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CO-LOCATION OF LABUAN INVESTMENT BANK
The following provides a guide for the establishment of a co-location of Labuan investment bank and provides the option for a Labuan investment bank to establish an office, or offices in other parts of Malaysia other than its office in Labuan.
A Labuan investment bank given approval to establish a co-location office must continue to have an office in Labuan to perform the functions assigned to the Labuan office. The application for approval to set up the co-location office must be submitted to Labuan FSA prior to its establishment.
Qualifying Criteria
The application can be made by any Labuan investment bank subject to compliance with the following pre-determined criteria:
Option 1
The Labuan investment bank may carry out any operations at the co-location office, except for the following which will remain in Labuan:
- Booking centre
- Maintenance of records
Eligibility Criteria
The applicant investment bank must have:
- An average total asset for three (3) years preceding the application of not less than USD1 billion.
- An average percentage of loan granted to non-residents to the total outstanding loan for three (3) years preceding the application, of not less than 50 per cent.
- An average percentage of deposit from non-residents to the total deposit for three (3) years preceding the application, of not less than 50 per cent (applicable to commercial bank).
- A minimum number of ten staff.
Option 2
The Labuan investment bank may only carry on specific operations as may be approved by Labuan FSA, apart from marketing activities.
All other operations are to be retained in Labuan.
Eligibility Criteria
The applicant investment bank has been in operation in Labuan for not less than three (3) years at the time of the application.
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Labuan banks which do not wish to co-locate are instead allowed to apply or continue to have their marketing office. However, once a co-location office is set up, the bank is no longer allowed to set up a separate marketing office.
All applications for the setting up of a co-location of Labuan investment bank office should be directed to the Director-General of Labuan FSA and should include, amongst others the following information:
- A business plan that illustrates the following:
（A）Rationale or purpose of co-locating the office under these guidelines.
（B）Functions of the Labuan office and the co-location office respectively.
（C）Relocation plan of staff from Labuan to the co-location office (if any).
（D）Business strategy for the co-location office.
- Organizational chart of the Labuan office and co-location office, including the estimated number of staff after the co-location takes place.
Notwithstanding the above, Labuan FSA may request other information for the purpose of processing the application.
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Operational Requirements
Address of the Co-Location Office
Labuan banks are required to inform Labuan FSA on the address and contact numbers of the co-location office prior to the commencement of its operations and of any subsequent changes. In addition, the co-location office must be:
- Separated from the office of another entity/company; and
- Managed by its own personnel with sufficient books and records that would explain their activities at the co-location office.
Name and Signboard
The name of the Labuan bank must be easily legible in romanised characters, printed on a signboard and affixed at the entrance of the co-location office. The signboard must contain the following information:
- The Labuan bank’s license number; and
- The words “Labuan bank licensed under the Labuan Financial Services and Securities Act 2010”.
In addition, the Labuan bank must comply with requirements of the relevant local authorities with regard to the signboard of the co-location office, wherever applicable.
Market Conduct and Consumer Protection
A Labuan bank that co-locates is expected to comply with any guidelines and requirements
on market conduct and consumer protection, issued by Labuan FSA from time to time.
Revocation and Surrender
Labuan FSA reserves the right to revoke its approval if it is satisfied, based on the information made available to it, that the Labuan bank has not complied with any laws or requirements in relation to the co-location office.
Notwithstanding, the Labuan bank may surrender the approval under these guidelines by notifying Labuan FSA in writing not less than one (1) month from the date it intends to close the co-location office.
Fees
Others
Labuan FSA may request a Labuan bank to provide statistical information in such manner and frequency as may be determined by Labuan FSA with regard to its activities in the co-location office.
There is a processing fee payable to Labuan FSA for the co-location office application. In addition, an annual fee of USD 3,500 is payable to Labuan FSA upon the grant of approval. The subsequent payment of annual fee is payable not later than 15 January of each year.