding years along with the lodgement of information memorandum.
c.Each investor must have a copy of information memorandum
d.May appoint its fund manager, fund administrator or other service providers.
e.Shareholder and every board member must be fit and proper.
f.Labuan private funds that have reached their maturity period shall notify Labuan FSA in writing within one month after its maturity.
g.Once matured, ensure fair and orderly winding down of the matured fund, all assets have been properly returned to investors.
h.Maintain adequate and proper accounting and other record
Information memorandum
The purpose of Information memorandum (IM) is to provide investor in reasonably assess and determine whether to subscribe to the private fund, hence the IM shall provide full and true disclosure of all relevant information which may, but not limited to the followings:
Private fund vs public fund
- Sets out the general description of the proposed fund, which includes date of issuance, objective, legal form and structure, tenure, target fund size, and geographical focus.
- Sets out the investment policies and objectives as well as its underwriting arrangements which will be observed by the fund.
- The financial projection of the fund as well as its capital and income distribution / redemption policy.
- Details of key personnel - director, general partner, designated partner, trustee or council member. Depends on the structure of the fund.
- Fees/costs that will borne by the investors, including fund management fee, advisory fees and custodian fees.
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*A protected cell company fund must audit its financial accounts, provide cell financial statements to each of the investors of the respective cells and submit other statistic and information as may be required by Labuan FSA from time to time.
Private fund
- Lodgement of information memorandum is required (Notification to Labuan FSA prior to its launch)
- Appointment of Board members not subject to Labuan FSA’s approval
- No requirement for fund manager / service providers to be licensed by Labuan FSA
- Duties of fund manager and custodian or trustee are recommended to be independent from each other
- Audit of financial accounts is not compulsory but recommended*
- Notify Labuan FSA of any material changes to the IM and on maturity of the fund, within 30 days
- No periodic statistical or performance reporting required
Public fund
- Application to be registered as a Labuan Public fund (Obtain prior approval from Labuan FSA prior to its launch)
- Appointment of Board members required Labuan FSA’s approval
- Fund manager, trustee, administrator and custodian must be licensed by Labuan FSA
- Duties of fund manager and custodian or trustee must be independent from each other
- Must have its financial accounts audited
- Notify Labuan FSA of any amendment in constituent documents and business plan within 30 days of the changes
- Submit audited financial statements to Labuan FSA. Provide half-yearly fund performance reporting to investors